Credit Cards - Current News

Citi raises rates on millions of credit cards: report

By Reuters

Citigroup Inc (NYSE:C - News) has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation. ... more

Credit card backlash bill comes due in Senate

By Reuters

A bill to curb sharp practices in the credit card business was on track for approval by the U.S. Senate as early as Tuesday, with President Barack Obama expected to sign it into law before the end of the month. Enactment of the legislation would mark the crest of a political backlash rising for years against the card industry amid sudden interest rate increases, hidden fees and aggressive marketing programs that have angered consumers, analysts said. "This is a tough bill and will hurt the profitability of credit card lenders in our view. But the legislation could have been much worse" for card companies, said Jaret Seiberg, financial services policy analyst at Concept Capital. ... more

Secured cards answer for risky credit

By Eileen Connelly

The credit card company everybody hates

By Colin Barr

The credit card business has grown so wretched that one major issuer is clipping its customers' cards and giving its investors a haircut. Advanta (ADVNA), the nation's No. 14 card issuer and a top lender to small businesses, said last week it will shut down its card business to stem losses. The move is a momentous one, because credit cards bring in nearly all Advanta's revenue. ... more

Small-business credit card rates increase

By Jan Norman

Almost two-thirds of business owners say their credit card interest rate has gone up in the past year and 41% say their credit limit has been reduced, according to a new study from the National Small Business Association. (Click on image for a larger view.) The change in terms for using credit cards comes at a time when small businesses are becoming more reliant on their credit cards to stay afloat, the NSBA 2009 Small Business Credit Card Survey found. Separately, Advanta, which has focused exclusively on credit card lending to small businesses, has announced that it is cutting off all customer accounts on June 10 because of mounting losses. It has 1 million customers who charged $13 billion in 2008. CLICK HERE to read more. ... more

Credit cards and gun rights - Huh?

By Jennifer Liberto

What do guns have to do with credit cards? Not much. Except they both share space on a bill that lawmakers want to deliver to President Obama's desk by Memorial Day. In a surprising move, the Senate voted 67-29 on Tuesday to attach a measure that would allow guns in national parks to a bill that cracks down on credit card fees. ... more

Snipping Credit Lines for Small Businesses

By Amy Barrett

JPMorgan Chase and others are shoring up balance sheets by reducing or eliminating these financial lifelines to entrepreneurs For small business owners, a line of credit can be a lifesaver, giving them a buffer against cash-flow problems and enabling them to handle regular expenses such as payroll. But beginning in March, according to documents obtained by BusinessWeek, JPMorgan Chase suspended credit lines for a large number of business owners. According to someone familiar with the matter, the move affected thousands of businesses. They had been clients of Washington Mutual before Chase bought the ailing bank in September 2008. The documents show that Chase tasked a special group inside the bank with responding to inquiries from borrowers. ... more

Secured cards: Credit cards with training wheels

By Eileen Connelly

With a credit score of 789, Lisa Dalton gets offers for platinum cards these days. But in the mid-1990s, her credit was devastated by bankruptcy and divorce. The Chicago resident was able to turn things around by starting over with a secured credit card, a type that requires an upfront deposit and offers a very low spending limit - typically $500 or less to start. Such cards lost favor in the free-credit frenzy prior to the recession, as many banks lowered their credit standards and issued regular credit cards to risky consumers. But with the epidemic of mortgage foreclosures and credit card defaults, and a 31 percent jump in personal bankruptcy filings last year, industry watchers expect the popularity of secured cards to grow. "The whole thing is incredibly humiliating," Dalton said. She recalled that her bankruptcy lawyer told her she'd have to rely on cash for seven years before she would have a chance at getting any new credit. When she learned about secured cards, she said, it offered a ray of hope that she might be able to rebuild her credit sooner. ... more

Credit Cards You'll Love

By Anne Kates Smith, Joan Goldwasser

Are you mad as hell at your credit-card issuer? Take a number. Recently we've gotten e-mails from Kiplinger readers complaining of dramatic interest-rate hikes (in one case from 9.9% to 17.9%), fixed interest rates being converted to variable rates, sudden account closures and other changes in terms. Most of the letter writers are mystified -- they say they pay their bills on time and send more than the minimum monthly payment. A survey released in March by Credit.com found more than one-third of cardholders surveyed were somehow penalized by their credit-card companies. Fifteen percent reported higher interest rates, 11% said issuers had raised their minimum payments, 9% said due dates were changed, and 8% said their credit limits were lowered or their rewards program cut back. Seven percent of cardholders had their account closed. ... more

As skies change, so do credit cards

By Associated Press

American Express Co. is trying to siphon away U.S. Bancorp customers in a new marketing campaign it is rolling out. For years, U.S. Bank has been the issuer of the Northwest WorldPerks Visa card, which enables users to earn Northwest Airlines frequent flier miles through their card purchases. But Delta Air Lines Inc. now owns Northwest, and Delta's partner for its SkyMiles credit card program is American Express. Delta is in the process of integrating the two airlines' frequent flier programs under the SkyMiles banner, and AmEx has been selected to be the official card of the combined airline, which is based in Atlanta. The U.S. Bank WorldPerks Visa card is currently expected to be converted to an unaffiliated travel reward card starting in May, and if you are a holder you won't be able to earn SkyMiles through card purchases unless you switch to AmEx. ... more

The Skinny on Credit Cards

By Jim Randel

Credit cards are in the news of late. Defaults and charge-offs (when card company treats debt as uncollectible) are at record highs. Card companies are responding by raising interest rates, cutting limits and increasing fees. Politicians are responding to that by drafting legislation to keep the card companies in check. Card companies (several of which could be owned by the U.S. taxpayer) are responding to that by claiming legislation will put their profitability at risk, and that the real victims of the new laws will be U.S. consumers who won't get credit at all or, at a reasonable price. ... more

Obama pledges protections for credit-card users

By Ben Feller

President Barack Obama said Thursday his administration is determined to get a credit-card law that eliminates tricky fine print, sudden rate increases and late fees that give millions of consumers headaches. "I trust that those in the industry who want to act responsibly will engage with us in a constructive fashion, and that we're going to get this done in short order," Obama said, delivering a pointed message to leading executives of credit-card issuing companies seated at his side. ... more

Obama in credit card face-off

By Jennifer Liberto

Ramping up his campaign to crack down on credit cards, President Obama will meet Thursday with executives of 14 leading companies to press his case for new consumer protections. The White House meeting comes a day after credit card legislation opposed by the financial services industry moved forward on Capitol Hill. The House Financial Services Committee voted 48-19 to approve a bill to clamp down on rates and fees; nine Republicans joined the panel's Democrats in voting for it. ... more

U.S. lawmakers consider credit card reform proposals

By John Poirier

A Congressional panel huddled on Wednesday to consider legislation that would curb high credit card fees and penalties by many banks that have benefited from the federal government's bailout program. The bill, which would mean sweeping changes for banks that issue cards, is an important test of the political will of Democrats pushing for financial regulation reform. The bill-writing session by the House Financial Services Committee is taking place one day before top executives from big banks and credit card companies meet President Barack Obama, who campaigned for credit card reforms. ... more

Put your cards on the table with credit issuer

BY Chuck Strickler

Consumers might not be cutting up their credit cards, but they're certainly cutting back on their use. The Federal Reserve reports that credit-card debt dropped 9.7 percent in February, the sharpest decline since 1978. Americans, it seems, are paying off their credit-card bills and then giving their plastic a rest. That's all well and good, unless you're someone like Chanda Jones, a Columbus writer who'd love to pay off her credit-card debt but finds that she can't. Jones has been out of work for more than seven months. She tries to keep her skills sharp by writing online music reviews, without compensation. ... more

Capital One posts first-quarter loss, shares fall

By Reuters

Capital One Financial Corp (COF.N), a leading issuer of MasterCard and Visa credit cards, reported a first-quarter loss on Tuesday, hurt by growing credit losses, and higher provisions for bad loans. The McLean, Virginia-based company posted a quarterly loss available to common shareholders of $176.1 million, or 45 cents per share, compared with a net income of $548.5 million, or $1.47 cent per share, a year earlier. ... more

Congress set to tackle credit cards, health care

By Associated Press

When lawmakers return to Capitol Hill today, hammering out details of the budget passed before the spring break will be at the top of the agenda. On Sunday Republicans continued to warn that President Barack Obama's spending plan is a "disaster" for the country, even though the federal income tax burden is at a historic low, according to the Congressional Budget Office. "People need to be upset," Sen. Lindsay Graham, R-S.C., said Sunday, expressing his support for last week's tea party protests against government spending. "This is a complete, absolute abandonment of fiscal discipline, and the Obama budget is a road map for disaster that will bankrupt this country. ... This is not the change people were hoping for. This is unbelievable growth in government at a time we can afford it the least." ... more

Obama to lean on credit card CEOs

By Jennifer Liberto

Are the stars finally aligned for a Washington crackdown on credit cards? President Obama on Thursday will attend a meeting of administration officials and card company executives. He is expected to press CEOs to adopt practices designed to protect consumers. Meanwhile, Congress is pushing ahead on legislation that in past years has been introduced - and even approved by the House - but that has never advanced very far. ... more

Boone's Banking: Credit Cards

By Cullen Murhpy

Right now I am sitting in Portland International Airport and see that if I sign up for a Visa card I will get a free flight. Pretty good deal eh? Credit card companies do not make their money from people using their cards; they make their money from people abusing their cards. The convenience of having a card, and not having to repay the money for 30 days is a great reason why we all use credit cards, but paying continuously compounding interest on a cheeseburger you charged a month ago just plain sucks. The benefit of being young is that you can learn from others' mistakes, and not get started on the treadmill of credit card debt. Once you are paying interest on interest, the payments will soon become so great you won't be able to keep up and the outstanding balance will grow and grow if you only pay the minimum payment due. ... more

Five Ways That Credit Cards Can Give Consumers An Edge

By Ruth Mantell

pending wisely is key to keeping your family afloat during these tough times. Racking up hundreds or even thousands of dollars in unneeded purchases on a credit card is a bad idea, especially since spending on credit can be extremely costly if bills aren't paid in full every month. Still, plastic can you help build credit, accumulate reward points, and limit liability for unsatisfactory purchases or theft. "Credit cards are not inherently bad. They do provide a valuable service for consumers," said Pamela Banks, policy counsel for Consumers Union, the nonprofit publisher of Consumer Reports. "But there's a shared responsibility between credit-card issuers and consumers. Consumers...must use credit wisely, and be able to afford what they buy. On the other side, credit cards issuers must give consumers a fair deal, without tricks and traps." ... more

Is Unemployment Insurance for Credit Cards Worth It?

By Gail Buckner

I don’t think I’m going out on a limb to say that unless you work for the federal government, or in the fields of education or health care, you’re probably worried about getting laid off. More than 13 million Americans count themselves as “unemployed” these days and a number of experts expect things to get worse before they get better. In fact, some economists predict that the current unemployment rate of 8.5% could hit 10%. ... more

More college students charging tuition on credit card

By Linda White

Eighty-four percent of undergraduates had at least one credit card, up from 76 percent in 2004. The average credit card balance is about 3200-hundred dollars and twenty-one percent of undergraduates had balances of between $3,000 and $7,000. One professor recommends students have other options one that may be considered drastic. UAB student said, “Well, I’ve done it.“ ... more

Demand remains high for stolen personal data

By Jordan Robertson

One economy apparently isn't hurting these days -- the one run by identity thieves in the dark corners of the Internet. Demand and prices remain stable for stolen credit cards, Social Security numbers and other private information, according to a new study by security software maker Symantec Corp.Meanwhile, the supply of such data is steady too, thanks to the way the recession has inspired new scams targeting people who are worried about work and their finances, according to the Symantec report and another study from Gartner Inc. that was due to be released Tuesday. ... more

Credit-card debt shrinks at fastest pace in 32 years

By Rex Nutting

The balances on American consumers' credit cards fell at a 9.7% annual rate in February, the fastest rate of decline since late 1976, the Federal Reserve reported Tuesday. Total outstanding consumer credit, including both revolving and nonrevolving credit, fell at a 3.5% annual rate, or $7.5 billion, to a seasonally adjusted $2.56 trillion, the Fed said. Credit has declined in five of the past seven months. Prior to that, credit had declined in only one month in the previous 15 years. ... more

Chase CEO sees no profit in bank’s credit cards this year

By Mark Calvey

J.P. Morgan Chase CEO Jamie Dimon says he doesn’t anticipate a profit in its huge credit card business this year as unemployment takes a toll on the business. “We do not expect 2009 to be a good year for the credit card business. In fact, we do not expect to make any money in card services this year,” Dimon said in his 29-page letter to shareholders. Chase (NYSE: JPM) became one of California’s largest banks last year when it acquired the failed banking operations of Washington Mutual. As part of that transaction, the bank absorbed WaMu’s credit card operations that were once the San Francisco-based Providian Financial Corp. Although Providian’s roots go back to providing credit cards to those with tarnished credit records, Dimon told the San Francisco Business Times earlier this year that he has no interest in extending credit cards to the subprime market. ... more

64% of Americans Are Comfortable Using Credit Cards Online

By rasmussenreports

Most adults (64%) who use the internet at least occasionally say they are very or somewhat comfortable using credit cards to make purchases online, according to the latest Rasmussen Reports national telephone survey. That number is up from last December, when 60% said they were comfortable. Those figures include 25% who now say they are very comfortable using credit cards over the internet. Thirty-four percent (34%) now say they are not comfortable, with 13% who say they are not at all comfortable doing so. The same survey found that 31% of internet users check their online financial accounts on a daily basis, and another 27% check them weekly. Fourteen percent (14%) say they check their online bank accounts monthly, while 19% say they never check their finances online. Lower-income Americans are more likely than others to check their accounts daily. ... more

Google Unearths Stolen Credit Cards

By Carrie-Ann Skinner

The credit card details of 19,000 Britans who shopped online were freely and briefly available on Google, it has been revealed. Anyone using the search engine could have easily accessed not only the name and addresses of thousands of Visa, Mastercard, and American Express card holders, but also the full card details too. ... more

Bankruptcy change for credit cards?

By Marcy Gordon

Key Democratic lawmakers are pushing legislation that would block creditors charging high interest rates on credit cards from collecting from consumers in bankruptcy proceedings. The proposal would change bankruptcy laws to dissolve claims for repayment of debt carrying interest over a certain level, now 18.5 percent. It could affect millions of dollars in claims made by credit card companies from consumers who have filed for bankruptcy protection. ... more

Cash-back credit cards

By Consumer Reports

We often report on the credit-card industry's anticonsumer practices: high fees, unexpected interest-rate hikes, and difficult-to-understand terms. In this ugly economic climate, many cardholders are facing tightened credit lines and jacked-up interest rates, even as issuers prepare to comply with new federal rules that curb some of their most egregious practices. But other consumers, specifically people who never carry a balance and always pay their bills on time, can actually make their cards work for them rather than against them. Despite the tough economy, some cards still offer good cash rewards. Though some issuers are cautious about giving cards to new customers due to fears about their creditworthiness, and some rewards programs have been scaled back, card companies are competing to keep their existing customers and entice them to charge more. ... more

Bank credit card fees keep going up

By Kathy Chu

A growing number of banks are raising credit card fees or rolling out new fees to offset record delinquencies and rising charge-offs. Wells Fargo (WFC) has increased late fees and cash-advance fees. Chase (JPM) has put a $120 yearly fee on some cards with low interest rates. And American Express (AXP) raised its late fee for some business cards. Higher fees "are a recognition of risk going up," says Robert Hammer, chairman of industry consultant R.K. Hammer. Banks "are not going to watch their costs go up and take no action," he says. ... more

Capital One credit results better than expected

By Juan Lagorio

Capital One Financial Corp, a leading issuer of MasterCard and Visa credit cards, reported a better-than-expected credit performance in February, sending its shares up as much as 10 percent. In a regulatory filing on Monday, the bank said its annualized net chargeoff rate in auto loans -- debts the company believes it will never be able to collect -- showed a sharp decline last month, surprising analysts. The rate fell to 4.44 percent from 6.09 percent in January. The rate for auto loans at least 30 days delinquent declined to 7.52 percent from 9.18 percent. ... more

U.S. credit card defaults rise to 20 year-high

By Juan Lagorio

U.S. credit card defaults rose in February to their highest level in at least 20 years, with losses particularly severe at American Express Co (NYSE:AXP - News) and Citigroup (NYSE:C - News) amid a deepening recession. AmEx, the largest U.S. charge card operator by sales volume, said its net charge-off rate -- debts companies believe they will never be able to collect -- rose to 8.70 percent in February from 8.30 percent in January. The credit card company's shares wiped out early gains and ended down 3.3 percent as loan losses exceeded expectations. Moshe Orenbuch, an analyst at Credit Suisse, said American Express credit card losses were 10 basis points larger than forecast. ... more

The 15-Minute Tip: Fine-Print Pitfalls

By Jennifer Openshaw

If you're like a lot of folks, you may have recently received a "Dear Valued Customer" letter in the mail from your credit card company. No, you aren't being fired, but it might feel like it. If you have an affiliate card issued through one of the big banks, it starts like this: "This challenging business climate has led Citibank, the issuer of XYZ Gold MasterCard....to notify us [that] they are making changes to the terms of many Citibank credit card offerings ... including the XYZ MasterCard product." ... more

Lawmakers introduce bill to approve loan products

By Ronald D. Orol

Lawmakers in the Senate and House on Monday announced plans to introduce legislation creating a Financial Products Safety Commission that would approve mortgage products and provide consumers with advice about credit cards and retirement accounts. Sens. Charles Schumer, D-NY, and Richard Durbin, D-Ill., plan to discuss their legislation to create the commission at a press conference on Tuesday. Reps. Bill Delahunt, D-Mass., and Brad Miller, D-N.C., will discuss the creation of similar legislation they are introducing in the House, according to Delahunt spokesman Rory Sheehan. ... more

Don't miss a credit card payment, or the APR could soar

By David Lazarun

Even in the best of times, carrying a balance on your credit card is a risky -- and costly -- proposition. These days, it can be downright foolish, at least if there's a chance you might miss a payment or two. Millions of cardholders have recently received letters from the likes of Citibank, Bank of America Corp., Wells Fargo & Co. and American Express Co. notifying them that their interest rates are going up, in some cases to 30% if a single payment is missed. ... more

Store reward cards, are they worth it?

By Thanh Truong

Usually the store offers discounts ranging from 10 percent to 20 percent off the first purchase, then discounts on future purchases and exclusive offers to reward program members. By using the card, a consumer earns a certain number of points for every dollar spent which can add up to rewards for future purchases. These reward programs are not new, but with more shoppers looking for discounts and deals, they may be appealing. ... more

3 Reasons to Buy MasterCard Today

By Dave Mock

No matter what's going on in the market or a specific company's history, there are always reasons to consider buying shares in a business. After all, some of the best opportunities in stocks are born from historically bloody times. Motley Fool CAPS hosts a boatload of opinions from more than 125,000 members on nearly 5,400 stocks, giving good reasons to own -- or sell -- a stock. ... more

Cash-back credit cards

By Consumer Reports

Understanding Your Credit Score

By Virginia Butler

All of us are impacted by our credit score. If you don't really understand credit scores, you're not alone. Your credit score helps determine not only how much credit you can get and the interest rate you'll pay, but it can help determine whether or not you get a job or an apartment. The Greater Rochester Area Financial Literacy Initiative aims to help people understand their credit score, and how to fix it. ... more

Lawyers ask Supreme Court for credit expansion

By Howard Fischer

The Arizona Supreme Court is being asked to amend the ethics rules to allow attorneys to take credit cards in more kinds of situations. A proposal by the Arizona State Bar would let lawyers accept credit card payments for advance fees and retainers. Ed Novak, the organization's president, said the change, if approved, would benefit lawyers and clients. Attorneys can now take credit cards only for payment for services actually rendered. Anything else is considered a violation of rules and can result in the lawyer being disciplined. ... more

Credit card rewards programs getting stingier

By Eileen AJ Connelly

Just as interest in cashing in points for the latest iPod model or airline tickets is likely to ratchet up, the banks that issue cards are making it harder to redeem those points. "They're certainly raising the bar on redemption thresholds and return rates," said Jonathan Silver, chief executive of Affinity Solutions Inc., a New York company that develops and manages rewards programs. The weak economy is pressuring card issuers, and one way to reduce costs is to increase the number of points needed to redeem rewards, he said. Silver said about 40 to 45 percent of existing credit cards have access to such programs, while about 20 to 25 percent of outstanding debit cards are linked to rewards programs. ... more

Debit cards on the rise

By Sara Hamilton

As the economy nosedives and the credit crunch continues, more consumers are whipping out their debit cards at the register. Instead of using cash, checks and credit cards, area retailers report an increased use in debit cards, which allow customers to access their checking or bank deposit accounts directly. Cashiers at regional Longs, Starbucks, Ralphs and Borders locations all noticed a spike in debit transactions in recent months. “Debit has gotten pretty popular lately, and there have been a lot of gift certificates too,” said Jessica Scott, a Starbucks manager in Atascadero. “I think people have switched from credit because it’s easier to keep track of yourself.” ... more

State senator proposes tax break via debit cards

By Joseph Spector

Putting a new twist on a Democratic plan to raise taxes on the wealthy, a top Senate Democrat wants to cut income taxes for the middle class and provide the savings through a state-issued debit card to promote consumer spending. The proposal by Senate Deputy Majority Leader Jeff Klein, D-Bronx, is the latest attempt by the Democratic-led Legislature to tax the rich as a way to help the state's struggling economy. ... more

Can consumers live with or without credit cards?

BY IRIS TAYLOR

Americans are going to have to curb their credit habit — either live with less credit or none at all — until the financial market gets flowing again. “The current economy is essentially giving people the shock treatment,“ said Ed Mierzwinski, program director for U.S. PIRG, a consumer advocacy group. “People are getting laid off. Their credit-card company is lowering their available credit limit, or they may not be able to get new credit,“ he said. “For many Americans who have been running on the debt treadmill, the economy may be a wake-up call for them.“ Because of the economy, rising delinquencies and credit-card issuers drastically cutting back available credit, experts say every American is going to have to rethink how they use credit. Only people with the best credit may come out of these tough times relatively unscathed. ... more

Credit card reform gets another look

By Kathy Chu, USA TODAY

As credit card fee increases squeeze more consumers, lawmakers are stepping up efforts to reform criticized practices. In the latest round of fees, Capital One (COF), Citibank (C) and HSBC are raising interest rates for millions of credit card borrowers. Chase (JPM) is tacking on a $120-a-year fee and raising the minimum payment from 2% to 5% of the balance for hundreds of thousands of consumers with low interest rates. The actions come as unemployment rises and more consumers struggle to pay their bills. ... more

Some debit and credit cards potentially at risk of misuse

By David Benda

A data breach at a nationwide firm that processes credit and debit card transactions could affect millions. At least two north state banks have notified customers of the security breach and are issuing new cards to those account holders they think could be affected. North Valley Bank, based in Redding, sent out letters to 11,000 customers - about 20 percent of its cardholders - telling them they will receive replacement cards. The bank has branches stretching from Eureka to Vacaville. ... more

Private-label credit cards feeling pinch of downturn

NEW YORK TIMES

Though only a small corner of the credit card market, cards that can be used only at a single retailer are turning into a big headache for their issuers. The cards, known as private-label credit cards, tend to be held by riskier borrowers with fewer credit options. Losses on the cards are rising at a faster pace than on those in the broader credit card market - reaching a three-year high of 10.51 percent in January, according to Fitch Ratings, up 44 percent from a year ago. That compares with general credit card losses of 7.5 percent, up 40 percent from the year before. ... more

MSU to limit student credit solicitations

By Marisa Schultz / The Detroit News

Amid growing national scrutiny over credit card companies aggressively marketing to financially naive college students, Michigan State University will no longer provide student information to Bank of America to solicit undergraduates for credit cards. Under a seven-year contract worth at least $8.4 million, MSU gives the bank contact lists of students, alumni, ticket holders and employees as well as permission to use university logos and set up promotional displays on campus. In return, the university makes $1 for each new account and 0.5 percent of all retail purchases, among other payments. ... more

Losses Mount on Credit Cards for Retailers

By TARA SIEGEL BERNARD

Though only a small corner of the credit card market, cards that can be used only at a single retailer are quickly turning into a big headache for their issuers. The cards, known in the industry as private label credit cards, tend to be held by riskier borrowers with fewer credit options. Losses on the cards are rising at a faster pace than the broader credit card market — reaching a three-year high of 10.51 percent in January, according to Fitch Ratings, up 44 percent from a year ago. That compares with general credit card losses of 7.5 percent, up 40 percent from the year before. ... more

American Express Kept a (Very) Watchful Eye on Charges

By RON LIEBER

You probably know that credit card companies have been scrutinizing every charge on your account in recent years, searching for purchases that thieves may have made. Turns out, though, that some of the companies have been suspicious of your own spending, too. In recent months, American Express has gone far beyond simply checking your credit score and making sure you pay on time. The company has been looking at home prices in your area, the type of mortgage lender you’re using and whether small-business card customers work in an industry under siege. It has also been looking at how you spend your money, searching for patterns or similarities to other customers who have trouble paying their bills. In some instances, if it didn’t like what it was seeing, the company has cut customer credit lines. It laid out this logic in letters that infuriated many of the cardholders who received them. “Other customers who have used their card at establishments where you recently shopped,” one of those letters said, “have a poor repayment history with American Express.” ... more

American Express loses an appeal on class-actions

By Jonathan Stempel

A federal appeals court in Manhattan struck down a clause drafted by American Express Co that barred merchants accepting its cards from bringing class-action antitrust claims against the company. Friday's ruling by a panel of the U.S. Second Circuit Court of Appeals was a victory for smaller merchants who had accused American Express of charging them excessive fees. It means the merchants may band together on litigation that they could not otherwise afford to pursue individually. ... more

American Express Buys Stake in EMVCo

By Maria Bruno-Britz

American Express (New York) has become the fourth owner-member of EMVCo, the EMV standards body jointly owned by JCB International, MasterCard Worldwide and Visa Inc. The announcement comes as EMVCo seeks greater industry participation in the development of the EMV Specifications for global chip technology. ... more

Fitch: U.S. Credit Card Late Payments Hit Record Highs, Chargeoffs Spike

By Yahoo Finance

ate payments on U.S. credit cards topped record levels and defaults rose sharply to just below all time highs last month as consumers struggled further amid the deteriorating economic environment, according to the latest Credit Card Index results from Fitch Ratings. As anticipated, the negative chargeoff results were offset by lower funding costs helping to maintain excess spread cushions for credit card ABS. In addition, monthly payment rates snapped back from the prior month's four-year lows although they continue to exhibit slowing trends on year-earlier comparisons. ... more

Debit Cards Pick Up Where Credit Cards Fall Back

By Press Release: Westpac

Debit Cards Pick Up Where Credit Cards Fall Back While the Reserve Bank has reported an overall dip in credit card spending in December, a new trend is rapidly gathering pace – the use of debit cards that allow customers to buy online, without a credit card. In the month of December, Westpac figures saw online use of its debit cards double from the previous year from $NZ10 million to $NZ20 million. ... more

Visa Profit Rises 35% on Gains in Overseas Credit Use

By Hugh Son

Visa Inc., the world’s largest electronic payments network, said profit rose 35 percent as more consumers outside the U.S. used credit and debit cards. Net income rose to $574 million, or 74 cents a share, in the fiscal first quarter, from a pro forma $424 million a year earlier, the San Francisco-based company said today in a statement. Adjusted net income was 78 cents a share, beating the 66-cent average estimate of 22 analysts surveyed by Bloomberg. Visa rose 6.4 percent to $52.29 in New York trading at 4:36 p.m. after the company affirmed previous profit targets. ... more

Citigroup to deploy $36.5 billion of capital

By Yahoo Finance

Citigroup Inc, (C.N) which has received more than $45 billion from the government, said Tuesday it is putting $36.5 billion of capital to work in areas including mortgage lending, student loans and credit cards. ... more

Large-scale cyber crime attacks credit, debit cards; local banks prepare to issue new cards

By EDWARD HUSAR

Banks in Quincy and across the country are gearing up to issue new credit cards and debit cards to customers whose card information may have been exposed in a massive security breach involving Heartland Payment Systems. Heartland is a New Jersey company that processes credit cards for more than 250,000 businesses in the nation, including retailers, restaurants, gas stations and grocery stores. Last week, Heartland announced cyber criminals in 2008 planted a malicious software in its computer system that reportedly captured data from an untold number of transactions in what some analysts are describing as the largest credit card security breach ever. ... more

Consumers cut credit payments, struggle to pay bills

By Kathy Chu, USA TODAY

Consumers are dramatically scaling back how much of their credit card balances they pay each month. Data released this month show that the credit card payment rate — the percentage of outstanding card debt paid — fell by 2.5 percentage points to 16.1%. The drop in November, the latest month available, is among the largest on record, according to CardTrak.com, a credit card research firm. "It's kind of shocking," says Robert McKinley, founder of CardTrak.com. "It indicates that there are fundamental changes in the way that consumers view and use credit." ... more

If Cash Is King, Do We Still Need Credit Cards?

By Jennifer Waters

If cash is now king, could Americans who give up their credit cards live like royalty? Being forced to live entirely within your means may make you feel rich in a way, but trying to get along in the modern world with no credit at all can be a royal pain. Besides the more frequent trips to the ATM, cash-only customers face a much more difficult time in our plastic-dependent society when buying big-ticket items like homes, cars and washing machines, not to mention emergency spending for, say, a furnace that goes kaput in the middle of winter. ... more

Millions of credit, debit cards at risk

By Fox

Your credit or debit card accounts may be at risk. One Michiana credit union is warning its members that their personal information in the hands of cyber-thieves. Heartland Payment Systems says their systems have been hacked. The New Jersey-based company handles up to one hundred million credit card transactions each month, including debit cards used by Notre Dame Federal Credit Union. The financial institution has taken swift action to protect its members, but it's also causing card-holders plenty of headaches. "All indications look like this is going to be the largest data security breach ever recorded," said Notre Dame Federal Credit Union CEO and President Leo Ditchcreek. ... more

Data Breach May Have Exposed 100 Million Credit Cards

By Wall Street Journal

A New Jersey credit-card processor disclosed a data breach that analysts said may rank among the biggest ever reported. ... more

Congress pushes for credit card relief

By Neil deMause

With last week's re-introduction in Congress of a bill to rein in what critics say are abusive credit card practices, the stage is set for a Washington battle that will determine whether entrepreneurs and other credit card users get relief soon from soaring rates and fees. The Credit Cardholders' Bill of Rights was introduced Thursday by Rep. Carolyn Maloney, D-N.Y., in the House, and Senators Mark Udall, D-Colo., and Charles Schumer, D-N.Y., in the Senate. ... more

Credit cards that might actually pay off in the end

BY MITCHELL SCHNURMAN

It’s a good time to reconsider those travel-reward cards, and not only because of the hassle and occasional expense of booking a free flight. In recent weeks, two top brokerages introduced new credit cards that bring simplicity to the rewards game and a fat rebate. Charles Schwab and Fidelity Investments launched cards that refund a flat 2 percent of all spending, with no caps and no annual fees. Customers can use the money any way they please, from investing in retirement accounts to paying off monthly credit-card bills. ... more

Colleges profit from credit cards

By Jonathan D. Glater New York Times

When Ryan Muneio was tailgating with his parents at a Michigan State football game this fall, he noticed a big tent emblazoned with a Bank of America logo. Inside, bank representatives were offering free T-shirts and other merchandise to those who applied for credit cards and other banking products. “They did a good job,” Muneio, 21 and a junior at Michigan State, said of the tactic. “It was good advertising.” ... more

What you need to know about credit cards

By Michelle Singletary

The new year is a good time to begin new practices, especially concerning money management. As we enter 2009, it's especially important to begin handling your credit card differently, because in a year and a half the credit card industry must change the way it treats you. And trust me, there will be little room for you to make a mistake in how you use such credit because the industry wasn't happy about the forced changes. ... more

Small business groups praise, pan new credit card rules

By Kent Hoover Washington Bureau Chief

Small business groups are divided over new rules prohibiting credit card practices that many consumers, including small business owners, consider to be abusive. Banking regulators approved regulations Dec. 18 that protect consumers from unexpected interest charges, including increases in the interest rate during the first year after an account is opened. Retroactive rate increases on existing balances also were banned, and lenders also must give consumers a reasonable time to make credit card payments before charging a late fee. ... more

21% Say They Have More Credit Card Debt Than A Year Ago

By rasmussenreports.com

Twenty-one percent (21%) of American adults say they are carrying more credit card debt than a year ago, and 11% say their credit limit on one or more cards has been reduced in the past 12 months. One-third of Americans (33%) say they have less credit card debt than a year ago, and 43% say their debt level is about the same, according to a new Rasmussen Reports national telephone survey. Three percent (3%) are not sure. Eighty-two percent (82%) of Americans also say their credit limit has not been reduced on one or more cards in the past year. Seven percent (7%) aren't sure. ... more

Regulators adopt new credit card rules

By MARCY GORDON

WASHINGTON Federal regulators on Thursday adopted sweeping new rules for the credit card industry that will shield consumers from increases in interest rates on existing account balances among other changes. The rules, which take effect in July 2010, will allow credit card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances. They were approved Thursday morning by the Office of Thrift Supervision, a Treasury Department division. The Federal Reserve and the National Credit Union Administration were expected to act on them later in the day. The changes mark the most sweeping clampdown on the credit card industry in decades and are aimed at protecting consumers from arbitrary hikes in interest rates or inadequate time provided to pay the bills. ... more

Credit cards can trigger credit tailspin

By UPI.com

U.S. credit card customers are finding the cards often come with a backlash that can trigger a cycle of reduced credit limits and higher interest charges. Late payments are met with a hefty fee, but also cause lenders to lower limits. Customers carrying a balance on their cards can then find the ratio of money borrowed to money available to them has shifted enough to lower their credit scores, USA Today reported Tuesday. ... more

Proposed rate rule could kill subprime credit cards

By Associated Press

Credit card companies could no longer boost interest rates on existing account balances if the Federal Reserve adopts new rules as written at a meeting set for next Thursday. But as proposed, the changes also could make it more difficult for millions of people with bad credit to get what's referred to as a subprime card. The rules were proposed in May and drew more than 65,000 public comments. "That's the highest number we've ever received," said Susan Stawick, a Federal Reserve Board spokeswoman. Among them: a letter from a single mother of three in Florida who wrote she paid her bill on time but her interest rate shot up from 7.9 to 29.99 percent. ... more

Fed weighs slashing rates to cushion fallout

By Yahoo Finance

Federal Reserve weighs slashing rates to cushion economic damage

Federal Reserve Chairman Ben Bernanke and his colleagues opened a two-day meeting Monday afternoon to take a fresh pulse on the ailing economy, which has been mired in a recession since last December, and to decide their next move on interest rates. Fighting the worst financial crisis since the 1930s, the Fed already has pushed down its main lever for influencing the economy -- the federal funds rate -- to 1 percent, a level seen only once before in the last half-century. ... more

New Legislation Would Help Those Using Credit Cards

By KTVU.com

Consumers may get an early holiday present: this week, the Federal Reserve votes on credit card reforms aimed at offering cardholders a bit of financial relief. "It's probably one of the biggest changes, series of changes we've seen in the last 30 years," said Gary Schlossberg, a Wells Capital Management Economist. It's been in the making for four years and could affect millions of credit card users. ... more

Experts: Live within your means, avoid credit cards

By Keith Purtell

Attorney Gerald Miller, Chapter 7 trustee for the Oklahoma Eastern District, has one basic rule to avoid bankruptcy. “Don’t use credit cards,” he said. “The only thing consumers can do is don’t use credit. Educate themselves on how long it takes to pay off a credit card debt, which currently is about 28 years if you make the minimum monthly payment. If you can’t afford to pay for something, don’t buy it; go without.” ... more

Fitch: Credit cards defaults rising

By CNN Money

Credit card delinquencies will likely further stress card issuers and retailers as more consumers find themselves unable to pay the debt in the coming months, according to a report issued Friday by Fitch Ratings. With consumers cutting back on spending, retailers are already feeling the pinch, but accelerated credit card defaults will only complicate matters, said Mike Dean, managing director for Fitch Ratings, which issues a monthly credit card report. ... more

0% credit cards applications soar

By PA News

The number of people applying for interest-free credit cards jumped by nearly a quarter during November. Financial website MoneyExpert.com said applications for credit cards offering an interest-free period on purchases were 22% higher during November than they had been the previous month. ... more

Sector Snap: Credit Cards

By AP

Shares of credit-card lenders and processors moved slightly lower Wednesday as analysts worried about recent data indicating consumers are pulling out the plastic less frequently as the economy continues to weaken. Cowen & Co. analyst Moshe Katri wrote in a pair of research notes that slowing card usage by customers would limit both Visa Inc. and MasterCard Inc. earnings potential, prompting him to cut both companies' ratings to "Underperform" from "Outperform." ... more

Credit cards set to get far stingier

By Hugh Son Bloomberg News

Credit-card companies will reduce lending by more than $2 trillion over the next 18 months in a "dangerous and unprecedented" move for U.S. consumer spending, Oppenheimer & Co.'s Meredith Whitney said. Lenders that may have difficulty raising capital and want to avoid losses from rising loan defaults are pulling in credit lines, Whitney said in a research note from Sunday. ... more

Next U.S. crisis: Credit cards

By James Saft Reuters

Government intervention or not, banks will be cutting up America's credit cards at an unprecedented rate, with grave implications for the economy and company profits. The U.S. Federal Reserve added more nutrition to its alphabet soup of rescue programs last week when it unveiled the Term Asset-backed Securities Loan Facility (TALF), under which, among other things, it will lend as much as $200 billion to investors in securities backed by credit-card, auto and student loans. ... more

Discover CEO sees U.S. card write-offs rising

By Reuters

U.S. credit card write-offs will continue to increase in 2009, tracking roughly with the rising unemployment rate, the top executive at Discover Financial Services (NYSE:DFS - News) said on Tuesday. David Nelms, Discover's chief executive, said charge-offs could be in the mid-5 percent range in the fourth quarter and near 6 percent in the first quarter of 2009. ... more

Layaway gaining more appeal with shoppers

by CNN.com

A payment method that became decidedly passe in the 1980s is being promoted again this holiday season as a way for budget-conscious shoppers to buy gifts without breaking the bank. Layaway -- the practice that allows people to pay for everything from tools to televisions bit by bit before taking their items home -- is back in advertisements for the first time in years for discount chain Kmart. ... more

Your credit card may be re-evaluating you

by CNN.com

Don't throw out that letter from your credit card company. It may be notifying you of a reeled in credit line, interest rate hike or even an account closure. In this recessionary climate, credit card companies across the board are tightening the reins on card holders to minimize their exposure to risk. Such actions could hurt your credit score and, in turn, your ability to get an auto loan, mortgage or even another credit card. ... more

Managing credit scores, 401(k)

By Gerri Willis, CNN

Recently one of my credit card companies reduced my credit limit by half. I pay more than the minimum payment each month. What else can I do to keep my score up during these hard times? - Mike, Florida ... more

CREDIT CARDS AT THE TIPPING POINT?

By Bob Sullivan

Dire times are coming for consumers who hold credit cards and the banks that issue them, according to a report released Tuesday. The report by the research firm Innovest Strategic Value Advisors, titled "Credit Cards at the Tipping Point," predicts that fallout from the credit crunch will lead to a sharp increase in credit card defaults in the coming year, making $1 out of every $10 owed on credit cards impossible to collect. That will force banks to write off nearly $100 billion in credit card debt, it said. ... more

Credit cards for the desperate

By Bankrate.com

In order to do many mundane activities these days, a credit card is almost a necessity. Ever tried to open a bank account or rent a car, and the first requirement is to hand over your credit card? Even friends planning to share driving duties must flash their plastic to prove their credit existence to many major car rental agencies. ... more

Credit card debt, delinquencies rise

By CNN Money

The percentage of people who were delinquent on their credit card payments rose slightly in the second quarter from the same time last year, while average debt per borrower jumped 8.6%, according to credit reporting agency TransUnion LLC. For the quarter ended June 30, 1.04% of credit card holders were delinquent at least 90 days on one or more of their cards. That compares with 0.91% for the second quarter of 2007, although it did represent a decline from 1.19% in the first quarter of 2008. ... more

The price of identity theft protection

By Jessica Dickler, CNNMoney

There are a slew of services promising to protect you from ID theft, but how well do they protect you from the headaches? Approximately 15 million Americans are victims of identity theft each year, according to Gartner research firm. And although anyone with a social security number is at risk, safeguarding your information isn't easy. ... more

Consumer borrowing: Weakest in 7 months

By cnn.com

Borrowing grew at annual rate of 2.1% in July. Sharp drop in demand for cars and auto loans weigh on report. Borrowing by consumers slipped in July to the weakest pace in seven months, reflecting a big slowdown in demand for car loans. ... more

How credit cards boost gas prices

By David Goldman, CNNMoney.com staff writer

Buying gasoline with a credit card could be hurting your local independent gas station owner - and you may have to pay for it. That's because credit cards charge merchant fees in the form of a percentage of sales - and those fees eat into the fixed per-gallon sum that gas retailers tack onto pump prices. ... more

Credit card help is on the way

By Gerri Willis, CNN

Questionable credit card company practices have been dogging consumers for years. But a Credit Card Bill of Rights is working its way to congress. Here are the details. ... more

JPMorgan: Fed's new rules will hurt

CNN Money

The Federal Reserve's proposed rules for credit card lenders could lead the banking industry to lose at least $10.6 billion in interest annually, JPMorgan Chase & Co. said in a letter to regulators, citing a study. In May, the Federal Reserve and other regulators proposed steps to end what they called "unfair and deceptive" practices in the credit card industry. The rules aim to protect people from having their interest rates raised arbitrarily, among other practices. ... more

How to spot a credit-card rip-off

By Donna Rosato

Issuers are taking heat for hidden charges, but there's already an easy way to tell if a new card offer is a deal or not. It's the "Schumer Box," a table in every application named for Sen. Charles Schumer, D-NY who sponsored the 1988 law that requires it. ... more

Study shows lower credit card use in hard times

Austin Business Journal

A new report from Javelin Strategy & Research says Americans are using their credit cards less and shopping more-conservatively. ... more

Credit card rates hustle higher

By Kathy Chu, USA TODAY

Even as the Federal Reserve has cut interest rates, financial institutions have sharply raised rates for credit card customers — even those who pay on time — as they grapple with losses from other bad consumer loans. This month, Washington Mutual (WM) told some credit card customers that it was raising their rates by as much as 100%. Discover (DFS) is lifting its penalty rate to 31%, effective May 1, and may apply that maximum to consumers who exceed their credit limit twice in a rolling 12 months. ... more

How to Deal With Credit Card Mumbo Jumbo

By Matthew Bandyk

Owning a small business often means having to wear many different hats—marketer, accountant, building manager, and Web tech whiz, to name a few. But when it comes to figuring out what's behind credit card companies' charges for handling your customers' transactions—known as interchange fees—that can be one hat too many. ... more

MasterCard settles AmEx suit for $1.8 billion

CNN Money

American Express said Wednesday MasterCard will pay it as much as $1.8 billion to settle an antitrust lawsuit, as it warned credit losses may increase as business conditions deteriorate. American Express had accused the Purchase, N.Y.-based credit and debit card processor of conspiring to stifle some banks from issuing its credit cards. Last year, the company reached a $2.7 billion settlement with Visa Inc in a similar suit. ... more

Make your credit card complaints count

By Gerri Willis, CNN

If you've ever had your interest rate jacked up on your credit card, it's your turn to gripe. Here are top tips on how to make your complaints count. ... more

Credit card companies' evil tricks

By Liz Pulliam Weston

Some of the worst offenses: Huge fees exceed card issuers' costs and risks. Interest rates aren't disclosed to card applicants. Rates get jacked up even if you pay just hours late. What makes matters more complicated is that a few credit card issuers are bad to the bone. Some of the companies that have the most consumer-friendly practices in one area turn around and punish their customers unfairly in another. ... more

Credit Card Borrowing Limits Reduced for Tens of Thousands of Consumers

Just as Americans grow more reliant on credit cards to help pay monthly bills, they're being hit with a one-two punch: Card companies are reducing borrowing limits for tens of thousands of consumers, which then can lead to lower credit scores. ... more

Your new best friend in the credit crisis

Interview by Donna Rosato, Money Magazine

Your credit-card terms are usurious; your mortgage contract disguises the real cost of your home; and you need a magnifying glass to catch all the fees in your auto loan. As a result, you may be paying thousands more than you should for these products, says Harvard Law professor Elizabeth Warren. ... more

Credit card rewards are a real rip off

By Jessica Dickler, CNNMoney.com staff writer

You got burned with frequent flier miles, which were nearly impossible to redeem and hardly worth the hassle, so credit card issuers turned to other kinds of incentives to entice you to charge more. But most rewards programs aren't much better, and consumers are still eager to sign up for them despite the same old traps. About 85 percent of U.S. households participate in at least one rewards program, according to a study released Monday by Consumer Reports. And though rewards do spur consumers to spend more, the study found that confusing rules and restrictions make most reward cards more trouble than they're worth. ... more

Consumer debt jumps $8.9 billion

By Kenneth Musante, CNNMoney.com staff writer

Americans' personal debt jumped to a more-than-expected $2.6 trillion in April, according to a report from the Federal Reserve released Friday. The total debt held by individuals rose $8.9 billion from the prior month. Analysts polled by Briefing.com had expected personal debt to increase by only $7 billion. ... more

How credit cards boost gas prices

By David Goldman, CNNMoney.com staff writer

Retailers: credit card fees detrimental

CNNMoney.com staff writer

mericans' increasing preference for paying with plastic has pitted retailers against credit card companies in a dispute over the cost of the billions of transactions. Retailers accused Visa and MasterCard during a congressional hearing Thursday of levying excessive fees, while the card company executives countered that retailer-supported legislation would simply push more of the cost onto consumers. ... more

FTC: Half-million tricked by telemarketers

CNNMoney.com staff writer

The Federal Trade Commission unfurled Tuesday results of an enormous telemarketing fraud sweep, saying it had filed more than 180 cases that represent thousands of alleged victims and millions of dollars in losses. The agency said the sweep, named "Operation Tele-Phoney," was the largest telemarketing sweep it had ever coordinated. ... more

Consumer spending jumps in March

By Catherine Clifford, CNNMoney.com staff wri

Consumer spending jumped in March, even as income grew at a slower pace, according to a government report released Thursday. The Commerce Department said personal spending by individuals in current dollars rose 0.4% in March, exceeding the 0.2% increase expected by economists surveyed by Briefing.com. February's gain was 0.1%. The report showed personal income increased 0.3% in March, less than the 0.4% increase expected by economists. February's gain was 0.5%. ... more

Surprise jump in consumer borrowing

By Kenneth Musante, CNNMoney.com staff writer

Americans' personal debt took a huge leap in March, according to a report from the Federal Reserve released Wednesday. The total debt held by individuals rose $15.3 billion from the prior month, to $2.6 trillion. Analysts polled by Briefing.com had expected personal debt to rise by only $6 billion. ... more

Barely surviving on credit cards

By Tami Luhby, CNNMoney.com senior writer

These days, more and more people are saying "Charge it." Finding themselves strapped for cash and unable to use their home as an ATM, Americans are increasingly turning to credit cards to cover gas, groceries and other living expenses. But many find themselves struggling to pay the burgeoning bills at a time when even the basic needs are growing costlier. ... more

How to battle credit card fees

By Gerri Willis, CNN

Gerri Willis explains the ins and outs of those little credit card extras that can leave you in the hole. ... more

Fed moves on credit card crackdown

By David Ellis, CNNMoney.com staff writer

Bank regulators approve proposal to eliminate industry practices like 'double-cycle billing' as banks push back. New rules could be in place by end of year. ... more

The credit card party is officially over

By Liz Pulliam Weston

Bank of America customers haven't been the only ones affected. Issuers that last year ravenously pursued folks with troubled credit and proffered 0% rates to people with good credit have made abrupt changes in course, including: * Sharply raising rates and lowering credit limits for customers with no obvious blotches on their credit. * Making balance-transfer offers less generous, with higher rates, shorter terms and bigger fees. * Shutting down accounts that haven't been regularly or recently used. * Throttling back direct-mail solicitations and becoming pickier about extending credit. ... more

New credit cards allow hands-free theft

By Liz Pulliam Weston

Millions of so-called contactless credit cards have been mailed to Americans on the theory that we just don't spend money fast enough. While you're absorbing that little nugget, consider this as well: The cards, which wirelessly communicate information about you and your account, don't have an "off" switch. ... more

Credit cards can make you fat

By Bankrate.com

Today, credit cards make those unhealthful eating habits easier than ever to adopt -- and that can help you pack on the pounds. In years past, fast-food restaurants accepted only cash, largely because credit card transactions took too long to process, impinging on the concept of "fast" food. Consumers who didn't have enough cash on them would bypass the local fast-food joint and head on home, where the dining choices were bound to be somewhat healthier. ... more

Credit card companies' top 10 money-grabbers

By Bankrate.com

Credit cards. It may seem very difficult to get by without them in this day and age, but the fact of the matter is it's becoming more and more expensive to live with them. That's because credit card companies have managed to stack the deck in their favor, thanks to obliging lawmakers and regulators who have allowed them to gouge consumers for exorbitant fees and unconscionable interest rates. ... more

Credit card companies' evil tricks

By Liz Pulliam Weston

That sense of fair versus foul, though, tends to get tangled up in the world of credit cards. Some practices that seem egregious at first glance actually make sense when you understand their rationale. Other policies don't hold up so well to scrutiny, even though they're widely accepted in the industry. What makes matters more complicated is that a few credit card issuers are bad to the bone. Some of the companies that have the most consumer-friendly practices in one area turn around and punish their customers unfairly in another. ... more

The truth about credit card debt

By Liz Pulliam Weston

You've probably heard that the average American carries more than $8,000 in credit card debt. Its a figure frequently cited by politicians, journalists and pundits as a sure sign of impending economic collapse. They argue that consumers, already struggling under this massive burden of debt, soon will have to stop spending like drunken sailors. The economic recovery, therefore, is doomed! ... more

The best credit cards

From low fees to frequent-flyer miles: 6 cards that give you something back. ... more

Living paycheck to paycheck

By Gerri Willis, CNN

Check out mint.com. This site let's you input your user name and password for each of your bank, credit card and investment accounts, and Mint automatically draws in all your transaction and balance information. You'll be able to review your spending in a pie chart. And you'll receive an alert when there is unusual activity, a low bank account balance or an upcoming bill. ... more

Avoid hassle at the airport

By Gerri Willis, CNN

When buying your airline ticket, don't write a check or use a debit card. If you buy a ticket with a credit card, and your flight was cancelled or the airline declared bankruptcy, you stand a good chance of getting your money returned. ... more

Congress tackles credit card reform

By David Ellis, CNNMoney.com staff writer

Consumers, public interest groups and some federal regulators pushed lawmakers to enact sweeping changes to the credit card industry, aimed at remedying what they view as questionable practices of the credit card industry that keep consumers mired in debt. ... more

Nuuvoo.com Announces Launch Of Its Beta-site

By nuuvoo.com

nuuvoo.com a newly launched startup that provides tools to search, filter and find the perfect credit card that meets your needs, has announced that its beta site is live. While there are numerous sites that essentially offer the same information, nuuvoo.com is definitely innovative in its approach. ... more

Get out of credit card debt

By Gerri Willis

To get a grip on your credit card debt, prioritize, rethink rewards and roll over debt with caution. ... more

Good credit? Here's your reward

By Walecia Konrad

If you've been (mostly) an angel in managing your credit, you could soon get some props in your FICO score. Fair Isaac, the company that calculates consumer credit ratings for lenders, is rolling out a new formula that promises to favor responsible credit holders. Your FICO score could benefit. ... more

When credit cards put you in jeopardy

By Jen Haley

Consumers have racked up more than $2.2 trillion in purchases and cash advances on major credit cards in just the last year. And it's become a habit for them to spend more than they have. ... more

The Smartest Way to Miss a Credit Card Payment

By Sonja Ryst

There are effective ways and not-so-effective ways to deal with missing a credit card payment. ... more

Neiman Marcus Credit Cards Could Soon Be Canceled

By Jack Fink

Hundreds of thousands of Neiman Marcus customers could soon see their credit card accounts canceled. ... more

Pasta, Meatballs and Credit Card Theft

By Scott Mayerowitz

The next time you go out for some pizza, a nice steak dinner or even a trip to the salad bar, you might get something else with your meal: identity theft. The most common place for credit card information to be stolen is at a restaurant, according to Visa. ... more

The 15-minute tip: Your credit-card rights

By Jennifer Openshaw

If you care about the games credit card companies play then read on to find out what's coming up and what you can do. ... more

Crack the credit card code

By Gerri Willis

Your credit card interest rate could shoot past 30 percent, even if you have good credit. Here's what you can do about it. ... more

Do your credit cards have a holiday hangover?

By Jean Chatzky

It was fun while it lasted, but if you spent too much money over the holidays, you might be having second thoughts about it now that those credit card statements are showing up in the mail. Most of us go through life - especially at the holidays - spending mindlessly. ... more