Credit Cards Blog

Monday, August 16, 2010 12:45 pm
By Leslie McFadden · Bankrate.com

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

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Thursday, August 12, 2010 2:16 pm
By Leslie McFadden · Bankrate.com

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

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Wednesday, August 11, 2010 2:09 pm
By Leslie McFadden · Bankrate.com

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

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Monday, August 9, 2010 4:21 pm
By Leslie McFadden · Bankrate.com

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

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Thursday, August 5, 2010 2:32 pm
By Leslie McFadden · Bankrate.com

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

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Monday, August 2, 2010 9:38 am
By Leslie McFadden · Bankrate.com

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

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Thursday, July 29, 2010 2:33 pm
By Leslie McFadden · Bankrate.com

Do you use rewards credit cards for every purchase you make? A new study from the Federal Reserve Bank of Boston might make you feel a tad guilty about doing so. The report authors contend that using credit cards as payment generates “a nontrivial transfer of income from cash to card payers” and from the

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Tuesday, July 27, 2010 3:20 pm
By Leslie McFadden · Bankrate.com

FICO announced today that more than 2,700 lenders are using its latest and greatest consumer credit scoring model known as the “FICO 8 Score.” According to FICO’s own research, its newest credit score improves credit risk prediction by as much as 15 percent over earlier generations. The score debuted in 2009, but the process of testing

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Monday, July 26, 2010 9:48 am
By Leslie McFadden · Bankrate.com

A provision in the new financial reform law will allow consumers turned down for credit or offered less favorable terms because of their credit report or score to get a free credit score disclosure with their adverse action notice. An overlapping set of federal regulations that were finalized last year will likely broaden access to

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Thursday, July 22, 2010 4:36 pm
By Leslie McFadden · Bankrate.com

A new report released today by the Pew Health Group’s Safe Credit Cards Project shows the impact the Credit Card Accountability, Responsibility and Disclosure Act (CARD) Act of 2009 has had on the credit card marketplace. “The CARD Act accomplished its goal, and that was to make the credit card market a more transparent and fair place

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