As credit has all but evaporated, consumers, small businesses and their owners have turned to their trusty credit cards to help them out of bad situations. However, banks, many of which issue these credit cards and are at least initially responsible for the purchases made with them, are facing both a shortage of credit worldwide and increased credit card use with slower, and sometimes absent, payment from users. The result has led banks to seek an alternate and, some would say, abusive routes to profitability, which have raised an eyebrow or two on Capitol Hill. Two prominent Senators, Chuck Schumer and Chris Dodd, asked the Fed to freeze interest rates until more stringent measures could be implemented. Moving quickly, other Congressional leaders also proposed two separate bills in the...
At one time it was mainly department stores and gas stations. Later, restaurants and groceries got into the act. Today, it seems that virtually everyone takes credit cards. Everyone that is, except lawyers. A surprising number of solo and small firm attorneys still don't accept charge cards. Experts say that's a mistake.
We applaud the District's plan to legalize some forms of online gambling and give consumers the freedom to make their own decisions while safeguarding them from fraud and money-laundering. However, the approved prohibition on credit cards is unnecessary and may even have a negative impact on consumer safety, especially given that online losses are capped at $250 per week ("I-Gaming Plan caps losses at $250 per week," Metro, July 5). The focus should not be on banning the use of credit cards but on making sure consumers are protected and the payment method permitted is safe, secure and transparent.
A traffic stop apparently helped police solve a string of burglaries in Cape Elizabeth. A police investigation has revealed that at least two teenagers, and possibly others, broke into cars, stealing one of them, as well as a number of credit cards, said Maine State Police Trooper Christopher Rogers.
Before whipping out that credit card for the latest mega-pixel digital camcorder for under the Christmas tree or another cashmere scarf for the holiday office party, you might want to consider something called the "credit card premium. Since the late 1970s, studies have supported the notion that credit cards entice people to spend more than if they used cash.
Credit cards are handy, sure, but state school officials say the cards often get county boards of education into trouble. Kenna Seal, director of the Office of Education Performance Audits, said his auditors regularly find instances of card misuse when reviewing county school systems.
The credit card industry is undergoing a major transformation as a result of the Credit CARD Act and significant policy changes by issuers. Credit card loans are much more expensive as issuers make changes to bring in the most revenue possible through interest rates and fees. According to the Federal Reserve, demand for credit increased with the growth of urbanization and mass production of consumer goods. As the bank card industry grew, banks were able to join both the Visa and MasterCard associations and offer both types of cards. Joining these associations offered standardization and a processing system that reduced the costs for banks and allowed for growth of the credit industry.
COSTA MESA, Calif., Aug. 9 /PRNewswire/ -- Experian(R), the global information services company, released its findings today on credit card trends, which provide insight into U.S. card usage. The study shows that nationally, consumers are opening 26 percent fewer credit cards* than they were three years ago. The study also reveals that out of the top metropolitan areas studied, the number of open bank cards were typically higher than retail credit cards, with the exception of four areas -- Pittsburgh, Miami, Columbus and Atlanta - - whose residents seem to favor their retail cards. Additionally, the results show that New Yorkers lead the way with the highest number of open cards, and Phoenix residents have the fewest. A closer look at New York reveals that while its residents have more ...
Using credit cards abroad to balance the risk of carrying cash is a popular strategy. It isn't an issue-free solution, however, so having a few travel tricks up your sleeve is a good idea. Consider these spending tips for international credit card use during your next vacation. Location: If you haven't used an American credit card in Europe for a while, you may be surprised at your mixed success when it comes to shopping and making incidental purchases. Because of the chip requirement there for credit cards, travelers can have difficulty using North American credit cards at places like bus stops or unattended gas stations.
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