Squeezed by credit card issuers
Credit Card companies use all sorts of tactics to wrestle every penny out of customers. Here’s what you need to know.
When 53-year-old Don Cressman was struggling financially, he charged a bit more than usual on his card, but carefully watched his balance to make sure he didn’t go over his limit. When he opened his credit [...]
Senate letter for detailed credit card fee info
Several U.S. senators want Visa, Inc. and MasterCard, Inc., the dominant electronic payment companies, to break down detailed costs associated with transactions called interchange fees, according to letters obtained by Reuters on Tuesday.
In letters to the two companies, the senators demanded information about methodologies and specific data used to establish interchange fees. The letters are [...]
New credit card rules could affect you
Proposals by federal bank regulators would zap questionable credit card practices. But while consumer advocates say the proposals are good first steps to rein in abusive tactics, card issuers bristle they will drive up costs and make credit less available.
John Ulzheimer, president of consumer education for credit.com, a credit education and financial services Web site, [...]