Credit Cards Blog

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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Monday, July 19, 2010 2:11 pm
By Leslie McFadden · Bankrate.com

Today Bankrate released the results of our first-ever survey of debit card rewards programs. The 40 programs available through larger banks and credit unions varied in terms of restrictions and payout, but most offer fee-free rewards with no cap on the amount you can earn. Signature-based transactions generate more interchange revenue for the card issuer

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Thursday, July 15, 2010 1:59 pm
By Leslie McFadden · Bankrate.com

The Senate voted to move forward with the Dodd-Frank Wall Street Reform and Consumer Protection Act, 60-38, and will likely begin a final vote around 2 p.m. today. Bankrate will be rolling out a series of articles detailing what the legislation means for you. On the credit side, the act would require companies that deny

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Monday, July 12, 2010 2:54 pm
By Leslie McFadden · Bankrate.com

The Credit CARD Act of 2009, which rolled out its biggest batch of rules in February 2010, eliminated a number of anticonsumer practices used by credit card issuers, such as “any time, any reason” rate increases on existing debt. Among the many provisions in the legislation is a requirement that promotional rates on credit cards

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Thursday, July 8, 2010 2:13 pm
By Leslie McFadden · Bankrate.com

This week I made use of a credit card perk probably few people know of or use: purchase protection coverage. What happened: My earbud headphones, which I use daily while walking in the city, broke two days ago and needed replacing. I headed straight to an electronics store and bought a new pair on my Blue

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