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How Your Zero-Balance Credit Card Could Cost You
Think you’re avoiding extra fees by being savvy and paying off your credit cards in full every month? Maybe not any more. Some companies, including Bank of America and Citigroup, may start charging credit card holders for not using their cards enough.
YouTube Debtor's Revolt: Too Far or Totally Justified?
In the wake of the recession, it's become increasingly common for credit card companies to jack up interest rates — in some cases, without due cause. Typically, outraged customers seek an explanation via customer service representative – but one disgruntled card holder took her case to YouTube
In the now viral video, aptly titled Debtor's Revolt Begins Now, B of A customer, Ann Minch launches a heated attack on the bank, claiming that her interest rate was raised from 12.99 percent to a whopping 30 percent, despite diligent and timely payments. Her attempts to negotiate with the branch, where she has been a customer for 14 years, were dismissed — until her now infamous rant gained some serious media attention, and was finally seen by one of the Bank's executives, who re-adjusted her interest to its original rate.
Goodbye Free Stuff, Hello Better Credit Card Practices
Times have changed since I was in college, and I'm not just referring to the escalating cost of tuition. Banks hawking everything from free t-shirts and water bottles to free pizza used to set up their tables around the university center attempting to attract unknowing students to sign up for credit cards. As of February 22, 2010, those banks won't be allowed to coerce young adults with free stuff in exchange for completing credit card applications.
Money Tip: Use Your Credit Card Rewards or Lose 'Em
If you've signed up for frequent flyer miles or other reward point programs with your credit card company one expert says you should use your earned rewards now.
Robert McKinley, who is the founder of CardTrak.com, notes that credit card companies are increasing interest rates and fees and cutting credit limits to make up for the losses from cardholders defaulting on their debt. What's next?
New Credit Card Rules Protect Consumers
We can certainly live without credit cards, but for a very long time we were fooled into thinking that wasn't the case. Credit card companies were able to get away with a lot during that time and weren't always regulated in ways that would protect consumers. Yesterday, the Fed ruled on a set of new regulations that are obviously consumer-oriented, but credit card companies won't have to act accordingly until 2010.
News Flash: Credit Card Reform Bill Gets Nod From the House
- The House passed a bill that would limit surprise interest-rate increases and fees for credit-card users, but it still faces Senate approval and won't be reviewed until the bailout plan has been finalized. — Reuters
- Is your head spinning from all of the recent economic news? Here are 15 things you should know about what's gone down.
Belvedere, Babes, and Beats on the Boss's Dollar
The Government Accountability Office performed an audit on the "business expenses" of federal employees charged to government purchase cards (their version of credit cards) and, shocker, found that about half of the transactions were frivolous and unauthorized. The extent of abuse in spending outside set federal purchasing guidelines is evident in charges for things like lingerie, gambling, iPods, online dating services, and a Postal Service group partied with a $13,000 steak dinner washed down with 40 bottles of wine and fancy liquor.
While these charges, fueled by the taxpayers' dime, are a bit more alarming than non-government employees abusing the company card, I'm sure there are plenty of these patterns in private companies.
Other Search Results
Ask Savvy: Should I Transfer My Debt Balance to a 0% Card?
Dear Savvy,
I have two credit cards with high interest. Should I pay them off with my one card that has zero percent interest to reduce paying over $750 annually in finance charges?
Savvy says: I'm assuming by "paying them off" you mean transfer your existing balances to an introductory rate, zero percent card.
Ask Savvy: Why Was My Credit Card Application Denied? Part I
Dear Savvy,
I'm new at this credit thing and I'm not sure when or why I should check my credit report. I have never had a credit card (still don't) but I got denied for one a few weeks ago and I don't know why. Does checking my credit report worsen my credit score?
Ask Savvy: When Should I Cancel My Credit Card?
Dear Savvy,
Is it a good idea to cancel a credit card you are paying off instead of waiting until you pay it off entirely?
A: No, you need to keep a card open until the balance has been paid off completely. After your balance is zeroed out, call the issuer and ask for your card to be canceled with a note to the credit bureaus that the account was "closed at customer's request."
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