Credit Card Laws

Feds got your backs when it comes to credit card fees Written by Maryalene LaPonsie December 20, 2013 The 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, 2013 Just 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 Laws
So long to credit card surcharges? Written by Maryalene LaPonsie March 8, 2013 In 2012, retailers settled a lawsuit and won the right to recoup merchant fees by applying a surcharge to Visa and MasterCard purchases. So how many times have you had to pay this fee so far? Chances are, the answer is zero. "We have discussed the settlement with many of our members and other merchants, and not [...] Posted in: Credit Card Laws
A lot of good news for credit card users Written by Geoff Williams October 17, 2012 If a credit card was a canary, I'd say it would be chirping happily right now. In the last month or so, there's been some good news out there for credit card users, and which may indicate a stronger economy ahead. Here's a recap of what's been making the news in the last couple weeks. Easier credit [...] Posted in: Credit Card Laws
Why are the credit card companies complaining over the CFPB complaint database? Written by Geoff Williams July 4, 2012 So 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, 2012 So 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, 2012 This 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
Pros and cons - Credit card scammers are both Written by Geoff Williams September 10, 2011 It's the world we live in. And so it probably isn't surprising to anyone that in the wake of Hurricanes Irene and Lee, and with the September 11th anniversary upon us, authorities, from local police departments to the U.S. Homeland Security Department, have been warning the public not to fall for scams designed to separate [...] Posted in: Credit Card Crimes Credit Card Laws Credit Card Fraud
Denied for the best credit card? Lenders now required to say why Written by Geoff Williams July 21, 2011 When is good news also bad news? Starting July 21, it will be easier for consumers to get a free credit score. Because of a new law, you may just get, in the mail, with no strings attached, your very own credit score. That's the good news. But the bad news is that if you get that [...] Posted in: Credit Reports Credit Card Laws Credit Score
Senators propose delaying debit card rate cap Written by
March 18, 2011
Credit card issuers, banks, lawmakers, merchants and consumers could end up facing off this spring if a Senate proposal delays the implementation of new rules capping debit card transaction fees. Under the Durbin amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Reserve would have limited interchange fees to just a [...] Posted in: Credit Card Laws
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