Weekly Credit Card News Roundup 9/19/09
Saturday September 19, 2009
- Bank of America and Chase offer simple credit cards in preparation for the new credit card rules that go into effect next February. BoA's "Basic Card" has a single interest rate for all transactions, a single $39 late fee regardless of the balance, and no credit limit fee. Washington Post
- Average credit card interest rates are unchanged from last week. The average rate stands at 12.28%. What's interesting about credit card rates is that student credit cards have the highest rates of all, even higher than credit cards for people with bad credit. CreditCards.com
- Per their agreement with VISA and MasterCard, Merchants are not supposed to require minimum purchases for credit card use. They also can't charge you a fee for using your credit card (in most cases). If it happens to you, report it to your card issuer. WTOP.com
- Lenders use a variety of scores to decide whether to give you a loan or credit card. These scores aren't discussed and you can't buy them. For example, the bankruptcy score tells your risk of filing bankruptcy within a certain period of time. King5.com
- The Institute of Consumer Financial Education now offers a credit card certification course aimed at consumers under 21. According to the press release, "Credit When Credit is Due (CWCID) is a twelve lesson program targeted towards first time credit seekers." Business Wire
Comments
No comments yet. Leave a Comment