Around 18,000 customers of Capital One Financial Corp. will receive reimbursements totaling $775,000 in annual credit-card membership fees after the Office of the Comptroller of the Currency (OCC) deemed them as unfair.
Capital One was found to have unjustly billed 3,400 cardholders $125,000 in annual fees even after they have closed their accounts from 2004 to 2006. The bank acknowledged the … (more)
Visa credit cards recently announced that they will be expanding their no signature required for credit card transactions below $25 to 98% of its 800 retailer categories, in their efforts to find ways to help retailers or stores facilitate their payment transactions.
Fantastic Sams a hair salon located in Bradenton, Florida is thrilled with the recent decision of the credit card … (more)
Three leading credit card issuers have disclosed better-than-foreseen delinquency and charge-off rates last month but the worst is far from over.
These banks, Bank of America, Capital One and Discover, remain in a stressed environment, with consumers still emerging from peaking rates of unemployment. As it is, these delinquency and charge-offs remain high.
But these issuers are taking advantage of people defaulting … (more)
Crouse, 56, a Maryland resident, is a victim of identity theft. In less than six months, his name and account number had been used to rack up unauthorized transactions amounting to $900,000. He has since been trying to clear up his name and jack up his sagging credit standing, spending $100,000 in the process.
Previously, Crouse held a high paying job … (more)
Typically credit card issuers offer attractive credit card balance transfer deals, wherein cardholders can transfer their credit card balance to another bank for a small fee. What’s good about these types of deals is that they normally carry low interest rates, with some banks even offering zero interest grace periods. These programs are targeted towards individuals who find interest fees … (more)
The State of Illinois has recently filed lawsuits against four debt settlement firms for deceptive business practices, charging exorbitant fees, and not helping alleviate the plight of customers. City officials are also now mulling on creating legislation that would increase the penalties on abusive debt settlement companies.
According to a city official, many hard-up customers today are getting ripped off by … (more)
Jason Slat is an ardent user of credit cards and ATM cards but had never fallen victim to identity thieves until one day. It was around 6 pm when he received a call from a man who identified himself as a bank representative. He asked Jason if he had a credit card with them and he answered in the affirmative. … (more)
Credit union issued credit cards offer a lot of benefits to users that bank-issued cards don’t. These types of credit cards typically offer lower interest fees and charges compared to conventional credit cards. Since credit unions are not for profit organizations owned by members, they can afford to offer very competitive rates. According to a survey conducted by the Pew … (more)
Low sales receipts taxes have attracted hordes of US companies, mostly small-scale to medium –scale firms, to set-up payment processing facilities in Caribbean countries such as St. Kitts and Aruba. SWAT, a small software design outfit based in New York, directs their credit card payments to a bank in Panama, which saves them a considerable amount of money in taxes. … (more)
The new credit card regulations which will be coming with the partial activation of the Credit CARD Act on February 22 have long been awaited by credit card holders. The act, which was made into law last year, is aimed at reducing the risks that consumers take on when they get credit cards. While a lot of consumers are excited … (more)