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Credit Card Interest Fees

When (and how) to ask for a lower interest rate

Even though we're experiencing some of the lowest credit card APRs from the past few decades, you might still be able to save money on finance charges by asking the right question at the right time. Despite competition among banks, it's not always easy to qualify for a balance transfer offer. Besides, you might love [...]

Categories: Credit Card Interest / Fees
CARD Act may have cost consumers billions

Back in 2009, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act was signed to great fanfare, with the White House lauding it as a "turning point for American consumers." The question is, which way have things turned for consumers? By at least one measure, the CARD Act may have been a multi-billion dollar turn [...]

Categories: Credit Card Interest / Fees, Credit Card Legislation
Starve a bank, feed your pocket

In 2010, Bank of America reported revenues of over $25.5 billion from their global card services business, of which nearly $18 billion, or about 70 percent, came from interest. That percentage has remained fairly consistent in the credit card industry over the past decade. A year earlier, in the last two quarters of 2009, Capital One [...]

Categories: Credit Card Interest / Fees
Credit CARD Act Guide Part 2: Understanding Rate, Fee, and Clarity Changes

American credit card customers enter a new era on February 22, 2010. That date marks the full enactment of the Credit CARD Act signed into law the previous spring. Bolstered by populist backlash against "bailed out" banks, lawmakers drafted some of the boldest, strictest regulations ever imposed on private lenders. New Rules Ban "Unfair" Credit [...]

Categories: Credit Card Legislation, Credit Card Interest / Fees
Six Ways the Credit CARD Act Could Cost You Big Bucks

When lawmakers proposed tightening banking regulations to help protect credit card users, most consumers cheered the decision. However, by shifting profit centers away from interest rates and penalty fees, many banks have resorted to raising costs for all of their customers. Avoid Inactivity Fees by Making Routine Credit Card Purchases For years, many card issuers have [...]

Categories: Credit Card Legislation, Credit Card Interest / Fees
Been Rate Jacked? 3 Ways to Stand Up to Your Double Crossing Credit Card Issuer

Credit card rate hikes have become a popular strategy for lenders who want to purge their portfolios of less profitable accounts. New federal credit card regulations give consumers the power to reject a credit card rate increase, but only at the expense of an active credit line. "Freezing" a credit line to lock in favorable [...]

Categories: Credit Card Interest / Fees, General Credit Card Tips
Using Online Credit Card Calculators as a Personal Finance Tool

The Web has greatly enhanced the availability of helpful resources pertaining to personal finance. Online financial calculators are a perfect example of how the Web is aiding consumers in making wise choices about credit. Online calculators are becoming increasingly popular financial tools and, while calculators are quite "user-friendly", there are some tips that consumers should consider [...]

Categories: Credit Card Interest / Fees, General Credit Card Tips
Risk, Not Law, Cause for Rising Credit Card Rates

Rising credit card interest rates have captured the media's attention over the past few months. Even for Americans whose credit scores have not been impacted by the nation's financial crisis, sudden credit card rate hikes have caused concern. Some pundits argued that increased industry regulation could force all cardholders to pay more for their plastic. [...]

Categories: Credit Card Interest / Fees, Credit Card Legislation
How Your Credit Card Interest Rate Can Go Through the Roof for No Apparent Reason

Most consumers know that your credit score affects the credit card rates that you are eligible for. What you may not know is that if your credit score is lowered, then the interest rates on existing credit card debt could increase significantly. How? Universal Default. It's not a phrase that most are familiar with, and it's certainly [...]

Categories: Credit Card Interest / Fees
How to Save 1000s of $$$ with Low Interest Rate Credit Cards

Credit card balances are rising faster than consumers can pay them off. And with a high interest rate card it can be difficult to even make a dent in debt. According to Consumer Action, a non-profit, membership-based organization, a March 2004 survey revealed that only 39% of the people said they pay their credit card balance [...]

Categories: Low APR Credit Cards, Credit Card Interest / Fees
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