LowCards.com Weekly Credit Card Update–October 24, 2014

Staples Investigates Reports of Possible Credit Card Data Breach The world's biggest office-supply retailer is investigating reports of a possible data breach of Staples customers' credit cards after banks detected a pattern of unusual charges concentrating on a group of … Continue reading

LowCards.com Weekly Credit Card Update–October 10, 2014

Banks in U.S. Moving to Chip-Based Debit and Credit Cards In the coming year, banks in the United States are likely to replace debit or credit cards with versions that have tiny computer chips embedded in them, a move aimed … Continue reading

Credit Card Debt Falls for First Time Since February

Credit card debt fell slightly in August for the first time since February, dropping $208 million or an annual rate of 0.3%. These were the findings of the latest monthly Consumer Credit report from the Federal Reserve. Americans now have … Continue reading

LowCards.com Weekly Credit Card Update–September 19, 2014

Millions of Americans' Wages Seized over Credit Card and Medical Debt Millions of Americans are still grappling with debt they've accumulated since the recession hit. And new numbers out show many are having a tougher time than you might think. … Continue reading

Credit Card Debt Reaches Post Recession High

New credit card debt in America hit a post-recession high in the second quarter of 2014, reaching a total of $28.2 billion, according to a new study. That is the largest amount of debt since the economic downturn and almost 200% … Continue reading

LowCards.com Weekly Credit Card Update–August 8, 2014

Why You Have To Start Paying Down Your Credit Cards Right Now Federal Reserve meetings aren't high on most people's list of interesting things, but if you have a credit card and carry a balance, you should probably start paying … Continue reading

LowCards.com Weekly Credit Card Update–July 11, 2014

Report Says Debt Settlement Companies May Leave Customers Worse Off Using a settlement company to help you dig out from underneath burdensome debt may sound appealing, but it may leave you worse off than when you started, according to new … Continue reading

LowCards.com Weekly Credit Card Update–June 13, 2014

Credit Card Use Surges in AprilAmerican consumers threw caution to the wind in April and ran up their credit-card balances at the fastest pace in almost 13 years. The amount of outstanding revolving credit--a figure that’s mostly credit card debt--rose … Continue reading

How Does Credit Card Interest Actually Work?

Why You Should Know How Credit Card Interest Works Credit cards are a great tool for individuals who don’t always have the necessary cash on hand to make a purchase. Most people don’t have unlimited access to capital, and that … Continue reading

LowCards.com Weekly Credit Card Update–May 23, 2014

Microchips in our Passports and Credit Cards: Are They Safe? U.S. passports have them. And these days, many more U.S. credit cards are starting to carry them, too. The tiny plastic chips embedded in passports and credit cards are primarily … Continue reading

LowCards.com Weekly Credit Card Update–May 12, 2014

Target CEO Steps Aside After Massive Data Breach A Christmas-season cyberattack on Target's computer systems did more than expose massive amounts of customer credit card data to potential fraud. It also turned up the heat on deeper troubles that simmered … Continue reading

Credit Card Debt Drops for Second Straight Month

The latest Consumer Credit report from the Federal Reserve shows that credit card debt has decreased for the second consecutive month. The February G19 report shows that revolving credit, made up mostly of credit card debt, decreased $2.4 billion from … Continue reading

21 Cent Swipe Fee Cap Remains after Appeal

Last Friday, a federal appeals court upheld the Federal Reserve's 21-cent cap on swipe fees that banks are allowed to charge merchants on debit card transactions. In 2011, Congress asked the central bank to establish a "reasonable" cap for interchange … Continue reading

LowCards.com Weekly Credit Card Update–March 21, 2014

Consumers Not Powerless in Face of Credit Card Fraud Most card companies already have custom alerts and other features that not enough consumers use. Then there's something that all cards should have but most don't--an on/off switch accessible from a … Continue reading

Consumer Borrowing Jumps in December

Demands for auto, student and credit card loans experienced significant increases in December, according to the latest figures from the Federal Reserve. Consumer credit increased $18.8 billion in December, an annual rate of 7.3%. This was the biggest increase in 10 months. Over … Continue reading

Free Checking Accounts More Available in Small Banks

In June, 2011, the Federal Reserve limited the fees banks could charge retailers for debit card purchases to $0.24 per transaction. This was a significant decrease from the previous average of $0.43 per swipe. Many analysts thought banks would make … Continue reading

LowCards.com Weekly Credit Card Update–December 13, 2013

Mobile Banks Gaining Popularity with Young Consumers The new alternative banks work with traditional banks to hold deposits, so the money in your account is FDIC-insured. GoBank is the mobile banking arm of the Green Dot Corporation, which holds the … Continue reading

Household Net Worth Reaches Record $77.3 Trillion

Household net worth hit a record high of $77.3 trillion at the end of the third quarter, according to the Federal Reserve’s Financial Accounts of the United States. This was an increase of $1.92 trillion over the second quarter figure. … Continue reading

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

MasterCard 3rd-Quarter Net Rises 14% on Increased Purchases MasterCard said third-quarter earnings rose 14% as spending on its credit and debit cards continued to grow. MasterCard, like its larger rival Visa, operates a payments network that processes transactions made on … Continue reading

The History of the Credit Card

Technology, innovation and social media are bringing changes to credit card payments. Consumers have been slow to adapt to these changes, but that should not come as a shock. History shows that methods of payment change and evolve slowly. Until … Continue reading

LowCards.com Weekly Credit Card Update–October 10, 2013

Americans Cut Back on Credit Cards Again Consumers cut back on using credit cards in August for a third consecutive month, a sign that consumers are still cautious about spending. Consumers increased their borrowing $13.6 billion in August to a … Continue reading

Credit Card Debt Continues Steady Decline

Consumers continue to be very cautious with their credit cards. Revolving balances on credit cards declined for the third straight month in August, according to the latest Consumer Credit Report by the Federal Reserve. Balances have declined by over $6 … Continue reading

LowCards.com Weekly Credit Card Update–September 20, 2013

CFPB's Data Mining of Credit Card Data Challenged in Heated House Hearing Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year--up to 42 billion transactions--through a controversial data-mining … Continue reading

Credit Card Debt Falls Again

Consumers remain cautious about carrying credit card debt, but are borrowing more for auto and student loans. The latest Federal Reserve Consumer Credit Report showed that Americans continued to carry less debt on their credit cards in July. Revolving credit, … Continue reading

Printing Errors Will Force Destruction of Possibly Millions of $100 Bills

The Federal Reserve announced a new design for the one hundred dollar bill two years ago, but it was unable to put the money into the market because of some errors at the printing factory. A report from July indicates … Continue reading

LowCards.com Weekly Credit Card Update–August 9, 2013

An $18 Million Lesson in Handling Credit Report Errors Julie Miller could not get the big credit bureau to remove a host of errors that it inserted into her credit report. So she tried suing and that worked. A jury in … Continue reading

Credit Card Debt Declines in June

Overall consumer credit increased at an annual rate of nearly 6% in June, but none of this was due to consumers charging more on their credit cards. In fact, consumers seem to be paying more of the balance on their … Continue reading

Retailers Big Winners in Court’s Swipe Fee Ruling

A federal judge today ruled against a 2011 Federal Reserve rule on fees charged for debit-card transactions. The judge sided with retailers' arguments that the Fed was too lenient on banks when it capped the fees in October of 2011. This … Continue reading

Credit Card Debt Soars, Yet Delinquencies Fall

Two reports released yesterday showed how healthy the economy is for credit card issuers. Credit card debt posted its largest increase in a year, a sign that consumers may be more optimistic about their personal finances. In addition, American households … Continue reading

LowCards.com Weekly Credit Card Update–June 14, 2013

4 Reasons Excessive Overdraft Fees Just Won't Go Away Despite regulatory reform aimed at reining in checking account overdraft fees, the penalty is still a cash cow for banks--to the tune of about $31 billion a year. The CFPB thinks … Continue reading

The Nation’s Highest Student Debt Is in Washington D.C.

According to the Federal Reserve's first quarter report for 2013,  Washington D.C. has the highest level of student loan debt in the country. More than 25% of the district's population is carrying student debt right now, which is a higher percentage … Continue reading

LowCards.com Weekly Credit Card Update–May 10, 2013

Credit Card Companies Battle in China The Ms. Magic credit card from China Citic Bank is dotted with crystals and offers free beauty treatments and health insurance. Huaxia Bank's Pretty Lady card entices women with triple points for cosmetic purchases … Continue reading

Mobile Banking Continues to Increase

More consumers are turning to their phones to take care of their banking needs according to the latest data from the Federal Reserve. The study, entitled Consumers and Mobile Financial Services and done in late November, showed that 28% of mobile … Continue reading

Consumers Paid $32 Billion in Overdraft Fees in 2012

Consumers are once again paying more in overdraft fees despite regulations designed to protect them from these charges. Last year, consumers paid $32 billion in overdraft fees, a $400 million jump from 2011 according to a recent study by Moebs … Continue reading

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

Lawmakers Target Unfair Overdraft Charges Democrats have introduced a bill that would limit the cost of overdraft fees and prohibit practices that increase the likelihood customers will overdraw their accounts. The Overdraft Protection Act would prohibit financial institutions from charging more … Continue reading

Senate Committee Approves Cordray to Head CFPB

The nomination of Richard Cordray to again head the Consumer Financial Protection Bureau was approved by the U.S. Senate Banking Committee by a 12-10 vote that was split down party lines. Every Democrat on the Committee approved Cordray, every Republican … Continue reading

Vote on CFPB Director Set for Tuesday

After this week's confirmation hearings, Republican senators continue to block the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. However, a Senate panel has scheduled a meeting for March 19 to vote on Cordray, as well as … Continue reading

Consumer Credit Increases for Sixth Straight Month

New data from the Federal Reserve shows that consumer credit rose for the sixth consecutive month in January, fueled almost entirely by auto and student loans. The $16.2 billion increase, which equates to an annual rate of 7 percent, is … 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

Debit Card Swipe Fees Have Dropped Dramatically

The Federal Reserve has issued a report on the effect on the Durbin Amendment which shows a drastic reduction has taken place in debit card interchange fees. As a result, the Federal Reserve does not plan to take any further action … Continue reading

Younger Adults Now Have Less Debt But Fewer Assets

Young adults are carrying less debt than before the start of the 2008 recession, primarily because they own fewer major assets. A new analysis from the Pew Research Center released today shows that Americans under the age of 35 are … Continue reading

Who Has Access to Your Credit Report?

Since credit reports contain sensitive personal information, access to them is limited. The three main credit report bureaus--TransUnion, Equifax and Experian--can only provide your credit reports to people you seek to do business with. But the number of different people … Continue reading

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

California Supreme Court Makes it Easier for Apple, Online Businesses to Collect Personal Data A divided California Supreme Court ruled that online merchants such as Apple and Ticketmaster can require consumers to furnish personal information to make credit card purchases. … Continue reading

Consumer Credit Figures Increase for Fifth Straight Month

U.S. consumers increased their debt in December by a seasonally adjusted 6.3 percent or $14.6 billion, according to the monthly G19 report from the Federal Reserve. This was the fifth consecutive monthly increase in consumer credit. In November, consumer borrowing … Continue reading

LowCards.com Weekly Credit Card Update January 11

Why More Americans Will Fall Behind on Their Credit Card Bills This Year A quarterly report issued last month by the Federal Reserve Bank of New York said that, although our total debt dropped by $74 billion in the third … Continue reading

Fourth Straight Monthly Increase in Consumer Credit

Outstanding consumer credit increased by $16.1 billion in November, the second straight month of significant gains, according to the latest Consumer Credit Report from the Federal Reserve. This also represented the fourth straight month of increases in consumer credit. Consumer credit increased … Continue reading

Consumer Credit Increases 6.2 Percent in October

Consumer added more debt again in October according to the latest monthly report from the Federal Reserve. Consumer credit rose by a seasonally adjusted $14.2 billion, a larger increase than economists had predicted. This is the third straight monthly increase. An … Continue reading

Households Cutting Debt, Increasing Net Worth

The latest Flow of Funds Report from the Federal Reserve points to several positive economic trends. Household net worth rose by $1.7 trillion to $64.77 trillion. This was a 2.7 percent  increase and was mainly due to higher home prices. … Continue reading