tag:blogger.com,1999:blog-22212562Wed, 10 Mar 2010 17:17:29 +0000You 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.http://www.lowcards.com/creditcardnews.aspnoreply@blogger.com (Lynn)Blogger196125tag:blogger.com,1999:blog-22212562.post-1858784671982352524Wed, 10 Mar 2010 17:15:00 +00002010-03-10T11:17:29.031-06:00Consumer 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 http://www.lowcards.com/2010/03/credit-card-usage-continues-to-decline.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-2202920440004921114Thu, 04 Mar 2010 19:11:00 +00002010-03-04T18:15:56.950-06:00Today, 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 http://www.lowcards.com/2010/03/today-federal-reserve-proposed-rule.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-5903280481870940049Wed, 03 Mar 2010 16:50:00 +00002010-03-03T10:54:31.069-06:00Consumers 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 http://www.lowcards.com/2010/03/new-credit-card-statements-could-help.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-4825355003817084278Wed, 24 Feb 2010 21:01:00 +00002010-03-02T12:44:10.574-06:00The 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, http://www.lowcards.com/2010/02/significant-apr-increases-took-place.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-5681413151329529560Thu, 18 Feb 2010 15:15:00 +00002010-02-18T09:16:41.478-06:00One 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 testhttp://www.lowcards.com/2010/02/citi-adds-60-annual-fee-to-more-credit.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-7739831828591401210Wed, 17 Feb 2010 00:45:00 +00002010-02-16T18:48:02.465-06:00On 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.http://www.lowcards.com/2010/02/unintended-consequences-of-card-act.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-6556412370983524186Thu, 11 Feb 2010 12:21:00 +00002010-02-11T06:24:17.336-06:00Thanks 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 http://www.lowcards.com/2010/02/other-provisions-of-credit-card-act.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-2478265022222513782Wed, 03 Feb 2010 17:21:00 +00002010-02-03T11:24:58.132-06:00The 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 http://www.lowcards.com/2010/02/major-changes-ahead-for-student-credit.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-6577275666688637303Wed, 27 Jan 2010 01:52:00 +00002010-01-26T20:01:55.089-06:00Balance 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, http://www.lowcards.com/2010/01/transferring-credit-card-balance-good.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-5676186075189624875Thu, 21 Jan 2010 20:57:00 +00002010-01-21T14:59:55.431-06:00The 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 http://www.lowcards.com/2010/01/card-act-major-provisions-one-month.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-1741605958359571848Wed, 20 Jan 2010 22:46:00 +00002010-01-20T16:50:15.680-06:00One 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 cardhttp://www.lowcards.com/2010/01/one-positive-sign-from-economic.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-7033021799674696414Thu, 14 Jan 2010 19:47:00 +00002010-01-14T13:53:04.949-06:00January 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 http://www.lowcards.com/2010/01/consumer-tips-for-applying-for-credit.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-1641536767909542430Tue, 05 Jan 2010 20:58:00 +00002010-01-05T15:05:07.955-06:00The 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."Credithttp://www.lowcards.com/2010/01/credit-card-predictions-for-2010.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-1032354360756227454Wed, 16 Dec 2009 17:32:00 +00002009-12-16T11:35:34.838-06:00This 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 http://www.lowcards.com/2009/12/2009-turbulent-year-for-credit-card.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-8126127598854055689Sat, 12 Dec 2009 02:42:00 +00002009-12-11T20:44:23.046-06:00A study released yesterday by the Center for Responsible Lending gives new data to show that credit card issuers have instituted a number of "hidden" price changes since debate first began on credit card reform.The study entitled "Dodging Reform: As Some Credit Card Abuses are Outlawed, New Ones Proliferate" says that these practices have affected over 400 million credit card accounts. The study http://www.lowcards.com/2009/12/new-credit-card-practices-costing.htmlnoreply@blogger.com (john)tag:blogger.com,1999:blog-22212562.post-734552324263948159Wed, 09 Dec 2009 23:33:00 +00002009-12-09T17:34:32.328-06:00Data released this week by the Federal Reserve shows that the consumer debt continues to decline.The Federal Reserve Consumer Credit report reveals that credit card debt fell in October for the 13th consecutive month. Revolving credit, the majority of which is credit card debt, decreased at an annual rate of 9.3% in October. It has fallen $88 billion since October of 2008, from $976.1 billion to http://www.lowcards.com/2009/12/credit-card-debt-continues-to-fall.htmlnoreply@blogger.com (john)tag:blogger.com,1999:blog-22212562.post-3516707526684366424Wed, 02 Dec 2009 17:20:00 +00002009-12-02T11:23:05.749-06:00December and January are traditionally the busiest months for new credit card applications. Shoppers want lower rates for their holiday purchases. Budgeters want lower rates to help keep their financial resolutions. This year, applicants may be disappointed in the credit card offers they receive from issuers."Shopping and applying for cards is not as easy as it used to be. Consumers should now http://www.lowcards.com/2009/12/consumer-tips-on-applying-for-credit.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-2398194990285227451Wed, 18 Nov 2009 22:24:00 +00002009-11-18T16:26:44.104-06:00New holiday spending surveys are providing data that shows consumers plan to cut their holiday spending and reduce their usage of credit cards. Credit card delinquency rates are up again, showing consumers are still under financial stress. Many cardholders are still reeling from large APR increases they have received this year and they can no longer afford to charge their way through the http://www.lowcards.com/2009/11/bleak-holiday-for-credit-card-issuers.htmlnoreply@blogger.com (john)tag:blogger.com,1999:blog-22212562.post-2203880041450043015Wed, 11 Nov 2009 13:37:00 +00002009-11-11T07:40:14.181-06:00A Federal Reserve survey released yesterday showed that a substantial number of credit card issuers have cut credit limits, increased interest rates, and raised the minimum credit scores required for a credit card during the past three months.The quarterly survey among loan officers also found 75% of banks that make credit card loans do not expect to be compliant with the provisions of the http://www.lowcards.com/2009/11/federal-reserve-survey-released.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-8068058115572733640Thu, 05 Nov 2009 18:57:00 +00002009-11-05T13:00:04.533-06:00We are entering the holiday gift card season. While new studies show gift cards are the most popular presents to give and receive, the hidden costs may outweigh the convenience of the gift. It is important for consumers to give and use these cards correctly."Gift cards are easy to give, but they are also easy to forget. If the card has a monthly fee or expiration date, these can become costly http://www.lowcards.com/2009/11/tips-for-buying-and-using-gift-cards.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-7248498223971124562Wed, 28 Oct 2009 19:28:00 +00002009-10-28T14:30:44.996-05:00A new study confirmed what cardholders and Congress already know: credit card issuers are in no hurry to implement the regulations of the CARD Act. Instead, some of the most harmful practices are even more widespread.Today, the Pew Charitable Trust released "Still Waiting: 'Unfair or Deceptive' Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect". The study examined http://www.lowcards.com/2009/10/new-credit-card-study-shows-harmful.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-7015475138068224702Tue, 27 Oct 2009 02:50:00 +00002009-10-26T21:54:32.139-05:00Today, Senate Banking Committee Chairman Chris Dodd introduced new legislation that would immediately freeze credit card rates on existing balances through February of 2010. Dodd felt this bill would prevent issuers from further interest rate hikes that have taken place since the Credit CARD Act was signed into law in May of this year."No sooner had it been signed into law, credit-card companies http://www.lowcards.com/2009/10/dodd-proposes-freeze-on-credit-card.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-4863651556927755687Thu, 22 Oct 2009 20:41:00 +00002009-10-23T00:52:46.322-05:00Today, the House Financial Services Committee approved the creation of a Consumer Financial Protection Agency (CFPA) by a vote of 39 to 29. This is the first step in creating a new regulatory agency that will protect consumers. The CFPA is an important piece of the Obama administration's plan to tighten lending regulations and help prevent future financial failures.The bill would give states morehttp://www.lowcards.com/2009/10/today-house-financial-services.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-7845893092419046679Wed, 21 Oct 2009 20:15:00 +00002009-10-21T15:18:00.143-05:00In the past week, Citi has increased the interest rate on a number of their cardholders to 29.99% and cancelled the accounts of customers holding some of their gas partner co-branded cards. Bank of America notified some of their cardholders that it will begin charging an annual fee ranging from $29 to $99 on their cards beginning in February 2010.These actions follow last week's earnings reports http://www.lowcards.com/2009/10/in-past-week-citi-has-increased.htmlnoreply@blogger.com (Lynn)tag:blogger.com,1999:blog-22212562.post-7600759978175509065Wed, 21 Oct 2009 02:14:00 +00002009-10-20T21:18:58.656-05:00The September performance numbers from credit card issuers show the economicrecovery may not happen as quickly as politicians are predicting.The delinquency rates--the percentage of accounts where payments are overdue by at least one month--have increased for five of the six top credit card companies when comparing the September rates to August. (American Express reported an identical delinquencyhttp://www.lowcards.com/2009/10/latest-credit-card-numbers-show.htmlnoreply@blogger.com (Lynn)