American Express is paying $112.5 million in refunds and fines to settle regulators' accusations that it charged unlawful late fees and deceived customers to pressure them to pay off old debts or buy extra credit card services.
Mobile wallets are growing rapidly in popularity, but to use one, you've had to have a bank account or credit card. Soon, though, even the unbanked will have access to mobile payment technology, thanks to the new FlipMoney app from PreCash.
Citigroup announced Monday its new no-fee, no-penalty Simplicity credit card, designed for the very creditworthy person who might once in a while forget to make a payment on time. No gotchas in your credit card bill sounds like a great idea, right? Well ... maybe.
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.
A new report from the Center for Responsible Lending paints a seriously depressing picture of the damage the payday loan industry wreaks on its customers. What's worse is that the report actually understates the grim reality facing payday borrowers today.
A new report by the Center for Responsible Lending shows that issuers have created or expanded at least eight hidden charges to replace the income they anticipate losing because of newly enacted laws and Federal Reserve rules intended to stop credit card abuses.
