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CFPB report tracks billions in credit card savings since 2008

American consumers pay about 2 percentage points less on credit card finance charges than before the enactment of the Credit CARD Act, according to a report issued by the Consumer Financial Protection Bureau. In a statement to reporters, CFPB officials expressed continued concern about bank disclosures, "fee harvester" credit cards for bad credit, and add-on [...]

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Americans avoid credit card default as lenders offer help to furloughed government workers

As the nation headed toward its own brush with its federal debt ceiling, relatively few Americans faced default on their personal credit cards. According to data released by S&P Dow Jones Indices and Experian, national credit card default rates rose only slightly during September. 3.14 percent of bank card balances fell into default status during [...]

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United States approaching cashless 'tipping point,' says MasterCard Advisors

With Americans spending four out of every five dollars without cash, the United States approaches a tipping point toward a "cashless society." That finding comes from a MasterCard Advisors report that reviews how 33 of the world's major economic regions have transitioned from cash-based to cashless economies. Researchers discovered that consumers in Belgium, France and Canada [...]

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FTC sending refund checks to victims of 'Card Services' telemarketers

Victims of a fraudulent credit card interest rate reduction operation have started receiving refund checks after a three-year wait, according to Federal Trade Commission officials. Operators of JPM Accelerated Services settled with the FTC in 2010 after investigators alleged that the telemarketing firm failed to deliver on promises of credit card balance transfer deals and [...]

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Barclaycard and Capital One hire more customer service help ahead of holiday season

Barclaycard continues its North American expansion this fall with the announcement of an expansion to its operations center in Wilton, Maine. "This is another step in our journey to enhance our customer experience," Patrick Wright, Barclaycard US chief operating officer, said in a written statement. After years of proving white-label support for branded retail and airline credit [...]

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Surveys reveal rising credit card balances, despite pessimism about the economy

As summer winds down, Americans have braced themselves for some economic turbulence, according to a pair of consumer financial indices. More than half the respondents in Discover's poll of more than 8,000 consumers said they expect the economy to worsen over the coming months. That figure arrives on the heels of an Equifax report that [...]

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Survey shows some credit card customers still don't understand rewards and rebates

Fewer than two-thirds of American consumers fully understand the perks and benefits associated with their current credit cards, according to a study by consumer satisfaction researchers at J.D. Power. The agency's seventh annual U.S. Credit Card Satisfaction Study revealed improvements in customer service during a period when fewer Americans might have reasons to request late [...]

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Americans squeeze more value from gift cards, even as stored balances soar

Savvy shoppers and consumer-friendly regulations will keep more value on holiday gift cards than ever before, according to researchers at an executive think tank. In a statement to reporters, representatives from CEB TowerGroup Research said that nearly 85 percent of the U.S. population exchanged prepaid gift cards during 2012, for a total of over $110 [...]

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Research shows 1 in 20 households earn "Superbanked" status with multiple accounts

Approximately 5 percent of American households carry multiple accounts at multiple banks, according to new research from Scarborough. The consumer insight firm launched a study of "atypical bankers," Americans who either avoid traditional financial institutions or choose to spread credit cards and other accounts across many different banks and brokerages. Though numerous studies have focused on [...]

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Fed data shows split between debit card transaction costs

Most retailers now spend just 24 cents to process a debit card transaction, down from 43 cents in 2009, according to data released this month by the Federal Reserve Board. The Fed has stepped into a dispute between banks and retailers with statistics showing the impact of new interchange fee caps. Under the terms of the [...]

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