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Tag Archives: card act

Are Stay-At-Home Mom’s At Risk For Being Denied Credit?

The Federal Reserve has recently proposed new rules in credit card lending to only consider one’s personal income and not the household’s income. Essentially, this sounds smart. They are trying to prohibit those without a steady income from taking on credit, especially those unable to repay their debt. However, Margaret Ryznar points out an outstanding point in her most recent ... Read More »

Watch Out for Small Business Credit Cards

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Small business credit cards are not as innocent as you would want to believe. Here is a story about these cards from our friends at MoneyTalksNews.com This post comes from partner site lowcards.com. Contrary to popular belief, the new CARD Act provisions do not apply to all types of credit cards. Only consumer cards. The old policies for interest rates ... Read More »

New Credit Card Rules Help Protect Consumers

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Effective August 22, 2010 the following new rules now cover credit card transactions and use. Good news for consumers. In addition to the points below, as of now, credit card companies are prohibited from increasing rates within the first year an account is opened. Reasonable penalty fees Let’s say you are late making your minimum payment. Under the new rules: ... Read More »

Be Careful if You Use Your Personal Credit Card for Business Purchases

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Now that the new CARD Act (Credit Card Accountability, Responsibility and Disclosure Act) has been implemented to prevent unfair interest rate hikes and protect consumers there is a big loophole if you use your personal credit card for business purchases. The problem is that the CARD Act does not apply for business or corporate credit cards or cards used as ... Read More »

Things People Get Wrong About Credit Card Debt

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Excellent article in the Washington Post titled “Five myths about America’s credit card debt.” You should read it, click here. Highlights from the article. 1. Middle-class American families have long depended on bank credit cards to manage their budgets. Not true. 2. More people have credit cards because companies got better at managing risk and began marketing to lower-income customers. ... Read More »

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