Seven Banks That Annoy Credit Card Customers The Most: New CFPB Database
News from International Business Times:

The Consumer Financial Protection Bureau, or CFPB, will be a year old July 21. Its complaint database has been live six weeks and registered 1,549 cases, or about 31 per day. So far, Capital One (NYSE: COF) has gotten the most complaints, while blue chip American Express (NYSE: AXP) has been nearly unscathed.

The database offers the public an easy-to-use interactive snapshot of the types of problems credit card customers have had with the largest card issuers.

As one would expect, banks with the largest number of cardholders also have the highest volume of complaints, but this isn’t true across the board.

For example, American Express had the highest number of transactions in 2011, at $ 519.5 billion in purchase volume, according to the Nilson Report, making it the No. 1 credit card handler, but it has received the third-lowest number of complaints among the country’s top seven banks…………… continues on International Business Times

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Rewards credit cards can be helpful if borrowers are careful
News from Debtmerica Relief:

Accounts that grant consumers benefits for taking on credit card debt are growing more popular with borrowers in nearly all income groups.

While many experts have noted that rewards credit cards are largely for more affluent consumers, a large number of those in lower income ranges are now using these accounts regularly as well, according to a report from Phoenix Marketing International. In all, 74 percent of people with incomes between $ 20,000 and $ 29,900 last year had rewards cards, and used them to spend for 72 percent of their credit card purchase value.

Further, only 26 percent of those in this demographic paid an annual fee on their rewards card, the report said. However, that number was higher than the 23 percent of people in all demographics who paid such a fee for a non-rewards account.

Because of fees and higher interest rates, rewards credit card accounts can end up costing borr…………… continues on Debtmerica Relief

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Americans step up credit card use sharply in May

Posted by administrator | 13/07/12 | Tagged Credit Card

Americans step up credit card use sharply in May
News from San Francisco Chronicle:

WASHINGTON (AP) — Americans put more on their credit cards in May than in any single month since November 2007, one month before the Great Recession began.

But overall credit card use is still well below where it was just before the downturn. Economists say May’s increase was likely a temporary response to weaker hiring and poor wage growth and not a sign of sustained confidence in the economy.

“We might see additional increases in credit card debt in the coming months,” said Paul Edelstein, director of consumer financial economics at IHS Global Insight. “But they won’t match the May surge.”

Consumer borrowing rose by $ 17.1 billion in May from April, the Federal Reserv…………… continues on San Francisco Chronicle

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4 from Michigan face charges in alleged credit card scam
News from Detroit Free Press:

A federal grand jury has charged four people from Michigan with conspiring to use other people’s credit card information to make purchases at retail stores in northern Kentucky.

The panel in Covington returned indictments Thursday charging 34-year-old Tyhkan S. Brunson, 23-year-old John Cotton, 24-year-old Adam Sanford and Brittany Bell, all from Detroit, with conspiracy to use unauthorized credit cards, use of unauthorized credit cards, conspiring to possess fifteen or more counterfeit access devices and aggravated identity theft. Bell was also charged with making false statements to the U.S. Secret Service.

Bell allegedly made false statements to Secret Service agents when she told them she had not possessed or used unauthorized cards.

Court records do not list attorneys for any of the four.

…………… continues on Detroit Free Press
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