Credit Card Rates Rise Again

Posted on August 21, 2009
Filed Under Credit Card News, rates | Leave a Comment

NEW YORK (CNNMoney.com) — The nation’s banks raised credit card rates and increased their profit from lending to consumers in the first half of 2009, according to a consumer advocacy group.

The Pew Safe Credit Cards Project said Monday the median lowest advertised credit card rate rose to 11.99% in July from 9.99% in December. At the same time, the group said, the profit banks made on credit card debt rose 46%. Read more

Fixed-Rate Credit Cards May Vanish

Posted on July 21, 2009
Filed Under Chase Cards, Discover | 1 Comment

Could fixed-rate credit cards soon be a thing of the past?

In June, Bank of America Corp. and J.P. Morgan Chase & Co.’s Chase Card Services notified some cardholders that their fixed rates were being converted to a variable rate tied to the prime rate. In March, Discover Financial Services also notified some customers that their fixed rates were changing to a variable one. Read more

Groups on Credit Card Lending Tactics

Posted on June 25, 2009
Filed Under Advice, American Express, Chase Cards, CitiBank | Leave a Comment

An investor advocacy group and mutual fund firm with a focus on corporate responsibility are spreading the word about predatory lending resolutions they’ve helped to place on the proxy statements of three large banks.

Goshen, Ind.-based MMA Praxis Mutual Funds and New York-based Interfaith Center on Corporate Responsibility have placed resolutions on the proxy statements of Citigroup Inc. (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) demanding the banks address issues related to credit card lending practices. Read more

White House Meet with Credit Card Execs

Posted on May 11, 2009
Filed Under Legal/Government | Leave a Comment

WASHINGTON, April 16 (Reuters) - The White House is planning a meeting on April 23 with 14 top executives at banks with large credit card divisions, two sources familiar with the plans said on Thursday. The meeting will involve discussions about transparency in the credit card companies’ lending practices and interest rates, one of the sources said. Read more

Help with Credit Card Debt

Posted on April 21, 2009
Filed Under Advice, Legal/Government, Useful Links | Leave a Comment

NEW YORK (CNNMoney.com) — The average American family carries $8,000 to $10,000 in credit-card debt. A new Web site, called helpwithmycredit.org, was developed by the credit card industry to help consumers out. The site promises to help you manage your debt; communicate better with your credit card companies, and will hook you up with accredited credit counselors. Read more

Drexen Helps Cash-Strapped Families

Posted on March 11, 2009
Filed Under Advice, Debt Consolidation | Leave a Comment

ANAHEIM, Calif. /California Newswire/ — Morgan Drexen, the country’s leading debt settlement services provider to consumer advocate law firms, is now offering up to a $1000 cash advance as part of the company’s innovative Emergency Direct Assistance Fund (EDAF). With EDAF and the help of Morgan Drexen’s paralegals, cash-strapped American families can reverse credit card debt and actually reduce their overall financial liability faster than ever. Offered through a network of affiliated attorneys serviced by Morgan Drexen, EDAF is a Godsend to consumers who increasingly find themselves under a pile of debt and relentlessly pursued by collectors and credit card companies. Read more

Trial of iPhone Credit Card Processing App

Posted on March 11, 2009
Filed Under Credit Card News, Launch | Leave a Comment

iPhone users’ wait for ProcessAway — an application that can turn their mobile devices into handheld credit card terminals — just got a little shorter.

ProcessAway’s developers announced on Feb. 17 they will offer a free trial version of the program on their Web site, as Apple has not yet approved the software. By temporarily bypassing the approval process for iPhone applications, the app’s developer, Rapadev, said, it can allow credit card merchants to immediately make credit card transactions through their iPhones anywhere an Internet connection is available. Read more

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