Feds got your backs when it comes to credit card fees Written by Maryalene LaPonsie December 20, 2013The Credit Card Accountability Responsibility and Disclosure Act of 2009 made sweeping reforms to the credit card industry. It is why you now know exactly how long it will take to pay off your balance if you only make minimum payments, and it is why marketers hawking student credit cards have largely disappeared from college [...]Posted in:Credit Card Laws
Benefits of credit cards for stay-at-home spouses Written by Maryalene LaPonsie June 14, 2013Just because you can get a credit card, should you?
It's a question that popped into my mind while reading about a recent rule change adopted by the Consumer Financial Protection Bureau. The new rule addresses a provision of the CARD Act that effectively blocked stay-at-house spouses from obtaining new credit cards. Under the act, credit [...]Posted in:Credit Card LawsHow Credit Cards Work
Why are the credit card companies complaining over the CFPB complaint database? Written by Geoff Williams July 4, 2012So apparently some credit card companies are tied up in knots because the Consumer Financial Protection Bureau has put up a database allowing customers to search and see what kinds of complaints customers have.
As USA Today recently reported, the credit card issuers beef is that "there's no assurance that the complaints aren't frivolous -- or [...]Posted in:Credit Card Laws
Why the CFPB was right to walk away from fee-harvester battle Written by Geoff Williams April 20, 2012So the Washington Post and other sources report that under new director Richard Cordray, the Consumer Financial Protection Bureau is walking away from a plan to curtail large upfront fees on credit cards.
Cordray and the CFPB have gotten some flack for that from critics, but I don't think it's the worst decision in the world.
True, [...]Posted in:Credit Card Laws
Consumer research group praises CARD Act Written by Guest Author March 15, 2012This is a guest post by Josh Frank in response to Richard Barrington's article "CARD Act may have cost consumers billions." Opinions presented in this post are not necessarily endorsed by CardRatings.com.
New credit card rules mandated by the Credit CARD Act of 2009 have made prices significantly more transparent and lower for consumers—contrary to [...]Posted in:Credit Card Laws
Debate continues on debit and credit card transaction fee limits Written by Joe Taylor February 21, 2011The fight over debit and credit card transaction fees may not be over, according to advocates on both sides of the issue. The so-called "Durbin Amendment," passed along with 2010's Dodd Frank finance reform bill, forces credit card processors to cap the interchange fees they charge for debit cards at 12 cents per purchase. According [...]Posted in:Credit Card Laws
Business credit card marketing facing Congressional criticism Written by Curtis Arnold October 6, 2010Imagine a business owner who asked the government to stop ensuring the safety of raw materials delivered by her vendors. In exchange, she might enjoy faster delivery times, a more robust end product, and even the chance that her shipment might occasionally burst into flames. That's an analogy that critics of the credit card industry [...]Posted in:Credit Card Laws
Credit CARD Act Tackles Penalty Interest Rates Written by Curtis Arnold August 16, 2010Missing a monthly credit card payment used to mean saying farewell to low interest rates and special promotions. However, under new Credit CARD Act guidelines that take effect on August 22, banks must look at your overall account history before relegating you to their subprime portfolio. Lawmakers required the Federal Reserve to clarify the rules [...]Posted in:Credit Card Laws
New Credit CARD Act Rules Clamp Down on Fees Written by Curtis Arnold August 13, 2010When President Obama signed the Credit CARD Act into law in 2009, the new legislation tasked the Federal Reserve with setting guidelines for "reasonable" penalties triggered by late payments. For many American families, missing a minimum credit card payment set off an avalanche of punishment. Late payment fees would exceed some cardholders' credit lines, kicking [...]Posted in:Credit Card Laws