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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

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Credit card issuers have been making major adjustments post the card act

2011-03-30

The credit card sector got a much-needed overhaul due to the congress and some of the worst practices that prevailed in the industry had to be done away with. Card issuers were made more accountable with regard to the information about their credit cards.

Now a year later, the new Consumer Financial Protection Bureau is reviewing the whole situation to see if the new set of rules has worked. It will bring together consumer advocates, insiders, and academics to review the whole situation and it is more likely to get a mixed response. While the consumer advocates seem to have given a favorable response, the experts from the card industry have claimed that it has led to a bump in the interest rates as well as less available credit for those in the high-risk category.

The CARD Act had been signed into a law in the year 2009, however, most of the reforms only kicked in during 2010. As part of the changes that were brought in card issuers have restrictions on raising the interest rates ad-hoc. The rates increases could only be carried on the new balances and not on the old ones. The customers will have to get a 45-day notice period from the card issuers before bringing in the new rates. This would help consumers to shop around for cards with better offers. Even the late fees were capped. Consumers seem to have no complaints with the latest amendments and are more than happy with these new rules that have come into play.

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[Sunday, December 18, 2011]
Chase Bank recently announced the redesign of its Visa credit cards - allowing more space on the front for the Chase logo. This new design is in trial mode currently but Visa has pans to roll out its new design to other financial institutions in order to increase the branding and logo visibility of the individual issuing banks.
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[Friday, October 28, 2011]
Debit and credit: they`re both plastic, why not consolidate them? The Cinncinati-based Fifth Third Bank, is the first to offer the DuoMasterCard which consolidates both a checking and a credit card account into one card.
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[Wednesday, September 21, 2011]
It really pays when you do the right thing. Take credit cards for instance, having a clean credit profile really does help. Those who managed to maintain a squeaky clean credit report during the recession can now jump with joy, as they will get some of the best deals from credit card issuers.
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