Credit Card Protection Plans Draw State Lawsuits, Federal Scrutiny
News from Fox Business:

If you have a credit card, you’ve probably heard the pitch. It comes from a telemarketer, or perhaps from a mailer included with your statement, and warns that “life is unpredictable.” Prepare for the worst, the pitch goes on to say, by purchasing a plan that will handle your credit card debt if you lose your job, become disabled or die.

What it won’t tell you is that for years, card issuers have been making fat profits off these payment protection programs while complaints from consumers and activists have piled up. But now, a slew of lawsuits and a federal investigation have put the plans themselves on an unpredictable course.

Hawaii in April 2012 filed a suit claiming that Bank of America, Barclays, Capital One, Chase, Citi, Discover and HSBC all billed cardholders for payment protection and ot…………… continues on Fox Business

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Ed Perkins on Travel: New credit cards reflect consumer push-back
News from San Jose Mercury News:

The three newest consumer credit cards — two from Bank of America, one a Fairmont card from JPMorgan Chase — reflect consumer exasperation with airline mileage cards. All three have some advantages.

  • The Bank of America Travel Rewards card offers 1.5 points, with an equivalent 1.5-cent cash value, for every $ 1 charged to the card. (Most cards offer around 1 cent per dollar.) The card carries no annual fee.
  • The BankAmericard Privileges credit card with Travel Rewards offers two points per dollar charged. This card carries an annual fee of $ 7, waived for some BofA customers.

    Both cards offer no-surcharge on foreign transactions, a feature that many of you have come to favor. They also include these features: no limit on the total number of points earned; no expiration on points; 24-hour travel and emergency assistance; auto rental collision damage coverage; travel accident insurance; and lost baggage reimbursement.

    As with similar cash-value cards, using your points for air travel is easy. Just buy the ticket with the credit card; then log onto your account site to use points for all or part of the purchase price. When you actually buy a ticket, you avoid the blackout dates and seat limitations that hobble you when you try to use airline miles.

  • The new Fairmont Visa Signature Card, f…………… continues on San Jose Mercury News

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Man accused of credit card theft
News from WBXH:


A Walker business owner is wiping his slate clean, and it’s like starting his business up from scratch for the second time.

“Big mistake I made in lifetime,” said CW Custom Cabinets owner Chris Walker.

A mistake that’s basically wiped out the past ten years of business. Walker said he hired Richard Runnels, 48, right after Hurricane Katrina in 2005. Then in 2009, he moved Runnels up to office manager in charge of all the company’s finances.

“Just as years progressed, I turned over my books to him and trust with him,” said Walker.

But Walker said since then, Runnels abused that trust by using the company credit cards for personal use, going to the ATM withdrawing money in $ 500 increments.

“Everything from jewelry, to eating out at restaurants, Walmart,” said Walker Police Department’s Lt. Chris Dufour. “(There were) numerous locations between here, Hammond and Baton Rouge.”

Lt. Dufour said Runnels racked up nearly $ 40,000 on three credit cards. Runnels was arrested at his home in Walker and then taken to the Livingston Parish jail.

When WAFB asked Runnels if he had stolen money, he said, “absolutely not.”

Walker said $ 40,000 is only what he knows of. He said he still needs to get statements from other credit cards. His QuickBooks are gone, and be…………… continues on WBXH

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