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Credit Card Industry

The Death of the Traditional Debt Relief Industry for Now

Chapter 13 Bankruptcy Filing Rates

Recently a couple of statements from people I know inside the debt relief industry have struck me. It seems there is a general lack of understanding why it is getting harder to sell debt relief services. Some blame the Consumer Financial protection Bureau (CFPB) for cracking down and some blame me for writing about the industry and scaring potential customers ... Read More »

    Rut Ro – Data Breach at Hilton Properties


    If you recently stayed at a Hilton Hotel, Embassy Suites, Doubletree, Hampton Inn and Suites, or Waldorf Astoria – a hack may have exposed your financial details. Banks have identified a pattern of fraud that strongly suggests certain payment systems in these Hilton Hotel properties in several locations were hacked, exposing customer payment card information. Hilton confirmed that it is ... Read More »

      Potential Good News for Debt Relief Companies. Balances Increasing.

      Credit Card Delinquency Rates

      For debt relief companies who have been suffering from a lack of consumer demand, there is news out today that indicates demand might be increasing in the near-term. TransUnion says “total outstanding credit card balances increased 5% on a yearly basis. The increase indicates record growth, the highest yearly growth observed since 2008.” If this trend continues then in a ... Read More »

        Discover Bank Debt Consolidation Offer Review

        Discover Debt Consolidation Offer 2

        Is your mailbox getting stuffed with offers from creditors? Here is a recent offer from Discover Bank that appears to be a debt consolidation loan to pay off debt. In order to help people better understand the offer, I’ll break it down for you below, page by page, and point out what I think are the important points. While the ... Read More »

          CFPB to Credit Card Companies – A Big Finger Wag on Offers


          Today the Consumer Financial Protection Bureau (CFPB) warned credit card companies against deceptively marketing interest-rate promotions. The Bureau is concerned that some companies are luring in consumers with offers of reduced or zero interest for a specific purchase or balances transferred from another credit card, and then hitting them with surprise interest charges. In the bulletin released today, the Bureau ... Read More »

            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


              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

                  Capital One Offer5

                  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 »

                    The Future of Credit Cards

                    Credit cards

                    The Future of Credit Cards (via 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?

                      Credit cards

                      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

                        Screen Shot 2012-12-04 at 11.42.37 AM

                        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?

                          Screen Shot 2012-11-13 at 2.23.38 PM

                          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

                            Screen Shot 2012-10-23 at 11.52.27 AM

                            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 »

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