Credit Card Now

Today, the long-awaited and long-needed changes laid down by the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act go into effect.  When the bill was passed last May, it was the first meaningful credit card legislation that had ever been passed on the federal level.

The Credit CARD Act allows for a new level of oversight and regulation that will end some of the worst abuses committed by credit card companies.  We’ve updated all of our credit card resource pages to reflect the way this bill changes things for consumers.

While the Credit CARD Act is a huge step in the right direction, credit card companies are already hard at work finding new ways to get around the rules.  It ends some of the worst abuses, but does nothing to deal with others like usurious interest rates, over-the-limit fees, and other deceptive interest rate increases.

That’s why we’re fighting for the creation of a Consumer Financial Protection Agency (CFPA).  No matter how many regulations Congress passes, the banks will always be looking for loopholes they can exploit in order to make more money, and Congress will never be able to respond quickly enough to completely protect consumers.  We need an agency dedicated entirely to making sure banks aren’t selling bad practices and products; we need a CFPA.

(Pho

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The CARD Act goes into effect today, February 22, 2010. This Act was established to protect credit card consumers and is monumental because it will change the way credit card companies do business. It entails the most significant changes ever to be made in credit card history.

What will the Act entail?

1.  There will be new limits on rate increases.
2. It will prohibit credit card companies from ’surprising’ consumers.
3. Credit card lenders will have to do a better job informing the consumer regarding interest rate increases and fee increases.
4. It will make it much more difficult for consumers under the age of 21 to qualify for a credit card.
5. Interest rates will not be allowed to undergo an increase until after the account has been open for at least 12 months.
6. Credit card companies will not be allowed to charge “over limit” fees unless the consumer specifically allows over limit charges.
7. Monthly credit card statements will have to undergo a face-lift. Each state

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A slumping economy, a soft job market, and rising credit card debt can strain relationships. If you didn’t manage to stun your spouse on Valentine’s Day, you may have to call for reinforcements to save your marriage. Fortunately, credit cards offer five great ways to rekindle romance.

#1: Redeem credit card reward points on a splurge.

Some affinity programs offer special “off-peak” and “last minute” travel deals that can let you whisk your loved one away to a romantic weekend at a fraction of the regular price. Combining reward points or miles from multiple programs using some card issuers’ reward exchanges can help you surprise your spouse.

#2: Use a 0% introductory offer for a great gift.

You can still find some good zero-interest offers on the credit card market, especially at retailers. To keep from

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Here we detail what you should do to keep your rate as it is, or, if your lender fails to back down, how to vote with your feet…

What is rate-jacking again?

It happens when a credit card provider hijacks an account and raises the interest rate. They can do this because the vast majority of credit cards in the UK are given out on a ‘rate-for-risk’ basis: this means banks can offer you an interest rate that’s different from the one advertised if you appear too risky for their palette. They have always done this to varying degrees with new customers, but they’re doing it now for existing customers as well.

The problem is, each bank has its own internal criteria for what it deems risky and it’s not obliged to go into too much detail with you.

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Taking charge of your finances has never been easier or more convenient.

The prepaid Rush Card gives you the safety and convenience of a credit or debit card – without the risk of going over limit and paying hefty fees. And, when you have your paycheck or government check deposited directly into your account, you’ll never pay a check cashing fee again.

When you want to load your Rush Card with cash, simply visit one of over 40,000 Money Gram locations, including WalMart and CVS/Pharmacy. You Read more…