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Credit Card Industry

Credit Card Companies Accelerate Card Closures. More to Come.

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If you have a moment you need to take a look at Credit Card Line Reductions and Eliminations on the Credit Slips blog. Thank you Adam Levitin for posting this information. Read full post here. In the coming months and years we are likely to hear the banking industry and its supporters blame the Credit CARD Act for reductions in ... Read More »

Credit Card Industry to Punish Consumers for New Credit Card Protections

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There is no easy way to say this, credit card company greed makes me want to vomit. Today, credit card companies and the American Bankers Association have their britches all in a bunch because new credit card limits and protections for consumers will be voted into law within the week. The banks response, more fear mongering and scare tactics to ... Read More »

What You Buy Tells Your Credit Card Company How to Treat You

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Thanks to @lizweston of Twitter for pointing out this very important article that all debtros need to read. What Does Your Credit-Card Company Know About You? To understand how the credit-card industry got interested in psychology, you have to go way back, to a time when many Americans didn’t have a credit card, when almost every company charged the same ... Read More »

Credit Card Reform News as Only Stephen Colbert Can Give It

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The Colbert Report Credit Check Gay Marriage Get Out of Debt Guy – Twitter, G+, Facebook Read More »

Disturbing and Potentially Deceptive Move by Credit Card Industry. HelpWithMyCredit.org

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It what certainly feels like yet another self-serving action by the credit card industry, Bank of America, Capital One, Citi and Discover Card, as well as the payments networks MasterCard and Visa have launched a new website HelpWithMyCredit.org that misleads consumers. What appears to be even worse, is that a CNN personal financial reporter that I normally respect, Gerri Willis, ... Read More »

Circuit City May Be Dead, But Not The Circuit City Credit Card. It’s Alive.

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This news about Best Buy and Circuit City was recently reported. Best Buy Co. Inc. is making a move to woo people who had credit cards through its now-defunct competitor — Circuit City, according to media reports. Best Buy spokeswoman Sue Busch told Bloomberg News that Chase Bank USA will automatically issue Best Buy cards to existing Circuit City credit-card ... Read More »

Canadian Bankers Whining About Credit Card Interest Rates. They Must Think Canadians Are Idiots.

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According to UPI, the Canadian Bankers Association defended credit card fees to a senate committee in Ottawa, saying consumers have a choice of 68 low-rate cards. I guess that’s like saying that Canadian consumer that don’t chose one of those 68 low rate cards are idiots. The senate’s Standing Committee on Banking, Trade and Commerce is having hearings on fees ... Read More »

100% Credit Card Interest Rates Charged in Mexico

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Just when you thought the banks in the United States were really sticking it to consumers, least we forget what is happening in Mexico. I previously wrote about Wal-Mart de Mexico Plans 100,000 Credit Cards by Year-End — With Interest Rates of 59% to 75% Well apparently Mexico is now starting to draw some lines about the amount of interest ... Read More »

A Brilliant Article You Need to Read on Misguided Credit Card Lending

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I just read an amazing article that everyone should read about the future and present of credit cards. If you have an interest in consumer debt issues you need to read “Credit Cards Are the Next Credit Crunch” While it is all brilliant, I think the following section is the most important. There are several factors that are playing into ... Read More »

One in Three Consumers Spanked By Their Credit Card Companies

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San Francisco, CA – March 2, 2009 – According to a new survey for National Consumer Protection Week (March 1-8) from Credit.com, a third (33.7%) of consumers say their credit card company has made one or more of the following changes to their credit account: Increased their interest rate 15% Increased their minimum payment due 11% Changed their due date ... Read More »

American Express Earnings Drop 80%. Oh, Boo Hoo.

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American Express, AMEX, reported a 79% drop in earnings in the fourth-quarter. I rounded it up to 80% because it just made me feel better. Apparently American Express customers are defaulting at a higher pace than expected and the downturn in the economy has lead to financial hardship of many card members. Could that be because they were allowed to ... Read More »

Bank of America Hit With Class Action Suit Over Credit Card Fees And Charges

Bank of America, MBNA, FIA Card Services Class Action Lawsuit

On November 24, 2008 a class action lawsuit was filed against Bank of America, for deliberately engaging in a course of action that led to credit card customers to be intentionally penalized even though payments were made by the due date. The suit cites, as an example, the case of Bruce Trombley who received a credit card statement with a ... Read More »

Credit Card Companies Are Coming For You. Protect the Wife and Children.

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I see a new advertising campaign in our future. When Banks Panic You Lose Even though the Federal Reserve has lowered its rate to 1%, banks are raising your interest rates in hopes of making a bigger profit. Oh yes, they are raising your fees or charging news ones as well. At a time when the government is pleading for ... Read More »

More Bad News For Nordstrom and Target Credit Cards

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Store cards in good times are a good source of profit with their exceptionally high interest rates but in down times they can be an anchor around profits. Not only are store cards generally easier to acquire by people with lesser credit but they are often the first to go unpaid when there isn’t enough money to spread around. Target ... Read More »

Nordstrom Bank Wants to Freeze Part Of Your Account And Use Your Money Interest Free

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A particular little notice looks like it really caught the eye of myself and the brain behind CreditMattersBlog.com. He’s got an article titled “Nordstrom Bank May Not Give You Full Access To Your Available Credit For Up To 21 Days After A Payment Is Credited To Your Account” that is worth a look. Apparently Nordstrom’s is now saying that if ... Read More »

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