Bank of America vows not to change credit card rates before FebruaryOctober 6th, 2009 BofA: Credit card rates won't go up ahead of lawNEW YORK — Bank of America Corp. on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February.
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.
Rate of missed credit-card payments up from last year, but better than in 1Q, TransUnion saysAugust 25th, 2009 Data hints consumers handling credit cards betterNEW YORK — The rate at which credit card holders fell behind on their payments was far worse in the second quarter than it was last year, but did improve sharply from the alarming level seen in the first three months of 2009. The shift since the first quarter shows that consumers handled their credit better even as job losses mounted and the recession deepened, according to credit reporting agency TransUnion.
Correction: Q&A on credit card reformsAugust 21st, 2009 Correction: Q&A on credit card reformsNEW YORK — In an Aug. 19 story about credit card reforms, The Associated Press erroneously reported that cardholders will face fewer surprises about credit limit changes under the new rules.
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 delinquency rates at American Express, Capital 1 decline in JuneJuly 15th, 2009 Credit card delinquencies decline at AmEx, Cap 1NEW YORK — Two major credit card providers reported more improvements in delinquency rates in June on Wednesday, an encouraging sign that borrowers are not in as bad shape as many had feared. American Express Co.
Credit card delinquency rates at American Express, Capital One decline in JuneJuly 15th, 2009 Credit card delinquencies decline at AmEx, Cap OneNEW YORK — Two major credit card providers reported more improvements in delinquency rates in June on Wednesday, an encouraging sign that borrowers are not in as bad shape as many had feared. American Express Co.
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.
Banks keep hiking credit card interest rates, taking advantage of lag before restrictionsJuly 1st, 2009 Banks keep hiking rates as credit card law loomsNEW YORK — Credit card reform may be looming in the headlines, but for now the fine print is still hitting consumers hard. Banks keep raising minimum payments, interest rates and fees, continuing the credit tightening that began last year, even as cardholders are falling further behind on their payments.
Oregon couple win credit risk ruling against Chase over annual percentage rate hikesJune 3rd, 2009 Oregon couple win credit risk ruling against ChasePORTLAND, Ore. — In a legal victory for consumers, a federal appeals court has ruled that Chase Bank must clearly disclose that it can raise the annual percentage rates for cardholders based on credit risk.
Obama signs credit card reform billMay 23rd, 2009 WASHINGTON - US President Barack Obama Friday signed into law a legislation that makes it more difficult for credit card providers to raise fees and interest rates. The credit card reform bill received overwhelming support in Congress this week before landing on Obama's desk for his signature.
Obama to continue push to protect consumers from credit card practicesMay 14th, 2009 Obama continues push for credit card billRIO RANCHO, N.M. — President Barack Obama says changing the way credit card companies bill customers is critical to fixing the nation's ailing economy.
Geithner pushes for credit card reform as House prepares to vote on legislationApril 29th, 2009 Geithner pushes for credit card reformWASHINGTON — The Obama administration is pressing for passage of legislation to rein in credit card practices and eliminate sudden rate increases and late fees that have entangled millions of American consumers. Treasury Secretary Timothy Geithner and Rep.
Obama urges credit-card industry to end unfair practicesApril 24th, 2009 WASHINGTON - US President Barack Obama Thursday met leaders of the credit-card industry, urging them to end unfair practices that are raising costs on indebted consumers, while US lawmakers are considering a wider crackdown on the sector. Obama said he hoped to create a new system that 'eliminates some of the abuses' including sudden interest-rate hikes and late-payment fees, which have added to unmanageable debts for some US consumers.
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