online.wsj.com - 5/20/2009
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[Dodd] Associated Press Senate Banking Committee Chairman Sen. Christopher Dodd (D., Conn.), left, accompanied by Sen. Carl Levin (D., Mich.) on Capitol Hill after the Senate voted for the credit-card overhaul.
nytimes.com - 5/20/2009
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nytimes.com —
Senators Charles E. Schumer, left, Christopher J. Dodd
and Carl Levin on Tuesday after a credit card...
vote in Washington.
(more)
Your Money - A Consumer
marketnewslive.blogspot.com - 5/20/2009
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Blog Reactions
Mastercard says see no evil…
footnoted.org —
Yesterday, the Senate passed by a vote of 90-5 what has been described by the WSJ and others as sweeping restrictions on the credit card industry.
Given how this wasn’t really that big of a surprise and given how the House is expected to pass similar legislation and President Obama is expected to sign it, we found it very surprising that Mastercard (MA) barely mentioned the enhanced regulatory environment when it gave this presentation last week that was filed as an 8K. In a 66 page Powerpoint (which ought to be against a different set ...
New credit card changes helpful but key interest rate cap not included
BloggingStocks —
Filed under: Good news, Personal financeA long overdue bill regarding credit card fees was passed on Tuesday by the Senate and is expected to be signed by President Obama.
Here are some of the bill's key provisions:
Starting in 2010 charging consumers who pay by phone would be banned.
Sudden surges in interest rates would also be banned.
For consumers, it would clarify the cost of big ticket items by forcing consumers to recognize how much they are paying in interest.
Card companies ...
Related Content
Video: Credit card controversy
marketnewslive.blogspot.com 4/23/2009 — High credit card fees are coming under fire in Washington but banks say they need to price in risk.
Video: Senate passes credit card overhaul bill
politicalnewslive.blogspot.com 5/20/2009 — The Senate voted overwhelmingly to rein in credit card rate increases and excessive fees, hoping to give voters some financial breathing room. AP's Jerry Bodlander reports.
Retailers, Banks Battle Over Credit Card Fees
hf-implode.com 9/17/2009 — " ACongress is considering three bills that would regulate the so-called interchange fees -- which generally amount to 1 to 2 percent of a total sale and totaled $48 billion in 2008. Meanwhile, the Government Accountability Office is doing a study of the fees, as required by a law signed by ...
Card Firms' Loss Tally: Billions of Dollars in Fees
online.wsj.com 5/22/2009 — Risky borrowers usually are a cash cow for credit-card issuers, thanks to hefty fees and interest rates. But some of that revenue will dry up after President Obama signs new credit-card legislation Friday. Companies that pitch plastic to customers ...
Credit Card Offers for Bad Credit
moneyning.com 4/6/2009 — I’ve always thought that credit cards are only evil if you let it. Sure, the interest rates may be ultra high but if you use it responsibly, there is no reason why even bad credit credit cards can’t be good. The key of course is just to pay it off everyday.
Bad credit offers, ...
Cash Back Credit Card: Schwab Bank: Visa? Credit Card
schwab.com 12/4/2008 — 1. For information about rates, fees, other costs and benefits associated with the use of this credit card, please see Terms and Conditions . 2. The no-preset-spending-limit feature applies only to Visa Signature transactions and does not mean that ...
The Credit Card Death Spiral
hf-implode.com 5/14/2009 — " The stress tests are done. The results were so-so. Financials are up.
Unfortunately, foreclosures are still climbing, credit card defaults are growing and could out-pace unemployment, and no one knows how to value toxic assets.
But the bank crisis has been solved! "
Credit Card Changes: Make the Prudent Pay
calculatedriskblog.com 5/19/2009 — From the NY Times: Overhaul Likely for Credit Cards Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, ...
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