http://www.thecreditcarder.com/bbpress/ TheCreditCarder.com: Recent Posts en Wed, 08 Feb 2012 05:45:19 +0000 http://www.thecreditcarder.com/bbpress/topic/obama-meets-with-14-credit-card-issuers#post-82 Sun, 26 Apr 2009 19:11:12 +0000 TheCreditCarder 82@http://www.thecreditcarder.com/bbpress/ <p>Good news (for consumers): the credit card holders' Bill of Rights passed Congress on April 22nd. Now, President Obama is planning to meet with the heads of fourteen credit card issuing banks to discuss the fact that this is only the beginning, and that more and more regulation will be down the line.</p> <ul> <li> An industry source tells ABC News that the executives expect to hear from the White House that "the industry is unpopular right now." The source forecasts that the meeting will be "a carrot-and-stick" deal — the administration will tell the executives that they need their help in dealing with problems such as high interest rates, but they will emphasize the threat of legislation. "It will be a come-to-Jesus type of meeting," the source said.</li> </ul> <p><a href="http://blogs.abcnews.com/politicalpunch/2009/04/president-ob-26.html" rel="nofollow">http://blogs.abcnews.com/politicalpunch/2009/04/president-ob-26.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/the-credit-cardholders-bill-of-rights#post-81 Sun, 26 Apr 2009 18:59:36 +0000 TheCreditCarder 81@http://www.thecreditcarder.com/bbpress/ <p>The government is still at work on passing the credit card holder's Bill of Rights. These would include regulations targeting unfair or deceptive practices by banks and credit card issuers. Some of these include:</p> <ul> <li>Banks can only increase a credit card's APR if the rate is a promo rate that expired, if the rate is based on an index (for instance, prime plus 3%) and the index increases, or if the customer is late or doesn't make a payment on that account. This effectively bans universal default, where a bank will increase a card's APR because you were late on paying a different card.</li> <li>Bans double cycle billing.</li> <li>Banks can't charge fees or consider you in default if your entire balance consists solely of interest that accumulated on the charges.</li> <li>Banks cannot notify credit agencies that you have a new credit account until you use or activate that account.</li> <li>Banks cannot charge fees for paying by phone or online.</li> </ul> <p><a href="http://www.google.com/hostednews/ap/article/ALeqM5h9Anyn4mQX73VkVyF1ogc2fp-XywD97LIF480" rel="nofollow">http://www.google.com/hostednews/ap/article/ALeqM5h9Anyn4mQX73VkVyF1ogc2fp-XywD97LIF480</a> </p> http://www.thecreditcarder.com/bbpress/topic/wamu-credit-card-due-dates-may-change#post-80 Tue, 21 Apr 2009 18:07:10 +0000 TheCreditCarder 80@http://www.thecreditcarder.com/bbpress/ <p>If you have a Washington Mutual credit card be sure to check your statement this month--there have been recent reports of the due dates being altered. This has been caused by the takeover of WaMu by Chase.</p> <p><a href="http://www.creditmattersblog.com/2009/04/former-washington-mutual-cardholders.html" rel="nofollow">http://www.creditmattersblog.com/2009/04/former-washington-mutual-cardholders.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/slow-site-updates#post-79 Mon, 13 Apr 2009 04:59:55 +0000 TheCreditCarder 79@http://www.thecreditcarder.com/bbpress/ <p>Sorry for the lack of front page updates recently. I have been very busy with work and have also been preparing to embark on a three month charity rally from London to Mongolia. Add to that that the credit card market has been in constant decline because of the bad economy and I have a good excuse for not updating as much as usual.</p> <p>Visit our rally site here: <a href="http://www.mongolrallyguys.com" rel="nofollow">http://www.mongolrallyguys.com</a> </p> http://www.thecreditcarder.com/bbpress/topic/discover-announces-biodegradeable-credit-card#post-78 Mon, 13 Apr 2009 04:57:24 +0000 TheCreditCarder 78@http://www.thecreditcarder.com/bbpress/ <p>Discover has announced the world's first truly "green" credit card This card is not made of non-biodegradable plastic but of a form of PVC that will begin to break down in soil, water, compost or wherever microorganisms are present and fully degrade within 5 years. This card is available to all current Discover cardholders by applying at <a href="http://www.discovercard.com/customer-service/account/choose-design.html" rel="nofollow">http://www.discovercard.com/customer-service/account/choose-design.html</a> or by calling (800) 347-2683). </p> http://www.thecreditcarder.com/bbpress/topic/american-express-offers-double-points#post-77 Mon, 13 Apr 2009 04:51:22 +0000 TheCreditCarder 77@http://www.thecreditcarder.com/bbpress/ <p>Last week American Express announced a new bonus for holders of its consumer credit cards--double normal membership rewards points on gas and grocery purchases for the next year or so. The program began March 22 and runs through March 15, 2010. These points can be earned on up to $1000 of gas and grocery purchases per month.</p> <p>These bonus points are not automatic. You must contact American Express at <a href="http://www.americanexpress.com/counttwice" rel="nofollow">http://www.americanexpress.com/counttwice</a> or call (800)794-1308 to be enrolled in the program (use enrollment code 139150001).</p> <p>Available on the American Express Card, the American Express Rewards Green Card, the American Express Preferred Rewards Green Card, the American Express Gold Card, the American Express Rewards Gold Card, the American Express Preferred Rewards Gold Card, the American Express Rewards Plus Gold Card, the Platinum Card®, and the Centurion® Card. </p> http://www.thecreditcarder.com/bbpress/topic/avoiding-balance-chasing#post-76 Mon, 13 Apr 2009 04:46:00 +0000 TheCreditCarder 76@http://www.thecreditcarder.com/bbpress/ <p>Balance chasing is when the credit card company cuts your credit limit to just above your balance. This appears to happen most frequently after you make a large payment to reduce your balance. This can hurt your credit score by making you have a larger portion of your available balance occupied. How can you avoid this potential credit score ding? Don't keep any balances of course.</p> <p><a href="http://www.creditmattersblog.com/2008/10/chasing-balance-what-it-is-and-why-it.html" rel="nofollow">http://www.creditmattersblog.com/2008/10/chasing-balance-what-it-is-and-why-it.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/credit-card-rate-increased-freeze-the-account#post-75 Mon, 13 Apr 2009 04:43:19 +0000 TheCreditCarder 75@http://www.thecreditcarder.com/bbpress/ <p>If any rates are hiked on your credit card you can do your part to fight back by simply freezing your account. You will always be notified by mail at least fourteen days in advance should a rate be scheduled to increase. Call up your card company to put a temporary freeze on the account. You cannot use your card during that time, but your credit score will not be impacted by a credit card account closure, and you can unfreeze the account once the economy is back on track and rates have gone down.</p> <p><a href="http://www.examiner.com/x-1893-News-You-Can-Use-Examiner~y2009m4d9-New-idea-to-fight-credit-card-interest-rate-hikes-putting-your-card-on-hold" rel="nofollow">http://www.examiner.com/x-1893-News-You-Can-Use-Examiner~y2009m4d9-New-idea-to-fight-credit-card-interest-rate-hikes-putting-your-card-on-hold</a> </p> http://www.thecreditcarder.com/bbpress/topic/tennessee-fights-credit-card-company-fees#post-74 Mon, 13 Apr 2009 04:38:32 +0000 TheCreditCarder 74@http://www.thecreditcarder.com/bbpress/ <p>A new piece of legislation proposed by Tennessee Senator Tim Burchett aims to change the way credit card companies tally payment dates. The goal is to have them record payment dates as the date a check was mailed, not the day that the check arrives at the company's payment processing center.</p> <ul> <li>"It is not right for credit card consumers to pay late fees if the payment is sitting on the desk of an employee of the credit card company or if it arrives late due to slow mail... Many Tennesseans have faced these charges, even though they made their payments on time.... Consumers should not have to pay for the mistakes of others when their efforts can be proved by a postmark." </li> </ul> <p><a href="http://blogs.knoxnews.com/knx/humphrey/2009/04/probusiness-committee-passes-p.html" rel="nofollow">http://blogs.knoxnews.com/knx/humphrey/2009/04/probusiness-committee-passes-p.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/best-buy-takes-over-circuit-city-credit-cards#post-73 Mon, 13 Apr 2009 04:34:43 +0000 TheCreditCarder 73@http://www.thecreditcarder.com/bbpress/ <p>It seems that Best Buy has gobbled up all of the credit cards left over from customers of the now defunct Circuit City chain. Starting in May customers will be sent a new Best Buy-branded credit card. Some users have also reported that their Circuit City credit cards have become Chase Freedom Visa cards.</p> <p><a href="http://consumerist.com/5192650/best-buy-taking-over-circuit-city-credit-cards" rel="nofollow">http://consumerist.com/5192650/best-buy-taking-over-circuit-city-credit-cards</a> </p> http://www.thecreditcarder.com/bbpress/topic/credit-card-cancellations-and-raising-interest-rates#post-72 Sat, 28 Mar 2009 20:55:21 +0000 TheCreditCarder 72@http://www.thecreditcarder.com/bbpress/ <p>There has been a steep rise in the number of credit card accounts that have been canceled or reduced by credit card issuers. At the same time credit card interest rates have been steadily rising. These are both tactics used by the financial institutions to reduce risk and protect the company. </p> <p><a href="http://www.newyorker.com/talk/financial/2009/03/16/090316ta_talk_surowiecki" rel="nofollow">http://www.newyorker.com/talk/financial/2009/03/16/090316ta_talk_surowiecki</a> </p> http://www.thecreditcarder.com/bbpress/topic/credit-card-limit-reduced-below-current-balance#post-71 Sat, 28 Mar 2009 20:51:46 +0000 TheCreditCarder 71@http://www.thecreditcarder.com/bbpress/ <p>For those that don't know, a credit card issuer has every right to suddenly reduce your credit limit below the current balance of the card at any time without much notice. It is then perfectly OK for them to assess an over-limit fee because you are over your new credit limit. Tricky.</p> <p>Lesson: Try to stay away from the upper reaches of your credit limit--don't ever use more than 90% on any one card.</p> <p><a href="http://consumerist.com/5170484/your-credit-card-limit-can-be-reduced-below-your-current-balance" rel="nofollow">http://consumerist.com/5170484/your-credit-card-limit-can-be-reduced-below-your-current-balance</a> </p> http://www.thecreditcarder.com/bbpress/topic/convert-or-combine-your-wamu-and-chase-cards#post-70 Sat, 28 Mar 2009 20:35:30 +0000 TheCreditCarder 70@http://www.thecreditcarder.com/bbpress/ <p>Now that Washington mutual and Chase are officially one-and-the-same, you can simplify your life by combining accounts and getting rid of your old WaMu credit and debit cards.</p> <p>Call Chase at 1-800-524-3880 and give them your old WaMu account information and they will take care of the rest.</p> <p><a href="http://www.creditmattersblog.com/2009/03/mechanics-of-converting-and-combining.html" rel="nofollow">http://www.creditmattersblog.com/2009/03/mechanics-of-converting-and-combining.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/how-to-find-reputable-credit-counseling#post-69 Fri, 20 Mar 2009 19:36:03 +0000 TheCreditCarder 69@http://www.thecreditcarder.com/bbpress/ <p>The Consumerist has an article detailing on how to go about finding a reputable credit counseling service. Yes, there are actually reputable services out there! It pays to do your research as the wrong company could severely damage your credit score (even more).</p> <p><a href="http://consumerist.com/5165573/how-to-find-reputable-credit-counseling" rel="nofollow">http://consumerist.com/5165573/how-to-find-reputable-credit-counseling</a> </p> http://www.thecreditcarder.com/bbpress/topic/ten-lies-that-got-you-into-debt#post-68 Fri, 20 Mar 2009 19:33:13 +0000 TheCreditCarder 68@http://www.thecreditcarder.com/bbpress/ <p>MSN MoneyCentral and Bargaineering.com have an article detailing what to watch out for when you are trying to convince yourself to make that next big purchase. Being human it's always possible to rationalize almost anything! Just because it's an 'emergency' or a 'bargain' doesn't mean that you MUST make the purchase.</p> <p><a href="http://blogs.moneycentral.msn.com/smartspending/archive/2009/03/18/10-lies-that-got-you-and-keep-you-in-credit-card-debt.aspx" rel="nofollow">http://blogs.moneycentral.msn.com/smartspending/archive/2009/03/18/10-lies-that-got-you-and-keep-you-in-credit-card-debt.aspx</a> </p> http://www.thecreditcarder.com/bbpress/topic/maximizing-credit-card-rewards-programs#post-67 Fri, 20 Mar 2009 19:30:48 +0000 TheCreditCarder 67@http://www.thecreditcarder.com/bbpress/ <p>MSN MoneyCentral and Bargaineering.com have an informative article on how to properly make use of your cash- or points-back rewards credit cards. Top tips include using different cards for different purchases and foregoing gift rewards for cash rewards.</p> <p><a href="http://blogs.moneycentral.msn.com/smartspending/archive/2008/07/29/how-to-max-out-credit-card-rewards.aspx" rel="nofollow">http://blogs.moneycentral.msn.com/smartspending/archive/2008/07/29/how-to-max-out-credit-card-rewards.aspx</a> </p> http://www.thecreditcarder.com/bbpress/topic/capcom-street-fighter-4-visa-card#post-66 Tue, 17 Mar 2009 20:02:00 +0000 TheCreditCarder 66@http://www.thecreditcarder.com/bbpress/ <p>Visa has paired with Capcom to present the Street Fighter 4 Pre-paid Credit Card. Also available in other designs, such as Resident Evil 5, this card seemingly hopes to prey on uninformed consumers. The rates are some of the worst I've ever seen. Purchase fees, monthly fees, reload fees, transaction fees--you name it! All for the privilege of flashing a credit card with your favorite game character on it. Woo-hoo.</p> <p><a href="http://www.defendyourdollars.org/2009/03/street_fighter_4_prepaid_cards.html" rel="nofollow">http://www.defendyourdollars.org/2009/03/street_fighter_4_prepaid_cards.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/credit-cards-038-banks-changing-terms-on-the-fly#post-65 Tue, 17 Mar 2009 19:57:42 +0000 TheCreditCarder 65@http://www.thecreditcarder.com/bbpress/ <p>Have you ever had a credit card or banking account suddenly change terms for no apparent reason? We all have. Why do they do this? Because they legally can and they want to limit risk and protect their company. All the bank needs to do is give you fifteen days notice and they can change your terms, no explanations needed.</p> <p>More info can be found at the the Comptroller of Currency web site.</p> <p><a href="http://www.helpwithmybank.gov/faqs/credit_terms.html" rel="nofollow">http://www.helpwithmybank.gov/faqs/credit_terms.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/credit-limit-axed-just-call#post-64 Tue, 17 Mar 2009 19:52:01 +0000 TheCreditCarder 64@http://www.thecreditcarder.com/bbpress/ <p>In an article over at the CreditMattersBlog, it appears that not only is Citi on a wild spree of canceling unused lines of credit, they are also lowering credit lines for accounts in good standing. What if this happens to you? Just call them and complain. There's a chance that you're previous limit will be reinstated.</p> <p><a href="http://www.creditmattersblog.com/2009/02/citibank-hacking-lines-of-credit-again.html" rel="nofollow">http://www.creditmattersblog.com/2009/02/citibank-hacking-lines-of-credit-again.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/american-express-pays-people-to-leave#post-63 Thu, 05 Mar 2009 00:09:35 +0000 TheCreditCarder 63@http://www.thecreditcarder.com/bbpress/ <p>American Express is actually paying some customers up to $300 to zero out their remaining credit balance and close their accounts. Why? So that they can get rid of a few high-risk accounts without causing too much grief in the process. The offer is only available to AmEx sent you a letter and promo card.</p> <p><a href="http://www.creditmattersblog.com/2009/02/american-express-wants-to-help-you.html" rel="nofollow">http://www.creditmattersblog.com/2009/02/american-express-wants-to-help-you.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/getting-your-first-credit-card#post-62 Thu, 05 Mar 2009 00:06:12 +0000 TheCreditCarder 62@http://www.thecreditcarder.com/bbpress/ <p>There is an article over at the Consumerist web site detailing the right steps to take when going about getting your first credit card.</p> <p><a href="http://consumerist.com/5101309/how-to-get-your-first-credit-card" rel="nofollow">http://consumerist.com/5101309/how-to-get-your-first-credit-card</a> </p> http://www.thecreditcarder.com/bbpress/topic/dont-like-something-let-your-issuer-know#post-61 Mon, 09 Feb 2009 19:43:18 +0000 TheCreditCarder 61@http://www.thecreditcarder.com/bbpress/ <p>Did your APR suddenly jump up? Hit with a charge for being late on a payment? When things like this happen many consumers just tend to let it slip by. But as long as you don't make a habit out of it you can usually get it remedied by simply calling up the credit card issuer and asking if they would be so kind as to make an exception this one time.</p> <p><a href="http://consumerist.com/5136750/nice-letter-gets-chase-to-reinstate-mans-promotional-apr" rel="nofollow">http://consumerist.com/5136750/nice-letter-gets-chase-to-reinstate-mans-promotional-apr</a> </p> http://www.thecreditcarder.com/bbpress/topic/avoiding-credit-card-cancellations#post-60 Mon, 09 Feb 2009 19:25:08 +0000 TheCreditCarder 60@http://www.thecreditcarder.com/bbpress/ <p>There has been a bevy of credit card cancellations as of late. Credit Card issuers are canceling seldom-used cards in hopes of reducing risk. If you want to keep a certain card make sure it is used at least occasionally! (At least once per year.) If not you could find it canceled with no prior warning or you could find that your credit limit has been reduced.</p> <p><a href="http://consumerist.com/5126259/defending-access-to-your-credit-cards-lines" rel="nofollow">http://consumerist.com/5126259/defending-access-to-your-credit-cards-lines</a> </p> http://www.thecreditcarder.com/bbpress/topic/beware-of-fradulent-charges-adele-services#post-59 Mon, 09 Feb 2009 18:30:51 +0000 TheCreditCarder 59@http://www.thecreditcarder.com/bbpress/ <p>Adele Services, purportedly of in Melville, NY, has fraudulently charged $.25 to a slew on credit card holders in the past couple months or so. The thing is that Adele Services doesn't exist and that $.25 charge could lead to larger fraudulent charges if not taken care of. Be sure to check your statement and contact your credit card issuer if you see anything like this listed.</p> <p><a href="http://www.boston.com/business/personalfinance/articles/2009/01/11/mysterious_credit_card_charge_may_have_hit_millions_of_users/" rel="nofollow">http://www.boston.com/business/personalfinance/articles/2009/01/11/mysterious_credit_card_charge_may_have_hit_millions_of_users/</a> </p> http://www.thecreditcarder.com/bbpress/topic/no-such-thing-as-a-fixed-rate-credit-card#post-58 Fri, 06 Feb 2009 05:32:28 +0000 TheCreditCarder 58@http://www.thecreditcarder.com/bbpress/ <p>Note: whenever you see that a credit card has a 'fixed-rate' it is complete bull. The credit card issuer can (and frequently will raise your APR whenever it chooses. Just don't ever carry a balance and you're golden!</p> <p><a href="http://consumerist.com/5130285/consumers-are-learning-the-hard-way-theres-no-such-thing-as-a-fixed-rate-credit-card" rel="nofollow">http://consumerist.com/5130285/consumers-are-learning-the-hard-way-theres-no-such-thing-as-a-fixed-rate-credit-card</a> </p> http://www.thecreditcarder.com/bbpress/topic/chase-invents-new-credit-card-fees#post-57 Fri, 06 Feb 2009 04:52:39 +0000 TheCreditCarder 57@http://www.thecreditcarder.com/bbpress/ <p>It seems that Chase has not only upped their minimum payments but have also created a new charge for balance transfer customers. Another sign of the times...</p> <p>Get out of paying Chase these new fees by canceling the card and paying off the remaining balance on the terms you originally signed up for.</p> <p><a href="http://www.consumeraffairs.com/credit_cards/chase_credit_cards.html" rel="nofollow">http://www.consumeraffairs.com/credit_cards/chase_credit_cards.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/turn-your-drivers-license-into-a-debit-card#post-56 Fri, 06 Feb 2009 04:44:56 +0000 TheCreditCarder 56@http://www.thecreditcarder.com/bbpress/ <p>Rollbackprice.com is now offering the opportunity to trun your drivers license into a credit card. Not only that, but when you use your new license credit card at the gas pump you will save $.03/gallon! The program is pretty new, and it is available only to residents in and around Austin, TX.</p> <p>Although losing your license would now pose double the risk, it is an interested concept. You can still find better gas pump savings by going with a gas rebate credit card though (.03/gallon vs. 3-5% savings).</p> <p><a href="http://www.rollbackprice.com" rel="nofollow">http://www.rollbackprice.com</a> </p> http://www.thecreditcarder.com/bbpress/topic/the-true-cost-of-credit-cards#post-55 Fri, 06 Feb 2009 04:37:11 +0000 TheCreditCarder 55@http://www.thecreditcarder.com/bbpress/ <p>Every time you use your card the merchant has to pay a fee for the ability to accept that type of payment. Usually the fee is anywhere from 1.5%-3% of the sale plus a small transaction charge. Truecostofcredit.com is a site that lets you see just how much your credit card charges retailers every time you use it. </p> <p>Why would you care to know? Well, to make up for that loss on every credit card sale merchants have to charge more somewhere else...</p> <p><a href="http://www.truecostofcredit.com/" rel="nofollow">http://www.truecostofcredit.com/</a> </p> http://www.thecreditcarder.com/bbpress/topic/increase-credit-card-grace-period-by-asking#post-54 Fri, 30 Jan 2009 20:13:34 +0000 TheCreditCarder 54@http://www.thecreditcarder.com/bbpress/ <p>It seems that one consumer increased his grace period from 20 days to 25 days by just calling up and asking. (Note: this happened with Bank of America, so results may vary.)</p> <p><a href="http://consumerist.com/5139686/increase-your-citibank-grace-period-by-5-days-just-by-asking" rel="nofollow">http://consumerist.com/5139686/increase-your-citibank-grace-period-by-5-days-just-by-asking</a> </p> http://www.thecreditcarder.com/bbpress/topic/john-maedas-credit-card-payment-calculator#post-53 Fri, 30 Jan 2009 20:10:02 +0000 TheCreditCarder 53@http://www.thecreditcarder.com/bbpress/ <p>Use the nifty online tool over at John Maeda's Maeda Studio web site to determine how long it will take you to pay off your current credit card balance, APR included.</p> <p><a href="http://www.maedastudio.com/2006/credit/index.php" rel="nofollow">http://www.maedastudio.com/2006/credit/index.php</a> </p> http://www.thecreditcarder.com/bbpress/topic/consumer-slices-up-credit-cards-in-protest#post-52 Fri, 30 Jan 2009 20:04:10 +0000 TheCreditCarder 52@http://www.thecreditcarder.com/bbpress/ <p>The Consumerist reports on how a recently married couple used their credit cards to fund a lavish wedding and got themselves into a lot of debt in the process. Having recently paid off a lot of their debt they have sliced up all of their credit cards in protest. Well...that solves the problem now, doesn't it! *sarcasm*</p> <p><a href="http://consumerist.com/5141810/angry-consumer-slices-and-dices-credit-cards-to-protest-rate-increase" rel="nofollow">http://consumerist.com/5141810/angry-consumer-slices-and-dices-credit-cards-to-protest-rate-increase</a> </p> http://www.thecreditcarder.com/bbpress/topic/one-family-receives-445-credit-card-offers#post-51 Fri, 30 Jan 2009 19:48:45 +0000 TheCreditCarder 51@http://www.thecreditcarder.com/bbpress/ <p>One family saved all of their postal credit card offer forms for one year. When tallied up, the total came to 445 separate pieces of mail, including quite a few pieces addressed to the family's underage kids.</p> <p><a href="http://www.chicagotribune.com/business/chi-credit-chaos-zonejan28,0,7915192.story" rel="nofollow">http://www.chicagotribune.com/business/chi-credit-chaos-zonejan28,0,7915192.story</a> </p> http://www.thecreditcarder.com/bbpress/topic/credit-card-companies-profiling-customers#post-50 Fri, 30 Jan 2009 19:46:49 +0000 TheCreditCarder 50@http://www.thecreditcarder.com/bbpress/ <p>ABCNews reports how credit card companies are stepping up the profiling of customers in order to lessen risk. Credit cards companies have always done this in some form (thus the importance of watching your credit history), but it has become more pronounced with the recent drop in profits because of credit card defaults.</p> <p><a href="http://abcnews.go.com/GMA/GetsAnswers/story?id=6747461&#38;page=1" rel="nofollow">http://abcnews.go.com/GMA/GetsAnswers/story?id=6747461&#38;page=1</a> </p> http://www.thecreditcarder.com/bbpress/topic/new-credit-card-rules-slimmed-down#post-49 Wed, 07 Jan 2009 06:07:17 +0000 TheCreditCarder 49@http://www.thecreditcarder.com/bbpress/ <p>An article over at Consumerist.com states that of the new credit card industry changes and regulations proposed and voted on in December, three have just been axed:</p> <p>1) Overlimit fees due to account holds.<br /> 2) Deceptive advertising using multiple APRs or credit limits.<br /> 3) Problems with automatic overdraft programs on checking accounts.</p> <p>Not really sure why they are deciding to NOT ban deceptive advertising, but I'm sure there's some very good reason there somewhere. The remaining five rules will not be enforced until July 2010.</p> <p><a href="http://www.consumersunion.org/blogs/fpn/2008/12/initial_news_reports_on_new_cr.html" rel="nofollow">http://www.consumersunion.org/blogs/fpn/2008/12/initial_news_reports_on_new_cr.html</a> </p> http://www.thecreditcarder.com/bbpress/topic/minimum-payment-requirements-backfire#post-48 Tue, 06 Jan 2009 17:29:03 +0000 TheCreditCarder 48@http://www.thecreditcarder.com/bbpress/ <p>The laws that require credit card issuers to state a minimum payment amount on every monthly statement may be doing more harm than good to many consumers. Studies have shown that if a minimum payment amount is listed that many consumers opt to pay only the minimum amount whereas if no minimum payment amount is listed they tended to pay more on the balance.</p> <p><a href="http://www.economist.com/finance/displayStory.cfm?story_id=12777711" rel="nofollow">http://www.economist.com/finance/displayStory.cfm?story_id=12777711</a> </p>