Consumer advocates say that arbitration unfairly limits customers’ options and potential financial recovery.
On average, Americans have told surveyors they had 40 percent less credit card debt than they actually did, according to a new report from New York Fed researchers.
Those banks or businesses who choose to not make the move by the deadline will be required to take financial responsibility for any fraudulent purchases made with the outdated cards or at their business.
There is still much ambiguity when it comes to disclosing balance transfer fees and rewards redemption values, according to a new study from CardHub.com.
An update on the cost and rewards of owning credit cards found two striking trends: Initial cash/points bonuses are dropping, while cash-advance fees are surging. The second-quarter 2015 Credit Card…
“We are still finding that thousands of consumers paid for add-on benefits they were promised but never received.”
Unlike a regular credit card purchase, interest on cash advances, or those “convenient checks,” usually starts accruing right after the transaction.
The most important protection that small biz owners are missing is the rule that prohibits credit card companies from raising interest rates on existing debt — unless a cardholder is at least 60 days delinquent.
Facing weakened profits from tighter regulations and low interest rates, banks are unwinding lending standards that were tightened in the wake of the financial crisis.
A longstanding practice by American Express “results in higher costs to all consumers who purchase goods and services from these merchants,” the federal judge ruled.