Discover 3Q profit slips, but card use rises

Posted by administrator | 28/09/12 | Tagged Credit Card

Discover 3Q profit slips, but card use rises
News from The News Journal:

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Sorting out Credit Card Payment Splits When Deferred Interest Involved
News from Fox Business:

Dear Credit Care,

I asked my credit card issuer to apply a large overpayment to a promotional offer balance that was about to expire instead of to my current higher interest balance and was told it was illegal for them to do that. Is this true? Incidentally, when the promotional offer expires, that interest rate will be higher than the current high interest balance. Thank you. 

– Lori

Dear Lori,

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 does include a provision that requires card issuers to apply payment amounts above the minimum amount due to the balance with the highest interest rate. The only exception to this rule is for deferred interest rate programs. A deferred interest rate program is typically advertised as “same as cash” by card issuers. If you pay off the entire balance before the deferred interest rate period ends, you are not charged any interest. (As a warning, if you don’t pay off the balance before the deferred interest period ends, you are charged interest from the date of purchase.) So if you have any other balances on your card and also a deferred interest balance, the CARD Act states that the card issue…………… continues on Fox Business

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Got credit card debt? Consider transfer

Posted by administrator | 28/09/12 | Tagged Credit Card Debt

Got credit card debt? Consider transfer
News from KSAT San Antonio:

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Got credit card debt? Consider transfer

The economy may still be wavering, but not the banks. They’re still sending consumers plenty of credit card offers with enticing rewards, cash-back offers, and low interest rate…………… continues on KSAT San Antonio

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Report: Metro Orlando among leaders in paring credit-card debt
News from Orlando Sentinel:

Despite high unemployment and foreclosure rates and other economic stresses, consumers in the Orlando area have managed to pay down their credit-card debt faster in the past year and a half than cardholders in all but three other large U.S. metro areas, according to figures released Tuesday by Equifax Inc.

Cardholders in the four-county metropolitan area have cut their “plastic” debt load 8.5 percent in the past 20 months through August — fourth-best showing among the 25 biggest metro areas, according to Equifax, the Atlanta-based credit-reporting company.

Orlando trailed only Las Vegas, Detroit and Los Angeles, the survey reported. Tampa-St. Petersburg (8.0 percent) and Miami-Fort Lauderdale (7.6 percent) were ranked sixth and seventh.

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