Fed moves ahead on Congress' plan to better protect Americans from credit card abusesSeptember 30th, 2009 Fed moves ahead on credit card protection planWASHINGTON — The Federal Reserve proposed rules Tuesday to better protect Americans from sudden hikes in interest rates on credit cards. The proposal would generally bar rate increases during the first year after an account is opened.
HSBC agrees to nationwide deal to help blind and deaf dispute credit card chargesSeptember 1st, 2009 Deal helps disabled dispute credit card chargesALBANY, N.Y. — New York Attorney General Andrew Cuomo says HSBC bank's credit card division is agreeing to a new national standard to serve customers who are blind or deaf.
Citigroup sells $1.3 billion in credit card assets from 3 card portfoliosAugust 31st, 2009 Citi sells $1.3 billion in credit card assetsNEW YORK — Citigroup Inc. said Monday that it sold $1.3 billion in credit card assets as the bank reorganizes itself in the wake of government bailouts.
Summary Box: Miami hacker's journey from altar boy to defendant in huge card heistAugust 20th, 2009 Summary Box: Accused card hacker lived largeA HACKER'S TALE: Albert Gonzalez, 28, is charged with taking part in the biggest credit card hacks of the decade, totaling 170 million accounts. He allegedly continued to pilfer card data from retailers even after getting caught and becoming an informant for federal agents.
Chase introduces new Chase Sapphire credit card for top-earning customersAugust 19th, 2009 Chase introduces new card for wealthiest customersWILMINGTON, Del. — Chase Card Services, a unit of JPMorgan Chase & Co., said Wednesday it will now offer a rewards card designed for wealthy customers.
Meltdown 101: What kind of credit card reforms are starting to kick in this week?August 19th, 2009 Meltdown 101: Credit card reforms begin to kick inNEW YORK — New rules meant to give credit card users more information and stop policies that many consider abusive are starting to take effect. While the bulk of the Credit CARD Act — as in "credit card accountability, responsibility, and disclosure" — won't kick in until February, two provisions aimed at helping consumers understand their banks' practices become mandatory starting Thursday.
Credit card companies report montly improvement in account lossesAugust 17th, 2009 July credit card statistics improve over JuneMajor credit card companies are reporting monthly statistics for July, which in most cases show a slight improvement in the percentage of unpaid accounts written off as losses (net loss) and the percentage of accounts behind on payments for more than 30 days. Here's a summary of the major credit card suppliers reporting results for July compared with June.
Rate of losses on JPMorgan Chase credit cards declines in July, delinquencies improveAugust 17th, 2009 JPMorgan Chase credit card losses down in JulyNEW YORK — JPMorgan Chase & Co. said Monday that the rate of losses on its credit card loans eased up in July.
Charming Shoppes to sell private label credit card program to Alliance Data for about $110MAugust 13th, 2009 Charming to sell private label credit card programBENSALEM, Pa. — Apparel retailer Charming Shoppes Inc.
American Express, Discover will stop charging fees to customers who exceed credit limitsAugust 12th, 2009 Amex, Discover to end fees going over credit limitNEW YORK — American Express and Discover customers will soon be free of fees for charging over their credit limits. The two companies said separately Tuesday they will soon end the charges that have generated widespread criticism from consumers.
Say goodbye to fixed-rate cards; 2 major banks switching terms in months leading up to reformsJuly 10th, 2009 Credit card pain: Some say goodbye to fixed ratesNEW YORK — It could be time to kiss fixed-rate credit cards goodbye. Two of the biggest issuers in the nation — Bank of America and Chase — say they're switching some fixed-rate cards to variable rates to manage costs in light of the sweeping new reforms to the credit card industry.
Say goodbye to fixed-rate cards; 2 major banks switching terms in months leading up to reformsJuly 10th, 2009 Credit card pain: Some say goodbye to fixed ratesNEW YORK — It could be time to kiss fixed-rate credit cards goodbye. Two of the biggest issuers in the nation — Bank of America and Chase — say they're switching some fixed-rate cards to variable rates to manage costs in light of the sweeping new reforms to the credit card industry.
Credit card interest rates change but don't set pattern: average rate rises slightlyJune 15th, 2009 Credit card interest rates waver in past weekNEW YORK — Credit card interest rates wavered in the past week, with the lowest rates holding steady while some higher rates dipped. Overall, the average annual percentage rate charged on variable rate credit cards edged up to 10.88 percent from 10.85 percent last week, according to Bankrate.com.
Obama embraces crackdown on credit-card lending, will host industry executives at White HouseApril 23rd, 2009 Obama to host credit-card CEOs, pledges new rulesWASHINGTON — President Barack Obama, appealing to mainstream consumers, is pushing for more legal protection for the millions of Americans who use credit cards. Obama was meeting with leaders of the credit-card industry Thursday, and he's already backing tougher legislation.
Dallas school district hosts online auction of items purchased by its own credit card abusersApril 22nd, 2009 School district hosts credit-card abuse auctionDALLAS — The Dallas Independent School District is conducting an online auction this month of items confiscated from employees who fraudulently used the district's credit cards. The Dallas Morning News reported Tuesday that the 72 auction items were turned over to the district by the FBI.
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