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Credit Cards: Senate Gives Stores More Flexibility on Fees, Discounts
By Tom Diemer - Politics DailyEvery time you swipe that plastic, it costs not only you as a customer but also the store where you're doing business. But with a nod to small businesses, the U.S. Senate wants to give retailers more flexibility in offering discounts to buyers who pay with cash or use credit cards with cheaper bank fees. The amendment to the broader financial reform bill passed, 64-33, on Thursday with 17 Republicans joining a Democratic majority. The legislation would also allow retailers to set minimum thresholds for accepting cards and direct the Federal Reserve to write rules determining what is ...
Shoppers Get New Protection for Gift Cards
By Joseph Schuman - AOL News(March 23) -- American consumers will be protected from hidden fees and untimely expiration dates that chain stores, credit card companies and other merchants tie to retail gift cards under new rules issued by the Federal Reserve. The rules will cover bookstore chains, clothing retailers and other kinds of affiliated stores that make up the majority of gift card issuers, as well as prepaid cards of the kind typically issued by Visa, MasterCard and others that can be used as debit cards wherever credit cards are accepted. And they will affect the estimated 95 percent of Americans who have ...
Get Ready for Round 3 of Credit Card Reform
By Broderick Perkins - AOL News(March 19) -- Don't take the shears to your credit card just yet. While credit card issuers may have managed to stay one step ahead of consumer-protection regulations, the next round of Credit CARD Act provisions will force them to roll back some of their charges. "This proposal addresses two key costs of using a credit card -- fees and interest rates," said Federal Reserve Governor Elizabeth A. Duke. Before the Fed could roll out the first phase of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 in August, credit card issuers used the time to jack up ...
Opinion: Credit Card Users Need Relief Now
By not in system - AOL News(Nov. 24) -- As you reach for your credit card this holiday season, be aware that your bill may have some unpleasant surprises in store for you: interest rate hikes and decreased credit limits, even if you have good credit and pay your balances on time. Congress passed a law in May to crack down on the abusive practices of credit card companies and stop these tricks and traps from happening. However, the law doesn't go into effect until February. This nine-month phase-in period was supposed to give companies time to prepare for the new rules. But instead, many creditors are taking ...
New Fed Rules Will Restrict Overdraft Fees on Debit Cards
By David Sessions - Politics DailyNew rules announced by the Federal Reserve on Thursday will restrict banks from charging overdraft fees without customers' consent on some debit card purchases, the New York Times reports. Banks will be required to explicitly outline their overdraft policies in clear language and obtain the customer's written consent before charging fees to his or her account. Part of an effort to restrict predatory credit practices, the new regulations will take effect next summer and will affect both new and existing debit cards. The new rules will not apply to checks or recurring debit card purchases, such ...
House Puts Checks on Credit Cards
By Patricia Murphy - Politics DailyFellow Capitolists, do you have a credit card? If you said yes, keep reading because this applies to you. The House passed a bill this afternoon to give you and your plastic a "credit card bill of rights." The only change that would start immediately is the requirement that Visa (et. al.) give 45-days notice if they're changing your interest rate. Your other rights will kick in a year from when the bill gets signed, and they include:* Paying over the phone or online without a fee (finally!);* The right to set your own fixed credit limit (really); * Keeping your existing interest rate on what ...
Congress Moves to Curb Credit Cards for 21 and Under
By Lynn Sweet - Politics DailyAfter bailing out Wall Street, Democrats in Congress and President Obama are pushing reforms intended to protect individual consumers from unfair financial practices---especially from credit card companies. ...
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