Category Archives: Credit Cards

Higher Credit Card Fees Are Bad For Bank Business, Report Finds

Posted on May 9, 2012 by admin| Leave a comment

Higher Credit Card Fees Are Bad For Bank Business, Report Finds
News from Huffington Post:

Outrageous credit card fees are not only bad for consumers; they’re actually bad for business.

That’s the somewhat surprising conclusion of a new report from the Center for Responsible Lending.

Although the nonpartisan nonprofit’s report looks back at predatory practices that have largely ended, it offers more argument for stronger consumer protections and serves to counter claims by the financial industry that regulations hurt its ability to stay competitive.

“That same theme comes up [within the financial industry] that when you protect consumers, you…………… continues on Huffington Post

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TEXT-Fitch: US credit card losses nearing the bottom

Posted on May 8, 2012 by admin| Leave a comment

TEXT-Fitch: US credit card losses nearing the bottom
News from Reuters:

Tue May 8, 2012 10:34am EDT

May 8 - Link to Fitch Ratings' Report: Credit Cards: Asset...............      continues on Reuters

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Barclays US card unit bids for online deposits

Posted on May 7, 2012 by admin| Leave a comment

Barclays US card unit bids for online deposits
News from Reuters:

By David Henry

Mon May 7, 2012 12:00am EDT

May 7 (Reuters) – The U.S. credit card unit of Barclays is joining the competition for online savings from individuals.

Barclays introduced a website on Monday to take deposits in a push to diversify its funding for its roughly $ 12 billion of card assets, said Steve Carp, managing director of deposits for Barclays US in Wilmington, Delaware.

The card business currently gets roughly half of its funding from so-called brokered-deposits, which are generally considered less stable than deposits made by individuals. The other half of the funding comes from the subsidiary’s London-based parent.

The Barclays site will compete on rates for high-yield savings accounts and for certificates of deposit, Carp said.

Carp acknowledged in an interview that online competition for deposits has increased recently with bidding for funds by Ally Financial Inc, CIT Group and ING Direct, a unit of Capital One Financial Corp.

But Carp said consumer interest in online savings…………… continues on Reuters

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City Releases Statements Regrading Duran and Credit Cards

Posted on May 6, 2012 by admin| Leave a comment

City Releases Statements Regrading Duran and Credit Cards
News from Patch.com:

West Hollywood Patch reported on Wednesday news of City Councilman John Duran setting up a legal defense fund in the event the Los Angeles County district attorney’s office decides to file criminal charges against him for improper use of his city-issued credit card.

Duran told Weho Patch the DA was questioning his using the card to pay for 128 meals over three years, totaling about $ 7,000. He said he was discussing city business over those meals.

The possible charges against Duran stemmed from an inquiry which the district attorney’s office began in March 2011 regarding alleged misuse of the city credit cards by City Hall employees.

The Los Angeles Times also covered the story on Saturday. Information in that story said that, “one credit card in the city manager’s office, used by various employees, accumulated $ 121,000 over three years.”

The city has released two statements regarding the Times story.

The first statement rea…………… continues on Patch.com

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Germithe Geffrard Arrested For Storing Chili’s Customers’ Credit Card …

Posted on May 5, 2012 by admin| Leave a comment

Germithe Geffrard Arrested For Storing Chili’s Customers’ Credit Card …
News from Huffington Post:

A Chili’s server has been arrested for stealing credit card information from patrons dining on baby back ribs.

After complaints from customers about false charges on their credit cards in the last three months, loss prevention at a Coral Springs Chili’s traced the activity to one of their waitresses, Germithe Geffrard, 23, of Pompano Beach.

When Coral Springs police arrived to investigate, officers found an illegal credit card scanner in Geffrard’s work apron.

After charging customers’ cards for their bill, Geffrard would scan the card through her scanner to store the information, according to a police release. Geffrard scanned at least three or more credits every day.

Police arrested Geffrard and charged her with possession of a scanning device.

Chili’s released the following official statement:

Unfortunately, a food server at Chili’s Coral Springs location was taken into custody for purportedly using a han…………… continues on Huffington Post

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Airline credit cards pump up perks

Posted on May 5, 2012 by admin| Leave a comment

Airline credit cards pump up perks
News from Chicago Tribune:

If there was ever a time to consider an airline credit card, now might be it, as rewards have soared and perks are freely flowing, credit card experts say.

Not only can cardholders rack up frequent-flier miles to book free flights, but they can reap such goodies as free checked bags, priority boarding and access to flight lounges. And sign-up bonuses of frequent-flier miles have become so generous — up nearly 20 percent over last year — that new cardholders could have enough miles to take a free flight right away. So a new rewards card could factor into summer vacation plans immediately.

Airline cards continue to have drawbacks, such as annual fees and high interest rates. But for consumers who have good credit and pay balances in full every month, the current lineup of airline reward credit cards features a bumper crop of good deals, experts say.

And good news for Chicagoans: Some of the best cards are offered by such carriers as United Airlines,

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Action Line: Progress slow in reform of aggressive credit-card marketing to …

Posted on May 4, 2012 by admin| Leave a comment

Action Line: Progress slow in reform of aggressive credit-card marketing to …
News from Tulsa World:

A study released April 24 by University of Houston Law Center Professor Jim Hawkins stated: “The credit card reform act (aka the Credit CARD Act of 2009) has had little effect on aggressive marketing to college students. Research shows college students continue receiving prescreened mail offers and tangible gifts from credit card companies and young consumers are still qualifying for credit cards without demonstrating they have enough earned income to pay off the debt in spite of stringent rules imposed by the CARD Act.”

An expert in consumer credit, Hawkins surveyed 500 students and examined 300 agreements between card issuers and colleges and alumni associations over the past two years. The “first empirical assessment of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009′s effectiveness, the study will be published in the Washington and Lee Law Reviews in fall 2012.

“Based on this survey and study, I found many of the CARD Act’s student and young consumer provisions have not affected credit markets in the ways the Act’s proponents had hoped,” Hawkins said.

Effective in February 2010, the act was designed to prevent student over-indebtedness, to end aggressive marketing to college students and to revea…………… continues on Tulsa World

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Credit card debt: What can you do about it?

Posted on May 2, 2012 by admin| Leave a comment

Credit card debt: What can you do about it?
News from Christian Science Monitor:

Calling your credit card company to negotiate a lower interest rate may be a good step towards getting out of credit card debt, Hamm argues. 

For most people, the debt that really tips things from a manageable situation into a very challenging one is credit card debt.

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Trent Hamm

The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds – we just want simple ways to manage our finances and save a little money.

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  • 05.02.12
    Credit card debt: What can you do about it?
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5 best credit cards for graduates

Posted on May 1, 2012 by admin| Leave a comment

5 best credit cards for graduates
News from CBS News:

(MoneyWatch) My daughter is graduating from college this month. Like the responsible kid she is, she decided that she should apply for a credit card to make sure she could use her own plastic to pay for hotels and rental cars when she travels. She was turned down.

She has a job. She’s incredibly financially responsible. She just has no credit history — a problem shared by a good number of today’s graduates, particularly once the Credit Card Act barred banks from peddling their plastic on campus to kids with no income or assets. The good news is that there are a number of credit cards that cater to people with limited credit histories, says Odysseas Papadimitriou, chief executive of the credit card shopping site Card Hub.

The five best, in his estimation, not only provide no-fee cards to new graduates, most also offer cash back and rewards. The flip side? The interest rates are high, so any kid that carries a balance will learn a costly lesson about borrowing to buy things you can’t afford. Moreover, all credit card companies charge high penalty fees if you pay late. Some will allow you to charge purchases that exceed your credit limit, but they’ll charge dearly for it. Make sure you read the terms and follow the rules.

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Does your credit pass the stress test?

Posted on April 30, 2012 by admin| Leave a comment

Does your credit pass the stress test?
News from Fox Business:

Since April is National Stress Awareness Month – and Financial Literacy Month too – now is the perfect time to identify the personal finance issues that could cause stress for you and your loved ones.

Money problems of all kinds are a major source of anxiety and stress for many Americans. Anxiety and stress can lead to headaches, depression, ulcers, high blood pressure, panic attacks, distracted driving accidents and more. And such financial stress affects everyone – single people, married couples, the elderly, even children and teens.

Sometimes the convenience of credit cards can cause financial stress to build up without your being aware of it.

When it comes to your finances, watch out for these six common indicators of credit stress:

1. Operating too close to your credit limit

Are any of your credit cards maxed out or near their limits? If so, you’re likely operating on the edge – financially and physically.

“Not feeling in control of your financial destiny takes an emotional toll,” says Eric Tyson, the author of “Personal Finance for Dummies.” “When you don’t have a handle on your finances, you experience increased stress and anxiety.”

Tyson’s solution: cut back on your spending and credit card usage. Whether it’s…………… continues on Fox Business

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