LowCards.com Weekly Credit Card Update–May 30, 2014

Correcting Your Credit Report Gets Easier You just got more of a say in fixing errors on your credit report. Pushed by the Consumer Financial Protection Bureau, major credit reporting companies Equifax, Experian, and TransUnion have changed their complaint systems … Continue reading

LowCards.com Weekly Credit Card Update–April 18, 2014

States Probing Massive Data Breach of Social Security Numbers In what could be one of the biggest data breaches in history, the federal government and authorities in several states are investigating the criminal sale of Social Security numbers, bank account … Continue reading

LowCards.com Weekly Credit Card Update–July 19, 2013

Wells Fargo Eyes a Credit Card Push Wells Fargo has the most retail banking branches in the country, and makes the most mortgages, small business loans, commercial real estate loans and auto loans, but it is small in credit cards. … Continue reading

Earnings Soar for Most Major Banks

Most major banks saw their profits soar during the second quarter of 2013. Quarterly earnings increased as banks lowered their credit loss provisions, the economy improved and customers paid down their debts. The reports also showed that the credit card business for most … Continue reading

Citi Sells Brazilian Credit Card and Finance Business

Citigroup announced last week that it will sell its Brazilian credit card and consumer finance business to Banco Itaú Unibanco, Brazil's largest bank based on market value. The sale was reportedly made for $1.3 billion and includes 96 Credicard branches and approximately … Continue reading

LowCards.com Weekly Credit Card Update–March 8, 2013

Young Adults Retreat From Piling Up Debt Total debt among young adults dropped in the last decade to the lowest level in 15 years. A typical young U.S. household, defined as one led by someone under age 35, had $15,000 … Continue reading

LowCards.com Weekly Credit Card Update–February 22, 2013

FTC: Cramming Fraud Targets Consumers’ Credit Cards The FTC has added a new alert about a fraud called cramming where small charges of $10, $20, or $30 are secretly inserted onto your credit card bill. These small charges add up … Continue reading

Citi to Purchase Best Buy Credit Card Portfolio

Citigroup is buying Capital One's portfolio of Best Buy branded credit cards, allowing Capital One to end its Best Buy agreement early. The cards have loan balances of about $7 billion. The financial details were not released. The sale is … Continue reading

Issuers Defend Arbitration Clauses in Credit Card Agreements

American Express, Citigroup and Discover went to court this week to defend charges that they acted together to make customers agree to settle credit card disputes through arbitration instead of class action lawsuits. The lawsuits were filed by customers who … Continue reading

Banks Reach $8.5 Billion Foreclosure Settlement

On Monday, ten U.S. banks agreed to pay $8.5 billion to settle regulator's accusations that they didn't follow the correct foreclosure process and made errors in the loan process. This includes the robo-signers used to sign off on thousands of … Continue reading

Banks Extend Waivers for Sandy Victims

Some of the nation's biggest banks have extended temporary waivers through Wednesday, November 7 on a variety of fees and late charges for residents of states hit hard by Superstorm Sandy. The banks waiving fees include JP Morgan Chase, Citigroup, … Continue reading

LowCards.com Weekly Credit Card Update October 19

Credit Cards Charge Up Healthy Margins Consumer confidence is up, and household debt is down. That's good news for retailers. It's also good for credit card processors Visa and MasterCard. Strong revenue is only part of the story. Leveraging profits … Continue reading

Libor Scandal Still Shaking the Financial World

The Libor financial scandal has been bumped from the headlines, but governments and regulators around the world are reacting through regulations and legislation that will reshape Libor and how rates are set. Investigations into banks and criticism of public officials … Continue reading

Citi Issues First Foreign Credit Card in China

Citigroup has become the first international bank to issue a solely-branded credit card in China. This represents a significant accomplishment in what is eventually expected to become the world's largest credit card market. Citi's credit card will be accepted in … Continue reading

Libor Scandal Could Rock the Financial World

London is shining in the spotlight as the host of the Olympics, a welcome distraction from the Libor (London Interbank Offered Rate) rate-fixing scandal that threatens to rock the financial world. The Libor scandal is far reaching for both consumers … Continue reading

Credit Downgrade of 15 Global Banks Could Be Costly for Consumers

Last Thursday, Moody's Investors Service cut the credit rating of fifteen banks due to their significant exposure to the volatility and risk to the global financial markets. Earlier this month, Standard & Poor's also warned that the United States could … Continue reading

Further Declines in Credit Card Defaults and Delinquencies

More Americans are paying their credit card bills on time as well as carrying less of a balance. According to figures from last week's regulatory filings, credit card delinquencies decreased for each of the top six credit card issuers in … Continue reading