How will the Visa and MasterCard merchant settlement affect you?
When you use your credit card to pay for groceries, your focus is likely to be how much you are paying for the items in your cart. But each time you swipe your credit card, the business you are patronizing has to pay a fee to the credit card company, called an interchange fee.
The fee [...]
Legislation, How Cards Work
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 [...]
Interest / Fees, Legislation
A look inside the national credit card hotline
The number isn't as catchy as 911 or 411, but for beleaguered credit card holders, 1-855-411-CFPB (2372) could end up being a financial lifeline.
In case you don't know what that last phone number is, that's the direct toll-free hotline to the Consumer Financial Protection Bureau, the brand new Federal agency launched on July 21. If [...]
Legislation, How Cards Work
Which states are best for credit cards?
A curious reader recently wrote in to the CardRatings.com Ask the Expert feature to ask: "Are some states better than others when using a credit card?"
Geoff Williams responds:
Interesting question and kind of open-ended, so I'm not quite sure how to answer it for you, but let me give it a whirl. Do you mean is [...]
Credit CARD Act loophole could raise your rate
The Credit CARD Act of 2009 was enacted to curtail abusive practices by credit card issuers and protect consumers from out-of-control fees and interest rates that seemed to fluctuate daily. But is the CARD Act the firewall consumer advocates wanted, or just a new way to be completely confused by the fine print?
Well…both. There are [...]
6 surprises hidden in the Credit CARD Act
No. 5 Most-Viewed CardRatings.com Article of 2011*
When the Credit Card Accountability, Responsibility and Disclosure Act was ushered into law, it was heralded as a way to protect consumers from unfair and deceptive practices by credit card issuers.
But while the new law provided some consumer benefits, many finer points of the CARD Act are complex and [...]
Supreme Court ruling supports credit card arbitration policies
In a 5-4 decision that affects anyone who carries a credit card or signs a cell phone contract, the U.S. Supreme Court ruled April 27 that companies can require customers to waive their right to participate in a class-action lawsuit, the Los Angeles Times reported.
The ruling in AT&T Mobility LLC v. Concepcion overturned an earlier [...]
5 Most Dangerous Things to Do with Your Credit Card
When you think about the words "danger" and "credit card," the first thing to pop into your head is probably debt. The over-your-head kind of debt that can happen when you're not paying attention to how much you're spending. But staying out of debt is only one danger to avoid when it comes to your [...]
New Laws Crack Down on Free Credit Report Marketing
Since 2003, credit bureaus have been required by law to provide Americans with annual access to their credit reports, at no charge. However, the AnnualCreditReport.com web site created to manage the process has been overshadowed by a variety of services claiming to offer free insight into credit health. Many of the trial offers attached to free [...]
Credit Report, Legislation
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 [...]
Legislation, Interest / Fees