tag:blogger.com,1999:blog-222125622010-04-28T15:21:08.398-05:00You may print any of these LowCards.com articles if you include a URL link back to LowCards.com and mention LowCards.com as the source.Lynnnoreply@blogger.comBlogger208125tag:blogger.com,1999:blog-22212562.post-45738491662342714722010-04-28T15:18:00.001-05:002010-04-28T15:21:08.407-05:00

The Federal Reserve announced today that it will keep short-term interest rates near zero for an "extended period". This means the prime rate will remain at 3.25%, its lowest point in decadesBut most consumers are now paying the highest interest rates in years on their credit cards.According to the LowCards Complete Credit Card Index, which tracks the APR on the 1000+ credit cards in the United

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-2154663376269711572010-04-27T13:19:00.001-05:002010-04-27T13:21:49.843-05:00

Paying down debt is similar to losing weight--we know it is good for us and we need to do it, but it is hard to find a program that we can stick to and accomplish our goal.Both challenges may have the same solution--smaller portions more often. For credit card debt, this means making smaller payments throughout the month instead of one large payment at the end of the month. These are referred to

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-55450899447559656772010-04-21T05:49:00.001-05:002010-04-21T05:51:42.229-05:00

We are quickly approaching the travel season. If you are taking an international trip, the journey is never inexpensive, but choosing the right credit card can help cut costs. Most credit cards add as much as a 3% international transaction fee to the cost of your purchase."This international transaction fee is assessed to any purchase whether it's a $3 piece of pizza or a $5,000 piece of art.

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-9121942412818121742010-04-14T11:11:00.002-05:002010-04-14T11:26:58.881-05:00

The United States is not the only country that experienced a credit meltdown or government regulations for the credit card industry. Other countries are going through similar situations. Here is summary of the credit card changes taking place in other parts of the world.AUSTRALIAAustralia started enacting credit card regulations in 2003, during a time of prosperity and years before the global

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-32058137468583473312010-04-08T16:37:00.001-05:002010-04-08T16:39:17.131-05:00

The Federal Reserve released a monthly report on Wednesday that showscredit card debt continues to decrease at a significant rate.Revolving credit, which is primarily credit card usage, fell for the 17th consecutive month in February, declining at an annual rate of 13.1%. The $858.1 billion in revolving credit represents a $100 billion decrease since the fourth quarter of 2008."Consumers seem to

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-29761531156823863882010-04-07T14:04:00.001-05:002010-04-07T14:07:22.856-05:00

The dust has settled, now that the Credit CARD Act has been in effect for over one month. But consumers and issuers are both finding some hazy areas in the new provisions. In some cases, this confusion was brought about by Congress not spelling out how these provisions were to be implemented.Here are examples of some confusing elements of the CARD Act:1) Limiting credit card offers to young

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-64410845624621471372010-04-01T06:40:00.000-05:002010-04-01T06:41:37.486-05:00

Cardholders who had some credit card debt forgiven in 2009 may be surprised to discover that this forgiven debt may be viewed by the IRS as taxable income.If you have arranged a debt settlement to pay less than your balance to close a credit card account, and the amount is over $600, you will need to pay taxes on the forgiven debt.There was a surge in credit card debt forgiveness in 2009.

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-79733043951477672282010-03-30T15:18:00.001-05:002010-03-30T15:21:19.535-05:00

The Federal Trade Commission's amendment to the Free Credit Reports Rule takes effect this Friday. This requires much clearer disclosures in ads for "free credit reports."This provision is needed because consumers have been confused and misled about where to get a free credit report.The federally mandated free credit reports are available only at AnnualCreditReport.com, but many other websites

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-86766342155390522262010-03-23T10:19:00.002-05:002010-03-26T15:03:03.540-05:00

The tax deadline is less than a month away and consumers will soon be bombarded with messages encouraging them to pay their taxes with a credit card. While this may sound appealing to consumers who may be struggling to find ways to pay their taxes in this turbulent economy, it should be avoided at all costs.The IRS and some credit card issuers both promote the benefits of paying taxes with a

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-52912745850403285832010-03-17T10:29:00.002-05:002010-03-17T10:32:48.024-05:00

Monthly credit card data released Monday is a mixed bag for issuers. The data shows fewer consumers are significantly late on their credit card payments but major issuers are still having to write off extremely high percentages of their credit card loans.Delinquency rates are the number of credit card consumers who are at least 30 days late on paying their bill. Of the six major credit card

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-18587846719823525242010-03-10T11:15:00.000-06:002010-03-10T11:17:29.031-06:00

Consumer borrowing increased in January for the first time in a year, the Federal Reserve reported Friday. The increase alone was significant, but the news was even more surprising since it occurred despite another drop in credit card loans.According to the Federal Reserve, total consumer borrowing rose to $2.456 trillion in January, an annual rate of 2.5%. The increase came from nonrevolving

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-22029204400049211142010-03-04T13:11:00.002-06:002010-03-04T18:15:56.950-06:00

Today, the Federal Reserve proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees, as well as requiring credit card issuers to reconsider increases in interest rates. This rule will go into effect on August 22, 2010."This proposal addresses two key costs of using a credit card--fees and interest rates," said

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-59032804818709400492010-03-03T10:50:00.001-06:002010-03-03T10:54:31.069-06:00

Consumers will soon receive their first credit card bill since last week's implementation of the CARD Act and their statement will look very different."The new debt information on your credit card statement is one of the best provisions of the CARD Act and it will benefit every cardholder," says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.The most significant

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-48253550038170842782010-02-24T15:01:00.003-06:002010-03-02T12:44:10.574-06:00

The major provisions of the CARD Act took effect Monday and these regulations are very beneficial for credit cardholders. But it appears that issuers simply made changes before this date, creating new ways to generate revenue at the expense of their customers.One of the most significant changes has been in interest rates. Since the CARD Act places some restrictions on future interest rate hikes,

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-56814131513295295602010-02-18T09:15:00.001-06:002010-02-18T09:16:41.478-06:00

One week before the CARD Act goes into effect, Citi has added an annual fee to more accounts on many of its popular credit cards.Many Citi cardholders are receiving letters about a $60 annual fee that is being added to their account effective April 1, 2010. If consumers make $2,400 in purchases during the year, then the annual fee will be credited back to their account.It appears that Citi's test

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-77398318285914012102010-02-16T18:45:00.001-06:002010-02-16T18:48:02.465-06:00

On Monday, the major provisions of the Credit CARD Act take effect, nine months after they were signed into law.Many of these provisions will have a very positive effect on consumers, but the law has resulted in some unexpected fallout."The CARD Act has some very significant benefits for credit cardholders. The restrictions on interest rate hikes and the ban on over-the-limit fees are tremendous.

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-65564123709835241862010-02-11T06:21:00.001-06:002010-02-11T06:24:17.336-06:00

Thanks to the Credit CARD Act, visitors to national parks can carry licensed firearms beginning on February 22.It is hard to believe that this unique provision was added to the revolutionary credit card bill passed by members of Congress last May. Most of the attention from the bill has been given to the restrictions on interest rate increases and over the limit fees. However, there are many

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-24782650222225137822010-02-03T11:21:00.002-06:002010-02-03T11:24:58.132-06:00

The Credit CARD Act will take effect in two weeks and one of the major provisions is the restriction on marketing credit cards to young adults under 21."Right now, it is easier for a college student to get a credit card than to get up for class. College students use credit cards to pay for everything, just like their parents. Once this new law takes effect, many college students will have

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-65772756666886373032010-01-26T19:52:00.002-06:002010-01-26T20:01:55.089-06:00

Balance transfers have been popular among credit cardholders for a number of years. More consumers are now considering a balance transfer due to the rising interest rates on their existing cards. But is this a good idea?If you have good credit and your credit card APR is currently above 20%, this is the time to consider transferring your balance to a card with a lower rate. As we saw in 2009,

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-56761860751896248752010-01-21T14:57:00.001-06:002010-01-21T14:59:55.431-06:00

The major provisions of the CARD Act take effect on February 22, one month from tomorrow."The CARD Act made some very beneficial changes for credit cardholders. Consumers have been wanting these strong protections for years and they will become real in one month," says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. "However, the industry landscape has changed

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-17416059583595718482010-01-20T16:46:00.003-06:002010-04-28T10:20:07.287-05:00

One positive sign from the economic downturn of the past year is that consumers finally began paying down their credit card debt.In November, Equifax reported that credit card debt had declined 7.3% from a year ago. The latest Federal Reserve Consumer Credit report reveals that credit card debt fell in November for the 14th consecutive month. Revolving credit, the majority of which is credit card

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-70330217996746964142010-01-14T13:47:00.003-06:002010-04-28T10:21:54.972-05:00

January is historically the busiest month for credit card applications. Consumers are inspired by New Year's resolutions to save money or find themselves trying to repair the damage done by holiday shopping.Before applying for a credit card, consumers should do an internal audit on their financial situation and then thoroughly compare credit card offers instead of applying for the first offer

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-460350318903566112010-01-11T13:01:00.000-06:002010-04-28T13:03:36.313-05:00

Data released on Friday by the Federal Reserve shows that the consumer debt is declining at a record pace.The Federal Reserve Consumer Credit report reveals that credit card debt fell in November for the 14th consecutive month. Revolving credit, the majority of which is credit card debt, decreased at an annual rate of 18.5% in November. This is the largest percentage drop ever recorded. It has

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-16415367679095424302010-01-05T14:58:00.002-06:002010-01-05T15:05:07.955-06:00

The LowCards.com credit card prediction for 2010 is no surprise: cardholders will pay more for credit card loans. The cost of credit cards will continue to increase for consumers even though the major provisions of the CARD Act go into effect on February 22. Cardholders could see increases in both their interest rates and existing fees, as well as the introduction of new credit card fees."Credit

Lynnnoreply@blogger.comtag:blogger.com,1999:blog-22212562.post-10323543607562274542009-12-16T11:32:00.001-06:002009-12-16T11:35:34.838-06:00

This past year has been one of the most turbulent years in the history of the credit card industry for both issuers and cardholders. Issuers made substantial changes in their rates and fees to increase revenue. This created higher payments for consumers during a time of recession and high unemployment.This week, comScore released its Online Credit Card Report: 2009 Edition. The study shows that

Lynnnoreply@blogger.com