credit card
Bank of America Extends CARD Act Protections to Small Biz
Bank of America recently announced it will give small business relief from fees for going over credit limits and apply their payments to the portion of their balances with the highest interest rate. The announcement makes BofA the first major small business card issuer to commit to not retroactively raising interest rates on old balances. Full Article.
Credit card over limit fees persist for small businesses
The credit card reform Congress passed last year ended “over limit” penalties –- typically $35 fees applied when cardholders charge more than their credit lines allow -– unless customers opt in. At least for consumers –- not so for business credit cards, which the CARD Act does not regulate at all. Now, with two sets of rules, confusion abounds. Full Article.
Shock and Awe – How Much Your Credit Card REALLY Costs
Your next credit card statement is going to contain an ugly truth: how much that card really costs to use. Now, thanks to a long-awaited law that goes into effect 2/22/2010, you'll know that if you pay the minimum on a $3,000 balance with a 14 percent interest rate, it could take you 10 years to pay off. Full Article.
5 Moves to Make Ahead of the New Credit Card Law
With new credit card regulations starting in less than a month, you may need to take stock of your credit card portfolio. The most important thing to do is be aware of your card terms. Pay attention to what is and isn't featured in the credit card and check to make sure you won’t be hit with an annual feel that could be as high as $100.00. Full Article.
Six New Credit Card Booby Traps on the Way
What Congress giveth, credit card companies are poised to take away. In six weeks, the final major provisions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act will take effect. Issuers have, however, reacted to the sweeping new consumer protection law by quickly inventing new egregious tactics. Full Article.
Newest Bank Fees
Interesting USA Today article about banks charging new fees to cardholders. Others already charge annual fees to cardholders who don’t put more than a specific amount on their cards. Full Article.
