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Credit Card
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Spanish:
Cómo establecer o reparar su crédito con una tarjeta garantizada
Aun las personas con crédito dañado pueden obtener una tarjeta de crédito garantizada depositando dinero en una cuenta de ahorro. Este folleto explica qué debe buscar y qué debe evitar cuando compare tarjetas de crédito… -
Press:
Senate Banking Committee to Scrutinize Credit Card Industry
The Senate Banking Committee hearing on Credit Card Practices will be held on Tuesday, May 17, 2005 at 10 a.m. in the Dirksen Senate Office Building, Room 538. Linda Sherry of Consumer Action, Travis Plunkett of the Consumer Federation of America, Edmund Mierzwinski of the U.S. Public Interest Research Group and Dr. Robert Manning, author of Credit Card Nation, will represent the consumer interest in a Senate Banking Committee hearing on credit card industry practices tomorrow. On the same panel will be representatives of four of the largest credit card companies: CitiGroup, MBNA, Capital One and JP Morgan Chase. Also taking part in the hearings will be representatives of federal banking regulators, including the Federal Reserve Board and the Office of the Comptroller of the Currency. Abusive interest rate and fee practices by the credit card industry are the subject of increasing scrutiny by Congress, state and federal regulators, the media and consumers. For nine years, complaints about unfair credit card practices have topped Consumer Action’s list of all complaint categories. In 2004, 38% of the complaints we received were about credit cards. In the past six months, complaints to Consumer Action about “universal default,” hefty rate hikes imposed by credit card companies based on the way customers handle other credit accounts, have jumped more than 400% compared to the previous six months. -
Press:
Joint recommendations for abating unfair credit card practices
Linda Sherry of Consumer Action, Travis Plunkett of the Consumer Federation of America, Edmund Mierzwinski of the U.S. Public Interest Research Group and Dr. Robert Manning, author of Credit Card Nation, will represent the consumer… -
Press:
Consumer Action’s 2007 Credit Card Survey released
For immediate release, Thursday, May 24, 2007—Consumer Action (CA) today releases its 2007 Credit Card Survey, which reveals new details about industry practices, including: Universal default provisions, where interest… -
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Credit card hearing warns issuers to change practices
“Cardholders have no way of knowing what the terms on a credit card will actually be until it arrives in the mail,” Consumer Action’s Director of National Priorities Linda Sherry told a House subcommittee today.… -
Press:
Credit card reform bill aims at consumer abuses
National consumer organizations today applauded Senator Carl Levin (D-Michigan) for introducing broad legislation to curb abusive credit card lending practices. The “Stop Unfair Practices in Credit Cards Act” would forbid practices recently exposed by Levin… -
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Consumer Action and American Express extend credit card education project
Consumer Action and American Express today announced plans to expand their jointly developed credit card education program with free training events scheduled for three additional cities in 2007. The program, called -
Press:
Complex pricing of credit cards
Pop quiz: what’s the interest rate on the credit cards you’re carrying? How about the default rate? Do you know what constitutes an event of default? What will trigger a penalty fee or surcharge? How… -
Press:
Rein in credit card debt
We believe: Americans need to keep a close eye on how much they spend with their credit cards. If there was one overarching theme in 2007, it was debt. Americans are swimming in it,… -
Press:
Maloney bill targets credit card abuses
New legislation introduced today by House Financial Institutions and Consumer Credit Subcommittee Chairwoman Rep. Carolyn Maloney (D-NY) and Financial Services Committee Chairman Barney Frank (D-MA) curbs some of the most abusive credit card lending practices,… -
Press:
Card issuers invest in DC
The economy’s sinking. Maxed-out consumers are struggling to pay bills. And credit card issuers? They’re busy trying to wring more money out of their customers. Bank of America, for example, is raising rates on some… -
Press:
Debate: Police those credit cards
Via the Credit Cardholders’ Bill of Rights, the U.S. should regulate the industry to protect consumers from sudden rate increases such as those recently imposed by Bank of America, which more than doubled rates for… -
Press:
The Fed aims at credit cards
After growing consumer complaints about hidden fees and other tricks of the credit card trade, the rules proposed by the Federal Reserve on Friday to deal with unfair or deceptive practices are a modest step… -
Press:
Banking regulators target credit card abuses
Representatives of national consumer organizations today applauded federal banking regulators for proposing initial rules to curb some abusive credit card lending practices. The groups also called on Congress to provide additional consumer protections not proposed… -
Press:
Overdue first step to curb credit card abuses
For years, neither regulators nor lawmakers have taken much notice as consumers cried for help against unfair credit practices. Card issuers were left free to jack up rates and already record-high fees and penalties, both… -
Press:
Consumer Action comments on Fed credit card proposals
Consumer Action today submitted comments on the Federal Reserve’s proposed rule changes under Regulation AA - Unfair or Deceptive Acts or Practices [R-1314] and Regulation Z - Truth in Lending [R-1286]. In its comments, which… -
News:
2008 Credit Card Survey
Click here to read the press release. Table of Contents Survey at a glance Lowest… -
Press:
Consumer Action releases 2008 Credit Card Survey
Note to editors: Click here to go to the complete 2008 Credit Card Survey -
Press:
Listen to the 56,000 [credit card comments]
When the Federal Reserve asked for comments on its proposed rules on abusive credit card practices, an astonishing 56,000 poured in. Most were from outraged consumers. They told of interest rates skyrocketing when they paid… -
Press:
Consumer Action poll: Cardholders see credit limits drop
Aug. 27, 2008—If you are planning to use your credit card to make a big purchase, you may want to check your card’s line of credit before you pull out the plastic. Consumer Action conducted… -
Press:
Regulators fail to rein in credit card abuse
Janet Hard, a registered nurse and mother of two from Freeland, Mich., never understood why Discover hiked the rate on her credit card from 18% to 24% in 2006. Last year, she told a Senate… -
Press:
The college credit card trap
Add this to the list of the country’s financial woes: Credit card companies are aggressively targeting college students, many of whom are naïve about money matters and vulnerable to predatory offers that can get them… -
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Consumer Action Reacts to Federal Reserve Credit Card Rules
Statement of Linda Sherry, Director of National Priorities, Consumer Action Today, the Federal Reserve will issue groundbreaking rules to address unfair and deceptive practices by the credit card industry. The rules contain unprecedented protections for… -
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New credit card rules will help rebalance lopsided system
For the first time, credit cardholders will have new protections against some of the most unfair and costly industry practices. New federal rules will reduce abusive interest rate increases, limit late fee traps and allocate… -
Press:
Curbing credit card predators
Federal regulators are finally doing something about the unfair and deceptive credit card practices that have helped to keep millions of Americans permanently mired in debt. New rules issued last week will limit or prohibit…
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