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Credit Card Industry

Bank of America to Pay $727 Million for Illegal Credit Card Practices

Happy people celebrating with money raining

The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. Roughly 1.4 million consumers were affected by Bank of America’s deceptive marketing of their add-on products. Bank of America also illegally charged approximately 1.9 ... Read More »

American Express to Pay Millions for Illegal Credit Card Practices

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On Christmas Eve the Consumer Financial Protection Bureau (CFPB) ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for illegal credit card practices. These practices included unfair billing tactics and deceptive marketing with respect to credit card “add-on products” such as payment protection and credit monitoring. American Express will pay an additional $9.6 million in ... Read More »

Wells Fargo Home Rebate Credit Card – Yawn

The card leaves me yawning.

Is the Wells Fargo Home Rebate Credit Card a smart card to use? Despite an initial flurry of rebates, 3% rebate on gas, grocery, and drugstore net purchases for the first 6 months, cardholders will get 1% rebates that will pay down Wells Fargo home mortgage. So let’s do the math here. First off, a perfunctory hooray for rebates. But ... Read More »

Credit One Bank Platinum Visa Offer Review

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Thanks to an awesome reader, Almost Debt Free in Seattle, I have received the following credit offer to review as part of my I Buy Junk Mail program. This offer is from Credit One Bank for a Platinum Visa card to build a “solid credit history.” These type of major credit cards that report to the credit bureaus are a ... Read More »

Credit Card Fraud Protection in Australia, UK and the US

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In Australia, United States and United Kingdom, credit card use appears much the same. The names are familiar – Amex, MasterCard and Visa are the dominant players in all three markets. But the card issuers responsibilities to consumers aren’t quite equal. While U.K .and U.S. consumer protection schemes have convened into a general code for credit card users across the ... Read More »

The Future of Credit Cards

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The Future of Credit Cards (via Credit.com) At a recent conference devoted to travel and credit card rewards, executives from Chase, Barclaycard, US Bank, Capital One and American Express were on hand to share their views on the future of credit cards — and there was a broad consensus on where the industry is going in the next few years. ... Read More »

Are CreditOne and First Premier Bank Platinum Credit Cards for Bad Credit a Good Idea?

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Looking to rebuild your credit score, get new credit after bankruptcy or get access to credit when your credit is in the toilet? Folks with low credit scores or recent bankruptcies are getting deluged with pre-approved credit offers that seem too good to be true, according to folks who have sent me copies of the applications recently. So what’s the ... Read More »

Bank of America Offers Sweet Balance Transfer Deal in Time for Christmas

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You would not believe the number of credit offers I review and see. But this one caught my attention as usually interesting. I have no idea how many people have access to this offer but if you are a Bank of America card holder it might be worth calling customer service and seeing if you are eligible for it if ... Read More »

Citi Price Rewind Program. Good Deal or Something to Avoid?

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Citi has just announced a new program called Price Rewind. On a quick glance it looks like an interesting concept. It’s billed as free service for Citi Card holders who register to let the autmated system hunt for cheaper prices on products they’ve purchased using the card. If a lower priced item is found within 30 days from purchase you ... Read More »

Target Sells RedCard Credit Card Biz to TD Bank But Will Keep Servicing

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You know that Target card you have in your wallet. Not the debit card, but the credit card. Well Target has sold their book of customers and accounts to Toronto Dominion Bank (TD Bank) for a reported $6 billon. The price tag is equal to the entire amount of the amount due on the cards. The agreement does not have ... Read More »

American Express to Pay Big for Illegal Credit Card Practices. Consumers to Get Refunds.

In announcements today the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) both announced fines and refunds against American Express totaling more than $100 million and creating refunds due consumers. Part of the issue at hand is how American Express falsely handled debt settlements on their cards. It is alleged American Express subsidiaries ... Read More »

Russia Credit Card Marketing Picking Up Speed With Tinkoff Credit Systems

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I was just in St. Petersburg, Russia and noticed that credit cards were not accepted everywhere, but yet enough places to separate me from my money. Had I known about Tinkoff Credit Systems when I was in St. Petersburg I would have dropped in to talk to them. It seems that Tinkoff Credit Systems has been generating a lot of ... Read More »

The Credit Card Landscape 2012 2Q [Infographic]

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courtesy of CardHub.com Read More »

Payment Protection Plans Horrible for Consumers. Banks Love Them.

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We’ve all seen them. Those offers to cover us if we are sick, laid off or injured and unable to make our credit card payments. Over the years, for every one person that has told me they have received some payment or benefit from the program, there have probably been 500 more that have not. The new Consumer Financial Protection ... Read More »

Robo-Signing Fraud Hits Credit Card Companies. Makes Lawsuits Problematic.

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Photo Credit: Sebastianlund In the last year there has been quite a lot of news about the mortgage industry using a technique called robo-signing. This is where a person is supposed to review documents to proceed against a homeowner and foreclose on their home but in fact never examines the information to see if it is accurate. Rather than check ... Read More »

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