Credit and Prepaid Card News
The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.
- Another Push for Debit Card Rules
Inside Higher Ed 12 Mar 2014
The Department of Education’s Office of Inspector General has joined the call for a crackdown on the use of debit cards that give college students access to their financial aid funds.
- Prepaid Cards Taking the Place of Bank Accounts
Milwaukee Journal Sentinel 10 Mar 2014
More than 25 percent of U.S. households do not have traditional bank accounts or hold such accounts but use alternative financial services anyway, says the FDIC.
- Credit Card Breaches: Are Consumers out of Luck?
CBS News 04 Mar 2014
Although recent cyber-security attacks at major retailers like Target have received national media attention, less well-known security breaches have occurred in recent years.
- Nebraska Bill Targets 'Hold' Charges on Debit Cards
Associated Press 24 Feb 2014
The Nebraska Legislature is considering legislation that would force hotels, gas stations, and restaurants to notify customers if they place temporary hold charges on their debit cards.
- U.S. Studies College Card Regulations
Wall Street Journal 21 Feb 2014
The U.S. Department of Education in coming months will propose new consumer protections for college students who receive financial aid through school-branded debit and prepaid cards, if consensus is ...
- Late Payments on Credit Cards Go Up
Associated Press 19 Feb 2014
U.S. consumers took on more credit card debt and made more late payments in the final quarter of 2013, when many consumers use their cards and suspend timely payments in order to supplement holiday ...
- For Many, Credit Card Debt Outweighs Savings
CNBC.com 18 Feb 2014
A new survey from Bankrate.com finds that 28 percent of Americans say they owe more in credit card debt than they have in their emergency funds or savings accounts.
- Prepaid Cards Often Used to Manage Funds
Boston Globe 08 Feb 2014
Prepaid debit cards are widely considered an alternative for consumers who do not qualify for traditional checking accounts, but the Pew Charitable Trusts has discovered that most Americans who use ...
- Why You Should Keep Your Debit Card at Home
Washington Post 07 Feb 2014
Hearings on Capitol Hill in response to recent retail data breaches shone a spotlight on the unequal treatment of debit cards compared to credit cards.
- T-Mobile Enters Prepaid Card Market
Washington Post 22 Jan 2014
T-Mobile introduced a prepaid card on Jan. 22, following other retailers like Wal-Mart, Walgreens, and Target into the banking world.
- 'No-Interest-Now' Deals Can Be Risky
USA Today 26 Dec 2013
Many shoppers can save money in the long run by avoiding zero-percent, "no-interest-now" deals during the busy holiday season. Odysseas Papadimitriou, founder and CEO of the personal finance websites CardHub and WalletHub, notes that deferred-interest-rate deals are an extremely popular offering right now. Consumer watchdogs, however, warn that there are many ways for shoppers to end up paying more than what they anticipated under these deals.
- Amex Fined After Staff Misled Customers
Financial Times 25 Dec 2013
American Express (Amex) has agreed to $75.7 million in fines and reimbursements to customers after regulators discovered that its sales staff misled customers about the benefits of many credit card insurance products.
- Signature Cards More Prone to Fraud
Fox Business 20 Dec 2013
Credit counselors say credit card cash advances should only be a last resort, and their advice is backed by a new CreditCards.com survey of cash advance rates and fees on the top 100 credit cards.