As featured in The Wall Street Journal, Money Magazine, and more!

Credit

Credit Card Use Increases Prices for Everyone

by Luke Landes

I use a total of three credit cards. The first is a card issued by Citibank that offers a rounded set of cash back rewards, my alternate is a Bank of America Visa Signature card, and for business expenses I use an American Express Blue Cash for Business card. But I don’t pay interest fees ... Continue reading this article…

15 comments Read the full article →

Answering Mail: Using Debit Cards as Credit Cards

by Luke Landes

Every so often I address questions and comments I receive via email or Twitter. If you have a question, please contact me using the form on this page. I try to respond to everyone, but it might take a while before I read every email I receive. From A. Parker: What is the difference between ... Continue reading this article…

11 comments Read the full article →

OCC Requiring Credit Cards to Report all Interest Rate Increases in 2009

by Luke Landes

The Office of the Comptroller of the Currency (OCC), a governmental regulatory organization feeling the pressure with the White House proposing replacing many of their duties with a new consumer-oriented regulatory body, has sent out a warning to the CEOs of all national banks. The Credit CARD Act of 2009 requires credit card issuers who ... Continue reading this article…

8 comments Read the full article →

FICO Suing the Credit Bureaus Over VantageScore

by Luke Landes

Fair Isaac, the company that created and owns what is generally known as your credit score, is suing Experian and TransUnion, two of the three credit reporting bureaus, for creating a competing product that blurs the line between the “real” credit score and the others. The third credit reporting bureau, Equifax, agreed to settle with ... Continue reading this article…

5 comments Read the full article →

Variable Rate Loophole in the Credit CARD Act

by Smithee

I’m still looking for a second news source to back this up, but the circumstantial evidence is strong. We got a notice to our “tips” e-mail address about a loophole in the recently-passed Credit CARD Act of 2009, namely: The law requires credit card companies to give 45 days notice of a rate increase, but ... Continue reading this article…

12 comments Read the full article →

Possible Federal Action on Credit Rate Hikes

by Smithee

Nationwide, and probably on your street as well, credit card issuers are making life tough for consumers by raising rates and adding fees on otherwise good customers. The recently passed Credit CARD Act of 2009 is meant to protect non-risky customers from arbitrary rate hikes, among other things. Now, Senator Chris Dodd of Connecticut is ... Continue reading this article…

10 comments Read the full article →

10 Purchases That Can Harm Your Credit

by Luke Landes

Do you live your life as if everything you do could be made public? I once heard a suggestion that you should judge every decision you make based on whether you would like to see this decision on the front page of the New York Times. That is a good theory, but I can’t say ... Continue reading this article…

34 comments Read the full article →

Credit Card Issuers Making Life Tough For Consumers

by Luke Landes

Whether due to the economy or the impending regulation enacted within the Credit CARD Act of 2009, credit card companies are taking the opportunity to raise interest rates and minimum payments. This is perhaps an unintended consequence of increasing regulation. These changes affect consumers with manageable debt, but others who are trying to get out ... Continue reading this article…

8 comments Read the full article →

Discover as the Most Forgiving Credit Card

by Smithee

Bankrate.com recently completed a study of 20 different credit cards from 10 different issuers and concluded that if one of your priorities is a card which will forgive your human errors, Discover is probably the card to apply for (or not cancel). Looking at the fine print for one platinum card and one rewards car ... Continue reading this article…

4 comments Read the full article →

Comparing the Visa Black Card with American Express Platinum and Centurion Cards

by Luke Landes

American Express created a frenzy among the wealthy when it decided to take advantage of rumors of an exclusive black-colored charge card, used by movie stars and music celebrities for purchasing jets and other items beyond the financial reach of us mere mortals. In 1999, American Express introduced the Centurion Card, a black charge card ... Continue reading this article…

90 comments Read the full article →

Congress Passes Credit CARD Act of 2009, Now What?

by Luke Landes

Yesterday, the House of Representatives voted on and passed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, the Senate’s alternative to the Credit Cardholders’ Bill of Rights. Here are some of the provisions, taking effect in February 2010: Credit card companies must give 45 days notice before raising interest rates. Under current ... Continue reading this article…

26 comments Read the full article →

Senate Passes Credit CARD Act

by Luke Landes

In a sweeping vote of 90 to 5, the Senate passed the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009, including the sole unrelated amendment to restore weapon carrying rights in National Paks. The bill differs from the Credit Cardholders’ Bill of Rights Act of 2009, passed earlier by the House of Representatives. ... Continue reading this article…

4 comments Read the full article →

Revisiting FICO 08 Piggybacking

by Smithee

Your money is important, and so I want to make sure I’m telling you the truth in every instance. A few months ago I wrote an article called What You Need to Know About the FICO Update, which contained some news about the process of “piggybacking”: Not too long ago companies started offering to add ... Continue reading this article…

4 comments Read the full article →

Credit Cards That Already Follow the Rules

by Smithee

As part of our complete coverage of the forthcoming (maybe) Credit Cardholders’ Bill of Rights, I noticed a helpful article over at SmartMoney.com highlighting four different cards which already adhere to the Fed’s new rules about Credit Cards (which don’t technically have to be followed until next year) and/or some of the provisions of the ... Continue reading this article…

8 comments Read the full article →

Public Reaction to the Credit Cardholders’ Bill of Rights

by Smithee

So the The Credit Cardholders’ Bill of Rights Act of 2009 (full details and timeline) passed the U.S. House of Representatives by a wide margin, indicating strong support from Republicans, Democrats and Independents alike. Of the 427 Representatives who bothered to vote, 70 voted against it. So that’s about 84 percent in favor. I thought I’d ... Continue reading this article…

77 comments Read the full article →

Credit CARD Act (Credit Cardholders’ Bill of Rights Act of 2009)

by Luke Landes

The following timeline and details will be updated as the Credit Cardholders’ Bill of Rights, now merged with and known as the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, progresses through Congress and as the bill makes its way to the President to be signed into law. Visit this article often for the latest ... Continue reading this article…

9 comments Read the full article →

One More Thing About Credit Cards This Week

by Smithee

In addition to the Bill in the U.S. House that may see a vote as early as next week, the new rules by the Fed that won’t go into effect until July 2010 (unless voluntarily by individual banks), and yesterday’s meeting between the president and 13 top bank executives in which he urged them to ... Continue reading this article…

6 comments Read the full article →

New Proposed Regulations for Credit Cards

by Luke Landes

As Smithee mentioned earlier this week, the Congress and the White House are both working to introduce legislation to help consumers and curb deceptive techniques practiced by credit card lenders. Yesterday, a committee of representatives interested in financial issues put forth a bill to the rest of the House, the Credit Cardholders’ Bill of Rights ... Continue reading this article…

15 comments Read the full article →

The State of Credit, April 2009

by Smithee

A quick roundup of current lending news. In December 2008 we reported a prediction that credit card issuers would be reducing available credit by about 45 percent, and recently the company behind the FICO score released a report of credit lines being reduced from April to October 2008, right before that prediction was made. From the ... Continue reading this article…

18 comments Read the full article →

Chase Credit Card Customers Receiving $4.4 Million Refund

by Luke Landes

Earlier this year, JP Morgan Chase surprised customers with a new fee and an increased minimum required monthly payment. For cardholders who carried large balances month to month, Chase began charging a $10 monthly fee and increasing the minimum payment from 2 percent to 5 percent of the balance. The change was announced last November for about ... Continue reading this article…

8 comments Read the full article →
Page 12 of 19« First···1011121314···Last »