Congress Considering More Credit Card “Reform,” Watch Out Consumers
May 18th, 2010 admin
The Senate isn’t quite finished regulating the credit card industry. Senators have surprised the industry with unexpected, tough amendments that would limit interchange fees and allow caps on interest rates. The amendments that pass will be included in the financial reform bill being debated in Congress. Both would be significant blows to the bottom line of
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Another wonderful aspect of the “Reform” financial legislation passed by Congress is coming your way: Credit card companies permitting merchants to impose minimum charges on their credit cards. This does not impact debit cards. Credit card company rules prohibited merchants from requiring minimum purchases to use credit cards, even though...
Weekly Credit Card Update A summary of this week’s top credit card stories. Contact: Bill Hardekopf, LowCards.com, 800-388-1910 CREDIT CARD CHANGES PROPOSED BY THE FEDERAL RESERVE This week, the Federal Reserve proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty...
Today, the Federal Reserve proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees, as well as requiring credit card issuers to reconsider increases in interest rates. This rule will go into effect on August 22, 2010. “This proposal addresses two key costs of...
Some of the final provisions of the CARD Act go into effect next week and these could prove very beneficial for credit card consumers. Starting Sunday, new rules may result in interest rate reductions as well as limitations on some fees. Here is a look at the three major provisions of this part of the CARD Act: Interest
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Consumers will soon receive their first credit card bill since last week’s implementation of the CARD Act and their statement will look very different. “The new debt information on your credit card statement is one of the best provisions of the CARD Act and it will benefit every cardholder,” says Bill Hardekopf, CEO of LowCards.com...
LowCards.com Weekly Update A summary of this week’s top credit card stories. DISCOVER CEO: NEW RULES DON’T HELP THOSE WITH BEST CREDIT Discover CEO David Nelms says the CARD Act will benefit some credit cardholders and hurt others. Those with good credit will lose the “ultra-low rates of the past 10 years.” Credit card companies...
The Federal Reserve announced new rules and credit card protections yesterday. It is the grand finale of the CARD Act, capping late fees and providing possible relief from rate increases. These rules go into effect on August 22. Under these new rules: * There are limited and conditional protections against interest rate increases. Any increase
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In the never-ending battle between credit card companies and their customers over interest rates, consumers still hold at least some of the cards.
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According to moneywatch.com the Federal Trade Commission has “busted up an elaborate and long-running international scam said to net more than $10 million in bogus nickel-and-dime credit card charges. More than a million consumers were hit with credit card charges of $10 or less by fake shell companies, said the agency.” The column by...
You can thank your Congressman for all the intended and unintended consequences that the Credit Card Act of 2009 brings with it as it goes into full effect Monday. Many of us have already felt some of the unintended effects of this “reform” legislation enacted last year as credit card companies were given more than four
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