CreditCardAct
Beware of Business Credit Cards: A Consumer Protection Loophole
6:30AM 5/26/2011
When the Credit CARD Act of 2009 was enacted, the goal was to make credit cards safer for people, but banks have found a loophole. Those consumer protections weren't extended to cards designated for business or commercial use, and as a result, millions of American households are at risk from the same unfair bank practices as before.
Credit CARD Act: One Year Later, How's It Going?
9:00AM 3/06/2011
During the battle over Credit CARD Act, much talk focused on what the legislation would -- and wouldn't -- do. A year after the law rolled out, what's the word now? Here's an on-the-ground look at how card issuers and consumers are adapting to the new landscape.
For months, the finance industry has been issuing dire warnings that they'd have to deny people credit once reform regulations kicked in. Now that the CARD Act is here, at least some of those predictions seem to be coming true. According to The Consumerist, Chase canceled 15% of its card customers....
How to calculate credit card interest and save yourself money
3:00PM 4/16/2010
If you're like most of us, you've probably received at least one credit card bill with the new format required by the CARD Act that went into effect on February 22. The new format explains how long it will take to pay off your card if you pay only the minimum required.
Personally, I like this new...
As we've told you previously, new rules about bank overdraft "protection" programs kick in this coming July. The new rules basically say you have to voluntarily sign up to let your bank keep processing debit card transactions even after your account falls into the red and also charge you around $35...
Obama Administration rep talks about the new credit card rules
11:00AM 2/23/2010
Well, the CARD Act is finally here, and CreditCards.com hosted a video town hall meeting today with a White House Administration representative to talk about the new credit card rules and answer questions about how the legislation will affect consumers.
Most of the town hall was devoted to...
Congress's legislation for credit-card relief, commonly referred to as the CARD Act, goes into effect this coming Monday, Feb. 22. WalletPop and other media outlets have been covering the arrival of the new law for months now, but there are still a lot of things most Americans don't know about the...
It's no secret that the finance industry isn't really a fan of the new credit card reform rules, aka the CARD Act. On Wednesday, the American Bankers Association (ABA) hosted a conference call with two of its execs to talk about the new legislation.
Although Kenneth Clayton, senior vice president...
Why you should take a new look at your credit card statements
6:00PM 2/15/2010
The credit card reform law, otherwise known as the CARD Act, goes into effect on the 22nd of this month, and it's going to change a lot of things about the way your credit card issuers treat you. They won't be able to spike your interest rate just because they feel like it, for instance, and...
Lenders plan to guess your income from credit report
3:00PM 2/07/2010
You may never know when it happens, but lenders may begin guessing your income before they approve your credit application when the new Credit CARD Act takes effect on February 22.
The new law requires lenders to consider your ability to pay any new or additional debt before approving a credit...
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