Simpler credit card agreement gets a tryout

Posted by administrator | 07/12/11 | Tagged Credit Card

Simpler credit card agreement gets a tryout
News from Sacramento Bee:

A simpler credit card agreement is getting a tryout.

The Consumer Financial Protection Bureau on Wednesday released a prototype of a credit card agreement that’s written in plain English. The idea is to sweep away the legalese and make it easier for consumers to understand a card’s costs and terms.

The agency is asking for the public’s feedback on the form, which can be found at:

http://www.consumerfinance.gov/credit-cards/knowbeforeyouowe.

For now, there are no plans to require credit card companies to adopt the form. But if the agency moved to make the form mandatory once its testing phase is over, it could establish an industrywide template that helped consumers comparison shop.

As it stands, the Consumer Financial Protection Bureau noted that the average credit card agreement runs 5,000 words and is packed with fine print that consumers don’t understand. The prototype agreement,…………… continues on Sacramento Bee

… Read the full article
.

Related News:

Good News Coming to Credit Card Users
News from MyFox Washington DC:

Updated: Wednesday, 07 Dec 2011, 6:25 PM EST
Published : Wednesday, 07 Dec 2011, 6:24 PM EST

WASHINGTON – The credit squeeze is beginning to ease — and that’s good news for many consumers.

“Credit card companies realized out of the great recession how important it is to have consumers with excellent credit in their portfolios,” said Odysseas Papadimitriou, CEO of CardHub.com. “So they’re competing extremely fiercely to get those consumers on their books.”

And that means many people will see some amazing offers in the year ahead.

“Even when things were going well we hadn’t seen such competitive offers,” said Papadimitriou.

Some of the best, tracked on CardHub.com include an offer of 0% interest on purchases and balance transfers for 21 months, and a cash-back card offering $ 500 if the customer charges $ 3,000.00 in the first three months. Papademitriou said more people are able to qualify for those now, as well.

“Almost 50% of U.S……………. continues on MyFox Washington DC

… Read the full article


Insider Secrets To Credit Card Processing
There Are 10 Million Merchants That Accept Credit Cards As Payments. The Card Processing Industry Is Unregulated And Crooked. This Book Is A Step By Step Guide To Shed Light On This Industry. Merchants Will Be Able To Automatically Get The Best Rates Now!
Insider Secrets To Credit Card Processing

Credit card use is on the rise

Posted by administrator | 07/12/11 | Tagged Credit Card

Credit card use is on the rise
News from Chicago Tribune:

Credit cards are making a comeback.

At the end of 2008, more consumers were using debit cards than credit cards but now that trend has reversed, said Silvio Tavares, senior vice president at First Data, which processes card transactions for 4.1 million merchant locations.

“Credit is back in favor,” he said. “Consumers have spent the last couple of years de-leveraging and reducing credit card use, but during the past month — and since April [of this year] — they’ve been using their credit cards more and are starting to return to pre-recession buying habits.”

Purchases made with credit cards rose 8.2% in the first quarter of 2011, 9% in the second quarter and 10.6% in the third quarter, according to First Data. That compares with gains in debit card use of 9.6%…………… continues on Chicago Tribune

… Read the full article
.

Related News:

US Consumer Bureau Said to Plan Simpler Credit-Card Form
News from BusinessWeek:

(Updates with spokeswoman’s comment on “owner’s manual” in the ninth paragraph.)

Dec. 6 (Bloomberg) — The U.S. Consumer Financial Protection Bureau is planning to release tomorrow a simplified credit-card agreement for possible use by card issuers, according to four people briefed on the plan.

The standardized, two-page card agreement would be accompanied by an online glossary that lets the agency leave seldom-read definitions of legal terms out of the documents sent to consumers, said the people, who declined to be identified because the matter wasn’t public.

Raj Date, the adviser to the Treasury secretary who is running the consumer bureau in the absence of a permanent director, will announce the initiative at a press conference in Cleveland tomorrow, the people said.

The documents will be posted on the bureau’s website for public comment.

Use of the documents would…………… continues on BusinessWeek

… Read the full article


© 2017. Credit Card Talk