When (and how) to ask for a lower interest rate Written by Joe TaylorEven 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 [...]
CARD Act may have cost consumers billions Written by Richard BarringtonBack 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 [...]
Starve a bank, feed your pocket Written by Rich MintzerIn 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 [...]
Six Ways the Credit CARD Act Could Cost You Big Bucks Written by Curtis ArnoldWhen 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 [...]
Using Online Credit Card Calculators as a Personal Finance Tool Written by Curtis ArnoldThe 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 [...]
Risk, Not Law, Cause for Rising Credit Card Rates Written by Joe TaylorRising 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. [...]
How Your Credit Card Interest Rate Can Go Through the Roof for No Apparent Reason Written by Rebecca LindseyMost 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 [...]
How to Save 1000s of $$$ with Low Interest Rate Credit Cards Written by Amy L. Cooper ArnoldCredit 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 [...]
Fixed Rate vs. Variable Rate Cards Written by Curtis ArnoldRising interest rates have become the focal point of many recent conversations about credit cards. For consumers who carry a balance on their credit card(s), such conversations are often filled with disgust, anger, and confusion. You may be wondering why credit card rates are rising and what, if anything, that you can do to avoid [...]