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Terms Of The New Credit Cards Regulations
Blog Post Date: Feb 25 2010
CREDIT CARD ACT
TERMS OF THE NEW CREDIT CARDS REGULATIONS
10 things that credit-card issuers can still perform with proper notice:
* Alter your fixed-rate card to variable.
* Increase your Annual Percentage Rate on future purchases.
* Raise your variable rate without notice because it’s pegged to an index that went higher.
* Charge an annual fee on a card that didn’t have one.
* Lessen your rewards benefits.
* Raise the amount of existing fees.
* Charge you with an inactivity fee if you do not use the card enough.
* Present a new card product at whatever rate and terms they want.
* Terminate your account.
* Set your card limit lower.
Source: Consumer Action
LOTS OF PLASTIC
The top ten credit-card issuers and their total current balances as of June 30:
1. Chase -- $165.87 billion
2. Bank of America -- $150.82 billion
3. Citi -- $102.54 billion
4. American Express -- $78.16 billion
5. Capital One -- $55.46 billion
6. Discover -- $48.90 billion
7. Wells Fargo -- $30.89 billion
8. HSBC -- $26.09 billion
9. U.S. Bank -- $20.17 billion
10. USAA Savings -- $12.96 billion
Source: CreditCards.com and The Nilson Report
VIA Times Dispatch
Keyword: Credit Card
TERMS OF THE NEW CREDIT CARDS REGULATIONS
10 things that credit-card issuers can still perform with proper notice:
* Alter your fixed-rate card to variable.
* Increase your Annual Percentage Rate on future purchases.
* Raise your variable rate without notice because it’s pegged to an index that went higher.
* Charge an annual fee on a card that didn’t have one.
* Lessen your rewards benefits.
* Raise the amount of existing fees.
* Charge you with an inactivity fee if you do not use the card enough.
* Present a new card product at whatever rate and terms they want.
* Terminate your account.
* Set your card limit lower.
Source: Consumer Action
LOTS OF PLASTIC
The top ten credit-card issuers and their total current balances as of June 30:
1. Chase -- $165.87 billion
2. Bank of America -- $150.82 billion
3. Citi -- $102.54 billion
4. American Express -- $78.16 billion
5. Capital One -- $55.46 billion
6. Discover -- $48.90 billion
7. Wells Fargo -- $30.89 billion
8. HSBC -- $26.09 billion
9. U.S. Bank -- $20.17 billion
10. USAA Savings -- $12.96 billion
Source: CreditCards.com and The Nilson Report
VIA Times Dispatch
Keyword: Credit Card
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