"Congress is expected to send credit card reform legislation to President Barack Obama for signing by the Memorial Day weekend."
. . .
"Right now, a lot of these cards are structured so that even if you are a day late, a penalty is triggered," said Nick Bourke of the Safe Credit Cards Project at the Pew Charitable Trusts.
A survey by Bourke's organization found that 90 percent of 400 credit cards issued by the nation's 12 largest credit card lenders had a penalty interest rate. The median rate was 28 percent."
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"Direct mail offers are flowing for business credit cards, many with attractive promotional interest rates and balance transfer deals...while there are many reasons to open an account, there can be substantial risks involved."
More infoThis fact sheet focuses on the lessons learned from consumers who purchase and use prepaid debit cards.
More info"Something is wrong when keeping cash in the kitchen cookie jar seems a reasonable substitute for your bank.''
More info"It was early 2007, and Michael Roster and Dwane Krumme each viewed the credit card industry with growing dismay."
More info''More small companies—already struggling with weak sales and tight lending—are being forced to rely on business credit cards to provide working capital.''
More info''If you've ever thought someone was playing fast and lose with the rules on your credit cards, credit score or mortgage, but you had no idea where to go with your complaint, you now have a place to turn.''
More info"Four Senators today called for more disclosure on business credit card offers so cardholders will understand that business cards are not protected by the same laws as regular consumer cards that bar practices like retroactive interest rate hikes."
More info''Households receiving offers for 'business' credit cards would be wise to throw them away, a nonprofit research group is warning consumers.''
More info"It’s been two years since the landmark Credit Card Accountability Responsibility and Disclosure Act of 2009 was signed into law, and by all accounts, it’s led to some pretty significant changes in the giant industry grinding away behind those little pieces of plastic."
More info"Credit-card issuers are marketing so-called professional cards—formerly reserved for small-business owners or executives—to individuals, a new report says."
More info"The sudden interest-rate hikes, high fees and steep penalties that last year's credit card regulations were designed to eliminate are still lurking in one segment of the credit card market: cards designated for businesses."
More info"From January 2006 to December 2010, American households received more than 2.6 billion offers for so-called "business" credit cards, according to a new report from the Pew Safe Credit Cards Project."
More info"Each month, Americans get more than 10 million business credit card pitches in their home mailboxes. The cards are aimed at small businesses and sole proprietors, but they generally lack the new protections that apply to consumer cards, a new report from the Pew Charitable Trusts says."
More infoThe Credit CARD Act of 2009, signed into law two years ago, made consumer credit cards safer and more transparent. But, its rules did not apply to cards labeled for business or commercial use, placing millions of individuals and small business owners at risk.
More infoEvery month, millions of consumers receive offers for business credit cards which are not protected by Credit CARD Act safeguards. The large number of solicitations for less-regulated cards place American families at risk.
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