Time to fix the arbitration system?...
It's not in credit card companies' interests to continue to use an arbitration system that's widely perceived as grossly unfair. So how will they respond if the Consumer Financial Protection Bureau...
Who's to blame for credit card debt?...
For a while now, the problems of credit card debt have been receding for many. But now there are signs that some are again piling up problems on their plastic. Who's at fault: the card issuer or the...
AmEx walks a branding tightrope with prepaid cards...
On the one hand, American Express wants to widen its customer base to include less affluent consumers. On the other, the AmEx brand is synonymous with exclusivity. How's that going to work?...
Credit card technology: 2012 and beyond...
What are the new and emerging technologies that are most likely to change how we use our credit cards?...
The Complete Credit Card List
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Chip ahoy! Are RFID credit cards secure?Can thieves steal information from the RFID chip embedded in your credit card without even touching it?
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Will 2012 be the Year of the Credit Card?Things are moving fast for both credit card companies and their customers. So what might 2012 hold in store?
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Credit score: You're more than just a numberIf you've been rejected by a credit card issuer, it may not be due to your credit score. It could be something else that they don't like. Maybe you have a shaky job history, or perhaps you haven't shown your card enough love.
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Best and worst secured credit cards for 2012The right secured credit card can help save your credit. The wrong one can send you into a financial tailspin.
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A dog's life: Rover gets a credit card offerIt's been a few years since the last reports of dogs receiving credit card offers -- or actual credit cards. What a pity. Dogs know what they like.
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Credit Card Industry Statistics
Credit card rates rise for bad credit applicantsAverage consumer credit card rates increase due to higher rates for applicants with weaker credit histories.
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2011 Survey: Wide variance in Foreign Transaction Fees (International Transaction Fees)What's an FTF? It's lurking in the fine print, even among the best credit cards available. Most major credit cards charge it (except Capital One). And when you use your credit cards outside the United States, it can add significantly to your travel costs if you're not careful.
It's the foreign transaction fee, sometimes called an international transaction fee. For 2011, IndexCreditCards.com researched the major U.S. credit card issuers to discover the extra fees cardholders can expect when using their cards overseas.
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2011 Credit Card Facts & Statistics - Free Infographic ReportPeople still generally don't leave home without it, but in the wake of the recession of 2008-2010, the credit card today isn't quite as popular as it once was. Still, it remains a major force in the U.S. economy. Here are some facts and figures that paint a picture of credit cards in America--in terms of both the credit industry itself, and the impact of credit cards on consumers.
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Credit Card Late Fees Average $34.09, Over-the-Limit Fees Average $36.53Our latest survey of credit card fees finds the average credit card late fee at $34.35, while the average over-the-limit fee is $36.74. Using data from a cross-section of major and minor card issuers, IndexCreditCards.com found that late and over-the-limit fees ranged from $0 to $39. However, most nationwide issuers charged between $29 and $39 in both categories, with certain smaller issuers a bit more lenient.
As a frame of reference, a $34.35 average late fee is roughly equivalent to the monthly finance charge you'd pay if you carried a $2,900 balance at 14% interest.
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Average Credit Card Debt $3,752 Per Adult, $7,394 Per HouseholdUsing government debt data and census data, IndexCreditCards.com has determined that the average American adult is carrying $3,752 in revolving debt (mainly credit card debt) and the average American household is carrying $7,394 in such debt. This is a significant decrease since our last report in July of 2009, when the average credit card debt per adult was estimated at $4,013, and the average per household was $7,861. As recently documented in the media, credit card usage has gone down, both as a result of credit card companies actively shedding customers, and consumers themselves shying away from taking on debt due to the economy.
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No credit? Secure some yourselfThere are certain Catch-22 situations in life:
- It takes money to make money
- You can't get a job to gain experience unless you already have experience
- You can't get a credit card unless you've already established good credit
Secured credit cards can help you with the last situation. If you're a young person trying to establish a credit history, or if you've had some financial misfortune and need to repair that history, a secured credit card could be just the ticket.
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Anatomy of a Credit Card ApplicationCredit card applications look straightforward - you just fill out the form and they send you a card, right? Yes, except sometimes you fill out that form and they turn you down --- or give you the card on terms you're not thrilled with.
Why? Well, just like a resumé shows employers your work history, a credit card application asks for your financial resumé. Your past experiences count for a lot. Let's look at a typical credit card application line-by-line to see what credit card issuers look for when approving or rejecting an application, as well as how your answers may affect your interest rate, credit limit, and more...
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Read the Fine Print When Choosing a Rewards Credit CardLike getting cash back, frequent flyer miles, or other rewards when you use your credit card? If so, check the fine print on card offers to make sure that what you think you're getting is what you actually get. Here are seven tips to keep in mind when searching for a credit card that pays you back:
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Transfer Balance, Then Put That Card Down!Balance transfer offers are attractive and can be a very good deal, especially if no balance transfer fees are attached. BUT, they're only a good deal if you transfer your balance and then put the new card away
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When Are Charge Cards Better Than Credit Cards?A credit card allows you to make purchases on credit, and allows you to revolve your credit balance, while a charge card requires you to pay off the full balance every month. Credit cards offer greater flexibility, so why do some people choose charge cards such as traditional American Express cards?
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Using Virtual Credit Cards in the Fight Against Identity TheftIf you worry about identity theft, virtual credit cards may give you peace of mind. More>>
