The so called ‘Durbin Amendment’ passed by congress last year, limits the amount of interchange fees (or swipe fees) that credit card companies can charge retailers. Because of this, several big credit card companies (Chase, Citi, Bank of America) are retaliating. These major creditors are considering capping debit card use to $50 or $100 for transactions. [...]
Mastercard reported their profits ’soared’ in the 4th Quarter of 2010 as consumers returned to using their plastic even more towards the end of the year. For the last 3 months, OCT-DEC, the credit network giant earned $415 million, a jump of 11% in revenue. For the year, purchases also rose 11% as compared to 2009. [...]
Remember our very recent post regarding Facebook and credit card debt collectors? Well, to refresh your memory, debt collectors are now using social media such as Facebook, Myspace and LinkedIn to track you down. It happened to one woman in Florida. In fact, it’s being called a ‘first of its kind’ case amongst legal professionals. The [...]
If you have difficulties curbing your spending and getting out of debt with your credit cards, you are not alone. Hundreds of thousands of Americans still struggle with credit card debt. Credit card debt is a never ending cycle. Credit card companies know this, and by keeping you in debt, they profit by millions of [...]
Credit card companies are losing billions due to the newly enacted Credit Card Accountability Responsibility and Disclosure Act. In an effort to recoup some of these losses, companies are offering ‘business’ credit cards to individual consumers. Why? Because the new laws do not affect business credit cards. Credit card companies are ’skirting’ around the new [...]
Despite all the new regulations imposed by the government, credit card companies still somehow manage to squeeze consumers for every penny. If you have credit card debt, you know what we mean. There are still pitfalls, traps, and tricks credit card companies use, especially now, to make up for lost revenue. Consumer Reports recently published [...]
Ok, for all you folks thinking you’re safe out there with credit cards and the deceptive practices of creditors, here’s one more example of how they put consumers deeper into debt. And they like to keep it that way for obvious reasons. The U.S. Justice Department and seven US states are suing Visa, Mastercard and American [...]
Last week was a bad week for the credit card giant Chase. Plagued with online services problems, their internet commerce site went down on Monday night September 13, 2010 and was out all day Tuesday the following day. Chase reported that their site was available again on Wednesday for customer access but online users were greeted [...]
For those of you trying to get out of debt, but creditors keep changing the rules on you, get ready. On August 22, a new round of rules come out by lawmakers intended to further protect consumers from predatory practices. Most of the new rules were put in place this year [...]
When paying down your credit card debt, be sure to pay your monthly payment on time. Everybody knows that right? Sure. Everybody also knows when you don’t pay on time there’s typically an interest hike and a late fee. Right again! Do you know what your late fee & interest penalty is exactly? Well, it’s [...]
