Credit card borrowers pay the price
Millions of credit card borrowers are being made to pay for the troubles of the banks through higher interest rates on their plastic. Improving your credit score will give you access to cheaper borrowing rates. We explain Lenders have increased interest rates on 18 popular cards since the start of this year, even though the [...]
Credit Card Penalties May Jump to 30 Percent for Bank of America Customers
Customers of Bank of America Corp. may experience a massive increase in credit card penalties, according to an announcement made by a company spokeswoman on Tuesday. The spokesperson said the major card issuer plans to hike penalty interest rates to as much as 30 percent for customers who miss payments in the coming months. Bank [...]
The Federal Reserve Clarifies Rules to Project Credit Card Consumers
The Federal Reserve Clarifies Rules to Project Credit Card Consumers The Fed recently clarified its rules regarding credit card company promotional or “teaser” rates, requiring that card companies cannot increase a cardholder’s promotional interest rate unless and until the customer is at least 60 days delinquent on their payments. These promo rates are used primarily [...]
Breaking Down the Credit Card Act’s Clarifications
A few weeks back, the Federal Reserve issued a series of clarifications regarding the Credit CARD Act of 2009. While the last of the regulations were implemented about a year ago, issuers have tried to sidestep the intent of the regulation. “There are some issues that simply were not provided for in the legislation, or [...]
Bank and Credit Card Issuers Warn Customers of Epsilon E-Mail Breach
Banks and credit card issuers are warning customers that millions of e-mail addresses were possibly stolen from an advertising company last week. As a result, customers could receive fraudulent e-mails that attempt to coax their account login information from them. Major Banks Affected by the Theft A number of major banks and financial institutions say [...]