A 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...
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...
The credit card bill will soon be active in a few months. With the bill in place, credit card holders are finally going to see their credit companies take on a semblance of fairness when dealing with them. Or will they?
Set to become active next year, on February, the credit card bill may be coming in too late. The release of the credit card bill may have been met with widespread approval by credit card holders and their supporters but the credit industry positively loathes it, and with good...
The credit card industry has issued warnings that the passage of the credit card bill will mean that credit will no longer be available to some consumers.
Following a huge outcry from consumers, President Barack Obama and the congress have made a legislation that aims to correct certain practices of the credit card industry, which many consider to be deceitful and unfair. There is a high probability that the legislation will be placed on the President's desk by Tuesday next week. With...