Consumer Credit Fairness Act

Lenders that seek to charge excessive interest rates have become the target of Democratic Sen. Sheldon Whitehouse of Rhode Island. The new legislation, which was introduced in January, is called the Consumer Credit Fairness Act.
Last week Whitehouse told a Senate hearing on credit card practices that the “standard credit card agreement gives the lender the [...]

Chase Raises Fees On Unsuspecting Customers

Here is a tough one to swallow. Chase just announced that they would be raising fees on credit card account holders that locked in fixed low APR terms. It seems as if cardholders that carry a balance and had the foresight to jump on low interest or 0% interest offers with the promise that if [...]

Prepaid And Secured Credit Cards See Growth

Many financial experts predict that prepaid and secured credit cards will become increasingly popular with consumers as the recession drags on. With traditional credit cards being harder and harder to get, many Americans may now find themselves turning to these instruments to make their financial transactions.
There are some distinctions in the way that prepaid and [...]

Capital One Financial Corp Reports A Record 4th Quarter Loss

Capital One Financial Corp. is the parent company of credit card behemoth Capital One. It also has recently gotten into the branch banking business by buying Louisiana based Hibernia and New York based North Fork Bancorp. They have also reached an agreement to buy Chevy Chase Bank which serves the Washington D.C. area.
Capital One, a [...]

Consumers Are Turning To Rewards Credit Cards

With consumers feeling the pinch of bad economic times, people are turning to rewards credit cards more and more in an attempt to stretch their spending dollars while riding out the current recession.
A recent Standard & Poor’s survey indicates that many Americans are specifically using their rewards credit cards when purchasing necessities such as gas [...]