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Business Or Professional Credit Cards

  With the passing of the CARD act many of the most egregious practices with credit cards have been eliminated for personal credit cards. But not for business credit cards. A so-called business or professional credit card is not regulated by the CARD act so the advantages to getting one of these cards should be carefully evaluated. While the enticements and rewards of one of these cards will be well-documented on the solicitation the warnings that you should heed will not be. Check out this article Tricks and Traps for more valuable information ...
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Kardashian Card Is History

The debit card that was targeted towards teens and had the likeness of the Kardashian sisters on the front has been withdrawn from the market. 250 consumers bought the MasterCard-branded “Kardashian Kard” since it was launched on November 9 and these people can continue to use the card for up to 30 days and then will receive refunds of any balances and upfront fees. Connecticut Attorney General Richard Blumenthal brought attention to the cards and the outrageous fees that targeted young adults. The Kardashian’s also pulled out of the ...
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Beware Of The Interest Rates On Store Credit Cards

If you must use them at all, that is. Store credit cards are much more detrimental to your credit score than the typical credit card. After all, 10% of your score is determined by the type of credit that you have. The credit bureaus don’t like retail cards. A regular credit card is much more beneficial than a revolving charge card from a department store. But also, it turns out that the typical retail store card has a significantly higher interest rate than a regular card. In fact, a study released Sunday by U.S. Rep Anthony Weiner (D-NY) ...
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The CARD Act of 2009 And The Benefits For Consumers

On February 22, 2010 the Credit Card Accountability Responsibility and Disclosure Act of 2009 took effect. The CARD as it is more popularly known, is a comprehensive credit card reform legislation that is meant to establish “fair and transparent practices relating to the extension of credit under an open end consumer credit plan” and for other purposes. Even in the current political climate this bill pass both the House of Representatives and Senate with high bi-partisan support. This bill outlines several provisions that are for the benefit ...
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Spending Up But Debt Down

Credit card spending is up this year over the same time as 2009 indicating a bit more confidence from consumers; however, credit card debt has dropped to the lowest level in eight years. The last time spending was up was the third quarter of 2008 right before the financial meltdown hit the most people. Read this article from Newsweek for all the statistics.
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Auto Lenders Loosening Up Lending

Auto lenders are responding to the bad economy by loosening up a bit. More and more people with problematic or blemished credit are able to get car loans these days, and that is especially true with the new-car loans. The average amount financed on vehicle purchases is also increasing. While lending standards are still much tighter than a few years ago, it is still getting better for those with less than stellar credit. Looks like a benefit for consumers and the economy. Read more at thecarconnection.com
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No More Unreasonable Late Payment And Penalty Fees

As of Sunday, August 22, 2010, the punishment must fit the crime. No more paying $35.00 for a $5.00 mistake. If you don’t have the money in your account yet you use your debit card, you will still get a penalty fee but now it will be more equitable. The fee cannot exceed the violation, meaning that a $5.00 cup of coffee can only end up costing you $10.00 altogether rather than $40.00 altogether, if your account does not have the funds to cover it. Beats $35.00 for you, the consumer but again the banks will be losing money, and since their ...
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Last Significant Provisions From the CARD Act To Take Effect 8/22

The last of the significant provisions of the CARD act includes · Requiring penalty fees to be “reasonable and proportional to the omission or violation” (no more outrageous late fees, etc.) · Prohibits the credit card issuers from charging a penalty fee of more than $25.00 for being late on a payment or other violations unless the cardholder has “repeated violations” · Creditors must periodically review all interest rate increases that have taken effect since January 2009 and reduce rates when “warranted” (what exactly does “warranted” ...
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