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” practices by credit card issuers. Sen. Carl Levin, D-Michigan, chairman of the Permanent Subcommittee on Investigations, today asked the Fed to clarify and strengthen the Credit CARD Act of 2009, enacted in May but slated for full implementation Feb. 22.

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 of the interest charge.

Choosing A Credit Card: The Deal is in the Disclosures

When you are choosing a credit card, there are many features — and several kinds of cards — to consider: Fees, charges, interest rates, and benefits can vary among credit card issuers. As a result, some credit cards that look like a great deal at first glance may lose their appeal once you read the terms and conditions of use and calculate how the fees could affect your available credit.

Rates, Fees Edge Higher Ahead of New Reform Laws

Some credit card issuers have raised interest rates, minimum payments due and lowered credit limits ahead of new laws that take full effect in February 2010.