Category: Credit and Debit Cards
Credit Card Average Rates Increase For 5th Week In A Row
So you can compare your credit card to what others charge, the average APR for credit cards this week was 13.72, up from 13.64 percent.
That data comes from LowCards.com’s Complete Credit Card Index, which is based on matrix from more than 1,000 sources.
This is the fifth straight week in which the average rate has increased, [...]
Bank of America Ending Overdraft Fees On Debit Purchases
Classify this under It’s About Time:
Bank of America, the largest bank in the U.S., has finally decided to stop charging automatic overdraft fees on debit card purchases starting in June for new customers and in August for existing ones.
Instead, the bank – which I use and own stock in – will do what it should [...]
Consumer Borrowing Increased In January, A Good Omen For Stocks
Consumer borrowing increased in January for the first time in a year, the Federal Reserve has reported, in what is definitely a bullish sign for the stock market.
The increase, according to LowCards.com, is even more significant since it occurred despite another drop in credit card loans.
According to the Federal Reserve, total consumer borrowing rose to [...]
Credit Card Weekly Update From LowCards.com
Weekly Credit Card Update
A summary of this week’s top credit card stories.
Contact: Bill Hardekopf, LowCards.com, 800-388-1910
CREDIT CARD CHANGES PROPOSED BY THE FEDERAL RESERVE
This week, the Federal Reserve proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees, as well as requiring credit card [...]
ATM Can Shortchange You, Count Your $$$$
Normally when I hit an ATM for a large amount, I assume that what I request is what I get.
But after hearing from Donna Ploss of East Hartford, I now count how many $20 bills the machine spits out.
Donna asked for my help after she used a New Alliance Bank ATM in her town in [...]
Credit Card Inactivity Fees: Federal Reserve Proposes To Outlaw Fees
Today, the Federal Reserve proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees, as well as requiring credit card issuers to reconsider increases in interest rates. This rule will go into effect on August 22, 2010.
“This proposal addresses two key costs of [...]
Credit Cards: Look At Credit Card Bills Carefully For New Useful Information
Consumers will soon receive their first credit card bill since last week’s implementation of the CARD Act and their statement will look very different.
“The new debt information on your credit card statement is one of the best provisions of the CARD Act and it will benefit every cardholder,” says Bill Hardekopf, CEO of LowCards.com and [...]
Debt Collector’s Call To Neighbor May Be Illegal
As the number of our friends and neighbors who are out of work increases, along with the length of time they are out of work, the odds of getting the kind of telephone call that Maegan Kozlak of Somers, Ct., received recently will undoubtedly increase.
Kozlak told me that she received a call from IFP – [...]
Credit Card Act Rules Still Not Ready, Ct AG Blames The Fed
Connecticut Attorney General Richard Blumenthal, us is running for the U.S. Senate, demanded that the U. S. Federal Reserve explain why it failed to meet today’s deadline for rules to roll back massive, unjustified credit card interest rate and fee increases and provide a timeframe for issuing the regulations.
“The Fed’s failure to meet a deadline [...]
New Credit Card Rules Monday: WSJ’s Take On Changes
The Wall Street Journal’s Robin Sidel gives its readers more insight about credit card rule changes going into effect Monday.
“A new federal credit-card law that takes effect Monday could erase billions of dollars a year in fees and interest charges paid by consumers. But card issuers are already deploying new tactics that could prove costly [...]
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