Authors

Curtis Arnold
Curtis Arnold, Editor-in-Chief
Joe Taylor
Joe Taylor Jr., Reporter
Amber Stubbs
Amber Stubbs, Managing Editor

Credit Card Legislation

  • 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 [...]

  • 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 [...]

  • How Decision 2012 could change your credit cards

    Most Americans have an active stake in one issue that might be easy to overlook in the midst of the 2012 Presidential campaign: policies affecting our day-to-day use of credit cards. Between the incumbent President, several contenders for the Republican nomination, and a Libertarian candidate, it can be tough to keep track of the various positions [...]

  • 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 [...]

  • 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 [...]

  • 5 unintended consequences of the Credit CARD Act

    No. 4 Most-Viewed CardRatings.com Article of 2011 Whether you loved the idea of the Credit CARD Act of 2009 (full disclosure: I'm a fan), or you thought it was yet another overreaching law, with the two-year anniversary just behind us (it was May 22), it's become apparent to industry and personal finance experts that there have [...]

  • 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 [...]

  • The Dark Side of the CARD Act: CardRatings Research Confirms Consumers Fears

    There��s no doubt that the new credit card legislation was long overdue and that it offers some wonderful consumer protections. But even though consumers could see the benefits from the Credit CARD Act, they also felt that, as with all good things, there��s sometimes a bad side that comes along with it. An August 2009 CardRatings.com poll [...]

  • 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 [...]

  • Credit CARD Act Guide Part 3: Subprime-So Long Fee Harvester Cards!

    When Congress passed the Credit CARD Act in the Spring of 2009, lawmakers intended to protect consumers who were struggling to keep up with mounting debt. Implementing a stringent set of regulations on credit card issuers had a chilling effect on Americans with poor credit scores. Those consumers may feel like they have no choice but [...]

  • Credit CARD Act Guide Part 4: The Death of Free Checking?

    Editor��s Note: The following is a guest post from Richard Barrington, a freelance writer and novelist who previously spent over twenty years as an investment industry executive.  It was Mark Twain who once said that rumors of his demise had been greatly exaggerated. You could say the same about the articles floating around lately about the death [...]

  • Credit CARD Act Guide Part 1: Last Chance for Solo Student Credit Cards

    The Credit CARD Act of 2009 kicks into full effect on February 22, 2010. Consumer advocates hailed the Act's curbs on service fees and interest rate hikes, even though  they played a role in some banks reducing credit limits and closing some accounts. Student borrowers earned lawmakers' attention after industry critics complained that casual campus marketing has [...]

  • 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 [...]

  • CardRatings.com Poll Finds Many Disagree with Law Restricting Credit to Students

    A recent poll conducted by CardRatings.com found that a many consumers disapprove of the new law restricting credit for consumers under the age of 21. Of the 956 respondents, 313 poll takers -- or 33 percent -- felt the new law is unfair.  One of the credit card industry's leading experts weighs in. "Considering how polarizing the student [...]

  • Cardratings.com Poll Finds Credit Card Act of 2009 Worries Consumers

    Ironically, a recent poll conducted on CardRatings.com found that the CARD Act has many people worried. Two provisions of the pro-consumer act will actually go into effect this Thursday. Little Rock, AR (PRWEB) August 19, 2009 -- A recent poll conducted on consumer education site CardRatings.com found that the Credit Card Accountability, Responsibility and Disclosure (CARD) Act has many people worried. [...]

  • 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. [...]

  • New Credit Reporting Law (FACT)

    On December 4th, President Bush signed into law the Fair and Accurate Credit Transactions Act of 2003 (FACT), a law that updates the Fair Credit Reporting Act. While parts of the law are great for consumers, others aren't. Different parts will go into effect from March 2004 through December 2004. Here are the main provisions: Free Annual [...]