Credit Cards Sneaky Practice’s
Congress is weighing whether to make some of these charges and interest rate methods illegal, but in the meantime, here are five pitfalls to watch out for: Double jeopardy. In double-cycle billing, also known as two-cycle billing, you are charged interest on the average daily balance of two months of charges instead of just one. So if at the end...
Credit Cards new Guidelines
Credit card customers have new rights and fewer surprises on their bills, as the first provisions of President Obama's Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 go into effect Thursday. There are also changes in the billing process. Banks were required to mail billing statements out at least 14 days in...
Obama Pushes Stronger Credit Card Rules
President Barack Obama said Thursday his administration is determined to get a credit-card law that eliminates tricky fine print, sudden rate increases and late fees that give millions of consumers headaches. "I trust that those in the industry who want to act responsibly will engage with us in a constructive fashion, and that we're going to...
Fixed-rate credit cards going away?
A lot of credit card companies seem to be changing fixed-rate cards to variable rates. Does the new credit card law treat these types of rates differently? Some issuers have converted a portion of their credit card fleet from fixed rates to variable rates, including Bank of America and JPMorgan Chase. Discover Financial Services changed...
Credit Card Offers
Credit card offers total value: $1695. Here is every credit card promotional offer I am aware of, listed in a handy table along with fulfillment requirements. The only rules about having a card appear on the list is that the promotional offer be worth at least $50 and it must be a mainstream brand like Citi, Discover, Capital One, American...
