Credit Card News

For small business owners, the tight credit market can mean more than delaying the purchase of a new car or home—it can make or break your business. Banks are shrinking business lines of credit and saying “no” to new business loans—even for borrowers with impeccable credit loans. In these tough times, business credit cards can offer business owners, entrepreneurs, and even freelancers or professionals who travel for work the large credit lines and low rates they need. Continued

CNN reports that consumer borrower fell in August for the first time since 1998. Continued

Congress voted last month to pass the so-called Credit Cardholders’ Bill of Rights. The law would change some arguably deceptive credit card industry tactics in favor of consumers. For example, credit cards could no longer raise interest rates just because you make a late payment on another loan or credit card, and they would have to stop applying payments to balances with the lowest APR first. We think this bill is great–although this Wall Street Journal article raises an interesting argument against the Cardholders’ Bill of Rights. Continued

Think the mess on Wall Street hasn’t hit home yet? Think again. For millions of consumers, today’s economic crisis means fewer credit card approvals, lower credit lines, and higher balances. Continued

American Express announced Monday lower minimum standard interest rates on its Blue, Blue Cash, Blue Sky, and Clear credit cards for consumers. Continued

As the economy continues to lag, credit card banks are suffering as more and more cardholders pay late—or simply don’t pay at all. How do credit card companies compensate for money its customers don’t pay back? By raising fees and interest rates. One of the most profitable income sources for credit card companies is the “default APR”, or the higher interest rate the bank charges you when you make a late payment. Continued

With proposed legislation dubbed the Credit Cardholders’ “Bill of Rights”, New York Congresswoman Carolyn Maloney is hoping to reign in a number of credit card industry practices hurting U.S. consumers. Continued

We’ve all been there — stuck on the phone with a customer service rep at a credit card company who seems to offer absolutely no help whatsoever. Whether we are calling because we want a credit limit increase, our card was declined, we want to lower our interest rate, or we are trying to clear up a late fee or interest rate increase. Here are some tips for talking with your credit card company to make sure you get the treatment you deserve, not the customer service runaround. Continued

Was your credit card application denied? Was it denied even after you received a pre-approved offer? Here are some common reasons why your credit card application may have been denied. Continued

Sick of receiving credit card junk mail? You can easily elect not to receive any further unsolicited credit offers by visiting Opt Out Prescreen.

Opt Out Screen wills stop most incoming credit card offers, although a few may still get through. That’s because Opt Out Prescreen only stops credit solicitations that are based upon your credit report. Signing up on the website will opt you out of credit card offers for five years. You can also opt out forever in writing.