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Credit Card Interest Rates Fees

American Express in trouble over late fees

American Express is facing legal action because it overcharged cardholders for late fees, the company said in a regulatory filing to the U.S. Securities and Exchange Commission. The Federal Deposit Insurance Corp. (FDIC) has announced it is looking into "formal enforcement action" against the company's bank, Centurion Bank. The Consumer Financial Protection Bureau and the [...]

Categories: American Express, Credit Card Interest Rates / Fees
Visa, MasterCard plan new merchant bank service fees for April 1

Unintended consequences from the Dodd-Frank Act could raise prices at retail stores after April 1. That's the deadline Visa and MasterCard set for new rates they charge merchant banks that process credit card transactions on behalf of retail stores, service providers and other businesses. According to a Dow Jones Newswires report, the payment platform providers [...]

Categories: Credit Card Interest Rates / Fees
United Arab Emirates caps credit card interest at 18 percent

An Arab nation's move to curb its citizens' credit card debt could inspire American lawmakers to cap interest rates, according to a recent Time report. Despite Sharia rules that prohibit Islamic banks from charging interest, many credit card users in the United Arab Emirates pay service charges that amount to a 36-percent annual percentage rate, [...]

Categories: Credit Card Interest Rates / Fees
Cabbies protest credit card fees in San Francisco, Philly

The debate over credit card interchange fees has taken to the streets of San Francisco, where taxi cab drivers have challenged city rules about accepting plastic from passengers. A city-commissioned study reviewed the results of a pilot program that allowed taxi cab companies to pass along the cost of credit card transaction fees to drivers, [...]

Categories: Credit Card Interest Rates / Fees
Credit card users get real checks in the mail

After years of warning Americans to avoid cashing mystery checks from the mailbox, consumer advocates have an important message for almost anyone who used a credit card overseas between 1996 and 2006. That $18 check showing up from the Foreign Currency Fee Litigation Settlement Fund is actually real. Trial attorneys led a fight to reclaim some [...]

Categories: Rewards / Travel Cards, Credit Card Interest Rates / Fees
Retailers sue to shrink debit card transaction fees

Organizations representing restaurants, retailers and gas stations joined a lawsuit against the Federal Reserve that challenges debit card transaction fee limits required under recent federal legislation. According to court documents filed this month, lead plaintiff NACS (formerly the National Association of Convenience Stores) asserts that the specific rules implemented by the Fed fail to adhere [...]

Categories: Credit Card Interest Rates / Fees
Durbin saves small businesses $1.8M in 3 days

Proponents of the Durbin Amendment to the Dodd-Frank Act claimed that capping debit card transaction fees would create a trickle-down effect for both small businesses and consumers. This month, one of the country's largest credit card processors released specific details about the new regulation's impact on its customers. In a statement to reporters, representatives from [...]

Categories: Credit Card Interest Rates / Fees, Credit Card Law
Judge delays rule restricting fees on secured credit cards

"Fee harvester" credit card offers could return to American mailboxes after a court ruling postponing changes to the Federal Reserve Board's Regulation Z. Board governors rewrote the "Truth in Lending" regulation in response to 2009's Credit CARD Act, restricting card issuers' signup and setup fees to no more than 25 percent of a new account's [...]

Categories: Credit Card Interest Rates / Fees, Secured / Prepaid Credit Cards
Citizens Bank offers zero-interest credit to Irene victims

Those who have been affected by the destructive force of Hurricane Irene now have a light at the end of the tunnel, thanks to a set of generous offers from Citizens Bank. This national bank has opened its doors to consumers, small businesses and nonprofit groups who need a quick influx of cash, helping them [...]

Categories: Credit Card Issuers, Other News, Credit Card Interest Rates / Fees
US credit downgrade could raise credit card rates

A poor personal credit rating can have wide-ranging implications, from being passed over for a new job to qualifying for only high-interest card offers. As the United States endures its own credit rating decline, the impact on consumers could be just as diverse. One thing seems evident; credit card interest rates will rise. Most credit cards [...]

Categories: Credit Card Interest Rates / Fees
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