Credit cards seem attractive to a business traveler only because of the perks and benefits that come with it. American Express has now emerged as a stiff competitor for the business travel cards and is promising a huge reward package. So, one will have to wait and watch to see how AmEx fares when compared to Chase, Cap One and the rest.
On Monday, American Express announced a huge package in the business travel cards for some of the card holders. It is a stark indication that there is an...
There has been an increase in the average rates of interests on credit cards followed by the rise in rates at Chase and Capital One. The current national annual percentage rate has risen to 14.37 percent, which is the highest level touched by national interest rates since the early part of August. However, it also represents a pattern of increasing interest rates, which rose in the last 3 out of 4 weeks. The latest of the increases in the average were due to the recent hikes at Capital One...
Continue readingA lawsuit accusing Capital One Financial Corp of increasing the rate over double the actual one has been reinstated by the U.S. federal appeals court after it buried the details about raising the rate in fine print.
The 9th U.S. Circuit Court of Appeals said that Capital One did not show clear and transparent disclosures regarding the cardholder’s annual percentage. It was a 2-1 ruling made in San Francisco when Capital One raised the interest percentage to a whopping 15.9 percent from a...
Consumers from all over the country have been waiting for the results of the latest defaults performance of various credit card companies. Now, as a lot has anticipated the news that would be delivered is good. Capital One Financial Corporation or simply known as COFC has finally filed the first report for the month of May, and they bring credit card holders a decrease in the month’s credit card defaults. May had a 9.48 percent down in the percentage of defaults compared to last April’s...
Continue readingAround 18,000 customers of Capital One Financial Corp. will receive reimbursements totaling $775,000 in annual credit-card membership fees after the Office of the Comptroller of the Currency (OCC) deemed them as unfair.
Capital One was found to have unjustly billed 3,400 cardholders $125,000 in annual fees even after they have closed their accounts from 2004 to 2006. The bank acknowledged the error and fixed the problem in 2006.
According to a bank statement, the discrepancy was a result...
Problems for credit card companies are far from over it seems. Capital One, one of the major credit card companies in the United States recently announced an increase in their charge off rates for the month of December.
Based in McLean, Capital One stated a rise in their annual net charge off rates for U.S. credit cards amounting to 10.14% for the month of December during a recent filing at the Securities and Exchange Commission. During the previous month, November, the charge off rate for...
Capital One is one of the biggest credit card companies in the United States. During the economic downturn and the resulting credit card crisis, it also became one of the heaviest hit credit card companies in the country.Along with several other major credit card companies, Capital One was on the verge of bankruptcy and was saved through the intervention of the government which provided it and other credit card companies with large loans.
Although Capital One has recovered somewhat from its...
The credit industry is understandably worried about the new credit card bill signed into law by President Obama last May. The credit card bill, an answer to the mounting clamor of credit cardholders burdened with increasing interest rates and fees, will put a number of restrictions to the credit card industry. Among others, the credit card legislation will disallow interest adjustments on existing debts, limit who the credit card companies can offer credit to and push for complete transparency...
Continue readingThe United States recognizes April as National Financial Literacy Month. This is in an effort to highlight the importance of financial literacy and educate consumers on the importance of developing healthy financial habits.
Capital One, in recognition of Financial Literacy Month surveyed over 1000 American consumers to learn more about their spending and saving habits. The results indicate consumers are definitely making efforts to better manage their finances and save more money. The...