Low Interest Credit Cards

The Credit CARD Act of 2009, signed into law by President Obama on May 22nd, just cleared a major hurdle in its path to early adoption.

As reported on CNNMoney.com last week, the House of Representatives overwhelmingly passed a new bill which would move the effective date for credit card reforms from February 2010 to December 1st. That’s just under three weeks from today!

The bill still needs to make its way through the Senate before it gets to Obama’s desk, but I think there’s a good chance legislators will be able to push this through just in time for the holidays. And w

Read more…

The Pew Study was one of the first research studies to delve into the impact of the recent credit card legislation and reforms. Beginning in July 2009 the study evaluated nearly 400 cards offered by major card issuers in the US. Some of the card issuers, while having adequate time to implement the new changes, have made little, if any progress. Of the 400 cards reviewed in the Pew Study all the cards had at least one “unfair and deceptive” practice.

One consumer, with Citibank, recently received a letter from his card provider outlining that they were changing their credit terms. What they really meant was that the interest rate was doubling from 14.99 percent to 29.99 percent. Hav

Read more…

It’s tough to keep track of all the rules and regulations surrounding credit and credit cards, especially if you’re the victim of fraud or theft. Know how to protect your credit card, learn your rights as a credit consumer also how to safe credit card.

Credit card, ATM and Internet fraud can often be prevented. Most thieves use stolen credit cards within 48 hours. Call your credit card company immediately to report a lost card.

Limit your credit card losses

Different credit card companies have different rules regarding your responsibility for unauthorized charges. Know what these are when you get your credit card. If a thief uses your card before you report it as lost or stolen, you may be responsible for his purchases. Fol

Read more…

Many people use their credit cards to help manage their monthly budget and help them be more responsible over their finances. If you are like many people, you do that same thing with your credit card. When used wisely credit cards can certainly help you to be more financially responsible. However, there is more that you could be getting out of your credit card than security and convenience. You can also get valuable rewards.

More: continued here

Millions of Americans have been stung by the cost of maintaining their credit carddebt, pushing some into bankruptcy and delinquency.

However, the economic climate also has negative results for the credit card companies themselves. Nationwide levels of chargeoffs and delinquencies have reached new highs this year, while showing signs of at least leveling off in recent months.

This week, Fitch Ratings said the credit card delinquency rate will remain high well into next year, and that bankruptcies and unemployment will continue to rise in that period. This causes lower revenues for credit card companies at a time when many of them are bracing for federal limits on late fees and interest rates set to take effect by February. Read more…