Bookmark this page
A small myFICO survey of parents with college-age children reveals that while a whopping 82 percent of parents say they’ve talked to their kids about the importance of credit, nearly half are uninformed about a restriction in the Credit CARD Act that makes it harder for adults under the age of 21 to get a credit card.
The third batch of provisions from the Credit Card Accountability, Responsibility and Disclosure Act (Credit CARD Act) of 2009 took effect Sunday. The new rules limit penalty fees on credit cards, require evaluations of rate increases every six months and extend the life of gift cards. The CARD Act has been rolling out in stages from
Customer satisfaction with credit cards has rebounded this year from a three-year low in 2009, according to a new study from J.D. Power and Associates. Overall credit card satisfaction with the top 10 issuers averaged 714 on a 1,000-point scale for 2010, up 9 points from 705 last year. The study, in its fourth year,
This Sunday, the final batch of provisions from the Credit Card Accountability, Responsibility and Disclosure Act (Credit CARD Act) of 2009 takes effect. The Aug. 22 rules, which you can read about in more detail in the Bankrate feature, “New credit card rules limit penalty fees,” restrict credit card penalty fees in most cases to
Do you wish your credit cards came with spending controls?
As reported by the New York Times on Friday, Citigroup will become the first U.S. bank to issue debit and credit cards that feature inControl, an appropriately-named service from MasterCard that lets consumers set spending limits and transaction alerts on their MasterCards.
According to the article, inControl
Yesterday the Federal Reserve Board issued an interim final rule that postpones certain aspects of the gift card rules required under the Credit CARD Act to take effect on Aug. 22, 2010. The CARD Act requires that gift cards can’t expire in less than five years since the last load of funds. It also limits
Credit cards designed specifically to finance dental, health care and even veterinary expenses have come under recent investigation by New York Attorney General Andrew Cuomo. Last week, Cuomo subpoenaed 10 dental and health care providers that promote the CareCredit from GE Money, and this week four more providers were ordered to provide information about their
Pop quiz: Residents of which major U.S. city have the highest average monthly credit card balance?
It’s not New York. New Yorkers hold more open cards than folks in any other U.S. metropolitan area, but don’t have the highest average monthly balance to show for it. A new study from Experian shows that out of the
In today’s post, I want to address a reader’s question regarding credit inquiries. Inquiries are notations on your credit report that indicate when someone has checked your credit file. Only the “hard” inquiries associated with an application for a new financial obligation, such as a loan or credit card, impact your credit score.
A single inquiry
Debt settlement and other for-profit “debt relief” firms that sell their services over the phone will soon be barred from charging a fee before they settle or reduce a customer’s credit card debt or other unsecured debt. The Federal Trade Commission last week issued amendments to the Telemarketing Sales Rule that go into effect later
