The Credit CARD Accountability Responsibility and Disclosure Act was formed by the USA government to uphold the rights of credit card users and offer fair practice from credit card issuers.
The act was passed keeping in mind the consumer but also had provisions for banks to recover lost revenues. One of the biggest strong points of the Card act was the drop in over the limit and penalty fees. There was a considerable drop in percentage of the over the limit and penalty fees charged to the...
The credit and debit card industry seems to be undergoing a lot of changes in recent months. Now that the senate has approved the legislation that limits the interchange fees on debit cards, it is time to approve the same even for credit cards. While most retailers and consumers are of the opinion that this move would work in their favor, they don’t seem to be getting the clear picture. The interchange or ‘swipe’ fees are the charges that retailers have to pay banks if customers use their...
Continue readingIf you have had a credit card for a very long time, then you will know that there was a time when defaulting your payment could attract a penalty of 29.99 percent. But, thanks to the Credit Card Accountability, Responsibility and Disclosure Act of 2009, this is not the case anymore. This, however, does not mean that customers can go scot free when they default on their monthly payments. There are other penalties in place to make up for the ones that were levied before the CARD act came into...
Continue readingLife without credit cards has almost become unimaginable in recent times. These cards of plastic need not necessarily be a bane. Since the charges and interest rates are the common points being discussed in financial circles, it is easy to see why these cards are not highly popular. But, there are many benefits offered by credit cards that most customers are unaware of. The main reason for this ignorance is the fact that most of them do not have the patience and time to go through the fine...
Continue readingAccording to the annual analysis of credit card applications that have conducted, credit card issuers seem to have improved the digital transparency. Credit card applications of some of the top ten issuers have been examined by the credit card comparison website, and the key components such as APRs and rewards programs were checked out. The website has found that a majority was doing a great job of keeping things out of the fine print, and had improved scores compared to 2010.
The website...
Advertising can be misleading at times, but it has been that way for a long time now and nobody questions any of these things. For instance, you have lemonade that has no fruit juice in it. Then you have the pharmaceutical companies who constantly compare their drugs to the placebos instead of comparing it with the other drugs that are already in the market.
In the same manner, the credit card companies also keep advertising the ‘so-called benefits’ that are not really benefits in the...
Last year, colleges in California, alumni groups, and university foundations made around $6.6 million in royalties, from the agreements they made with the card issuers. Over 3,000 new accounts were opened, as per the Federal Reserve Board report in July.
Under this agreement, banks could get exclusive access to market credit cards to the alumni groups as well as university students. Royalties are paid to universities and related organizations depending on the number of new credit card...
Although most of the customers are absolutely peeved with the way the banks have been hiking up the fees on their checking accounts and also phasing out the debit card reward programs, one group in particular seems to be enjoying a whole lot of benefits and perks – the college students.
As students are heading back to their campuses this year, banks are enticing them with products that have better terms such as a longer duration on the zero-interest promotional offers on credit cards,...
After a spree of uninhibited spending over the last few months, the outstanding balance on customer credit cards saw a steep fall in the month of July this year. As per Federal Reserve’s most recent report, customers paid off up to $3 million of their credit card debt.
The G.19 consumer credit report that is collated by the Federal Reserve on a regular basis clearly reveals the debt the US consumers hold. According to the reports that were released Thursday last week, the Federal Reserve...
Bank of America is the Official Bank of the Giants and as San Francisco Giants prepare for the final stretch of the 2011 season, they will now have an additional incentive to give fans the one, two, three innings. An integrated marketing program has been launched today, where it ties the ultimate defensive play in the game with the BankAmericard Cash Rewards credit card, which rewards customers automatically with 1%, 2%, and up to 3% cashback on their common purchases.
Bank of America has...
One of the largest banks in the United States, Bank of America, is now launching cash back rewards credit cards. Card holders with this card in their wallet can reap cash back rewards when they shop using this card at certain stores across the country.
While customers will surely get cash back rewards, the percentage of rewards is based on the amount the customers have shopped for and also the product they are buying. However, as a generic rule the cash back is at least 1% of the overall...
There is hardly anyone today who is not tired of the innumerable fees levied by banks on just about any type of account. Any transactions you would like to do has a specific fee associated to it. While customers are used to certain fees like the ATM fees, checking account fees and deposit fees, banks are now contemplating on levying fees none of us have every heard in the past. One such fee is the fee for keeping cash in the account without utilizing it.
If you are a business entrepreneur...