SUSAN TOMPOR: Credit card issuers raise big penalties
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Savvy consumers should skip over the bold print for 0-percent introductory rates for credit cards and head straight to the penalty box.
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The chief executive of Chase Card Services, one of the nation's five largest credit card issuers, will apologize to Congress today for charging a financially strapped customer $7,500 in interest charges and late fees on purchases of $3,200, the company said yesterday.
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The Federal Reserve's dramatic rate cuts were expected to make it cheaper for consumers to use credit cards. But credit card interest rates remain high and in many cases have even climbed.
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A Senate panel is examining complex billing and interest-rate practices for credit cards that critics say confuse consumers and can push them deeper into debt.
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If you have a credit card with a variable interest rate, you may have noticed your rates have been going up.
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Keep an eye on your credit card issuers -- they may be about to raise your rates.
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Having credit card commitment issues? Go ahead, play the field.
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As subprime borrowers began to default on their mortgages in rapidly growing numbers this year, credit card issuers increased their efforts to sign up such customers with tarnished financial histories, according to a market research firm.
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Last yearâs bankruptcy reforms could make the current credit squeeze even worse; the varieties of money laundering; and a warning to customer service managers.
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A credit union in Massachusetts has sent TJX an invoice for $590,000 to cover the monetary costs and reputational damage that the financial institution says it incurred as a result of the data breach disclosed by the retailer in January.
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Point-of-sale (POS) systems pose a clear but often overlooked danger to consumer credit card data, according to a whitepaper from Hacker Factor Solutions.
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Hackers who struck TJX Cos.' computer system into last year exploited many security problems and violations of credit card handling rules within the Framingham retailer's data network, according to a recent court filing by a former MasterCard official.
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IN THE EARLY DAYS of credit cards, lenders didn't market to deadbeats with a history of paying their bills late or missing payments. But as late fees and interest charges became a prime source of revenue, credit card issuers no longer put a priority on being paid back - at least not quickly.
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Many consumers believe that credit card come-ons are borderline deceptive. Now, a federal banking watchdog is expressing similar concerns that credit card solicitations promise more than they deliver.
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With the threat of new regulations looming, some credit card issuers on Wednesday promised lawmakers they would ease penalties and simplify tiny-print disclosures that few consumers read.
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Consumers pay the price for high merchant fees.
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NEW YORK -- Americans paid their credit card bills on time at a record high level in June, sending credit card delinquencies to their lowest level in four years, Moody's Investors Service said yesterday.