By Brandon Morris on 01-11-2011
After weeks of negative feed-back and customer frustration, Bank of America has given up trying to introduce a new policy to charge customers for using their debit card.
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Although Bank of America was not the only bank to announce that they would be charging fees, they were the most prominent in the media. Most of the other major U.S. financial institutions have also thrown in the towel trying to introduce new fees.
The recent turmoil has created a big boost the credit card industry but despite the banks’ retreat, most analysts are expecting consumers to continue to reach for their credit card when they want to pay with plastic.
According to Equifax, credit card usage has been on the rise since 2010 and that trend continues through 2011. The increasing trend can also be seen in earnings of major credit card companies.
On Nov. 3 MasterCard reported a 38% increase in profits for the third-quarter. T
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By Amy Turner on 27-10-2011
APR credit cards can catch the attention of any individual in United Kingdom. Since economy of UK is a credit economy, people can not ignore such offers or schemes. These credit cards offer various benefits to consumers, like quick approval, easy online balance transfer and many more. As far as APR is concerned, you can see zero. In UK, banks, lenders and financial institutions understand spending habits of citizens. As a result, they introduced this service wherein you do not pay any APR.
APR credit cards are not scam. However, people have to understand their conditions and important points. The first point is that companies do not offer these schemes or cards for life time. Such offers are offered by financial agencies for a particular time period. In case, companies do not inform you initially, then it is your responsibility to confirm. If you are planning to use such offers, then purchase a card which can offer you maximum time period for APR.
By Brandon Morris on 27-10-2011
The rising popularity of cash back credit cards is perhaps best evidenced by the unending stream of television commercials touting the benefits of these cards. The new Capital One Cash card is the latest entry into this arena and many have seen Jimmy Fallon’s commercials for this new Capital One cash back credit card that offers 50% bonus cash back every year.
Capital One Cash card-holders receive 1% cash back on all purchases all year round. In addition, all cash back rewards earned are increased with a 50% bonus once a year, on the cardholder’s anniversary of account opening. Capital One Cash rewards can be redeemed for checks, statement credits and even used for charitable donations.
Unlike many cash back cards, including the popular Chase Freedom Visa Card, there are no quarterly enrollment hoops to jump through in order to obtain the 50% bonus offered on the Capital One Cash card. Add
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By Jeffrey Campbell on 23-10-2011
News of rising delinquency rates for credit card payments is creating some doubt over the strength of the economy; however, some experts are warning consumers not to panic.
Because of the renewed economic crisis analysts are watching credit card payments fairly closely. There is growing concern that if consumer start to feel the crunch the U.S. economy could fall back into a recession.
“Delinquency rates have actually been declining in the last few years so this small rise is probably an anomaly. Rates will probably start to level off in the next few months as consumers prepare for the holiday season,” said Charles Tran, founder of CreditDonkey, a credit card comparison website. “One month of data doesn’t make a trend. We want to see consumer habits after the holidays.”
Tran pointed out that more small businesses are turning to credit cards to help finance their business and they won’t jeopardize their future credit rating by not making their payments on time.
S
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By Jeffrey Campbell on 21-10-2011
Mervyn King, the governor of the Bank of England, was right – Britain is in the grip of possibly its worst-ever financial crisis. George Osborne was also correct when he said the crisis was made by people and so could be solved by people. But both men, now championing £75bn of quantitative easing, cannot be allowed to escape without challenge.
For the economics that both espouse has been shattered by events. They are being forced into policy measures that their credo overtly forbids. Quantitative easing should not be needed in their world, in which credit markets always work optimally and efficiently. There should never be a need for the state to intervene in the financial system, in effect socialising business lending, to promote the flow of credit to business, as the chancellor has now proposed. In their universe, public debt was meant to crowd out private debt; cutting public borrowing decisively would mean an automatic increase in private borrowing as interest rates fell and confidence grew.
It was and is complete nonsense. On
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