When consumers apply for a loan, the lender will often use their credit report to not only decide if they qualify, but also determine the interest rate they pay on their credit card debt. Now, if a person gets a less than favorable rate, the lender must tell them the aspects of their credit history […]
A considerable amount of consumers still carry significant credit card debt, which may make efforts to reduce outstanding balances more difficult, according to a report from the Rochester Democrat and Chronicle. Currently, Americans carry more than 609 million credit cards, which averages out to more than three per consumer. Further, credit card debt makes up […]
American Express is dropping the foreign transaction fee it charges whenever a consumer takes on credit card debt to make a purchase outside the U.S., the company recently announced. While that change is effective immediately, the lender will also roll out more in the next few months. "We've been expanding those benefits to make sure […]
The head of the Los Angeles Better Business Bureau resigned following a news report that alleged the chapter would award paying BBB members better ratings than other companies. William Mitchell, the CEO who introduced a controversial letter grade system for L.A. businesses, has been accused of only giving A+ ratings to companies that pay BBB […]
In the third quarter of the year alone, lenders sent out 1.2 billion new credit card offers, according to a report from Mintel Comperemedia. That marked a significant increase over the 391 million issued in the same period last year. In addition, a large portion of these offers – 80 percent – were for cards […]
The total amount of delinquent credit card debt slipped for the 13th month in a row, to 4.38 percent in November, down from 4.51 percent the month prior, according to the latest statistics from Moody's Investors Service. This wasthe lowest level observed since December 2007. In particular, early-stage delinquencies – those between 30 and 59 […]
The U.S. Supreme Court listened to oral arguments earlier this month in the case of Chase Bank USA vs. McCoy, in which the plaintiff, James McCoy, is suing his lender over a retroactive rate hike. McCoy says he was not properly disclosed ahead of time, according to a report from the Maryland Daily Record. The […]
Many believed that when the Federal Reserve Board introduced restrictions on how much credit networks could charge merchants for processing debit card transactions, those savings would be passed on to the consumer and lead to less credit card debt. But some financial experts say that the opposite is true. The Fed's latest rules limit the […]
Citi recently announced that it will soon begin replacing a number of its credit card accounts that are popular with regular travelers to foreign countries with new ones that eliminate currency conversion transactions, according to a report from the New York Times. The company will also simultaneously shut down PremierPass, Diamond Preferred Rewards, Simplicity Rewards, […]
Just 49 percent of consumers recently said they had some extra money left over after paying their monthly bills in November, according to a survey from Discover Financial Services. While that number tied the 2010 high observed by the monthly poll, it was the 20th consecutive period in which fewer than half of consumers were […]