Report: Credit Cards Deploying ‘Pick-A-Rate’ Tactic
Credit card issuers are deploying a new tactic ahead of reform laws in February – dubbed “pick-a-rate” – that uses the highest prime rate in a 90-day period, instead of using the customary ...
Reform Prelude: Variable Rate Credit Cards Abound
Led by Chase – the top issuer – credit card providers are converting more of their best-rated customers to variable interest rates, a policy category that is exempt from provisions in the upcoming ...
House Democrats to Seek Credit Card Rate Cap at 16%
Undeterred by similar stalled or failed efforts in recent weeks, several House Democrats say they will seek a credit card interest rate cap at 16 percent.
After the Thanksgiving holiday, they also will push for a ...
Fed Offers Vital Credit Card Tips for Black Friday Kick-off
The Federal Reserve wants “Black Weekend” shoppers to use their credit cards wisely, so it is placing 45-second ads to drive the message home in movie theaters through Dec. 3.
The ads will appear before ...
Citi Reports It Helped 130,000 Avoid Foreclosure in Third Quarter
Citigroup helped about 130,000 homeowners avoid foreclosure on mortgages valued at more than $20 billion in the third quarter, Citi reported today.
Citi’s loss mitigation results outnumbered completed foreclosures by ...
Senator to Fed: Bolster Reform Law to End Credit Card Tactics
A key democratic senator has joined a prominent consumer group in urging the Federal Reserve to act now, three months before reform laws take effect, to stop “unfair” rate hikes and other “abusive” ...
By Senate Standards, Dodd’s Video on Card Rates Freeze is a Hit
Nearly 5,000 views on YouTube is mere pittance, but by Senate floor standards, Sen. Chris Dodd’s impassioned plea to freeze credit card interest rates is a hit.
Consider that the nearest competitor among Dodd’s ...
Chase, Amex Push Direct Mail Card Offers to 10-Month High
With Chase and American Express leading the pack, credit card issuers sent out 180 million direct mail offers to U.S. consumers in October, a 34 percent jump over September’s batch of mailings.
It marks the ...
Consumer Group Asks Fed to Halt ‘Unfair’ Interest Rate Hikes
A prominent consumer group has formerly asked the Federal Reserve to stop credit card issuers from “unfairly hiking interest rates” and put a halt to other dubious practices ahead of credit industry ...
Citi’s ‘Earn Interest Back’ Offer Requires Hefty Monthly Spending
Citibank is offering their customers an “earn interest back” option to offset higher interest rates. The catch: they need to spend as much as $1,000 minimum every month to get a 10 percent reduction ...
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