CARD Act of 2009 Takes Effect Today
February 22nd, 2010
It’s been a long nine months since the CARD Act was signed into law, but the wait is finally over. Today is the day! The Credit Card Accountability and Disclosure Act of 2009 is now officially in effect.
Unfortunately, there’s nothing really new and exciting to talk about. Everyone, including myself, has beaten this topic to death for almost a year now. However, I just couldn’t let the day pass by without at least mentioning the significance of the new rules taking effect. More »
Posted By: Joshua Heckathorn | Comments (0)New Annual Fee: Should I Pay Up or Move On?
February 16th, 2010
Dear Creditnet: I just received information in the mail Saturday that Citi Platinum Select will now start charging an annual fee of $60. I have had this card since 1989.
Of course there are ways to avoid that fee, but should I just start looking for another credit card? More »
Posted By: Elisabeth Chan | Comments (0)Better Safe Than Credit-Less
February 10th, 2010
In spite of all the consumer-friendly changes the CARD Act of 2009 will bring to the credit card industry, there’s absolutely nothing that will stop credit issuers from continuing to slash credit limits or close accounts whenever their little hearts desire.
For some changes, such as new annual fees or revamped rewards programs, they may need to provide you with 45-days’ advance notice, but there’s no such rule in the event of an account closure. In fact, they don’t even need to give you prior notice at all. More »
Posted By: Joshua Heckathorn | Comments (3)Capital One Accused of Dishing Out Low Blows
February 5th, 2010
What would you do for a whopping $1.00 of new credit from your credit card issuer? Hmmmmm…let me see—nothing?
You certainly wouldn’t agree to move old charged-off debt to a new credit card just so you could start making payments and paying interest again, right? That would be absurd! That is, unless you were tricked into doing so. More »
Posted By: Joshua Heckathorn | Comments (0)
