September 15, 2004 |
U.S. regulators warned banks against some types of credit card marketing, calling them potentially unfair or deceptive. In an advisory letter, the Office of the Comptroller of the Currency told banks not to promote credit cards advertising credit limits up to a specified dollar amount to customers with limited or poor credit histories.
CALIFORNIA | LOCAL
August 12, 2002 |
The Ventura College of Law will present a free forum on credit cards and fraud Aug. 27. "Credit Cards and Identity Theft," to be presented at 6:30 p.m., will review the terms and transaction fees imposed by credit card issuers. Participants will learn how to shop around for the best deals, limit financial loss if cards are lost or stolen, and avoid credit card fraud and other scams. There also will be advice on preventing identity theft and how to correct credit history if victimized.
January 9, 2004 |
Consumers used their credit cards less in November, but they couldn't say no to automobile purchases. The Federal Reserve reported that consumers increased their borrowing by $4 billion, or an annual rate of 2.4%, in November, pushing up their total debt to $1.99 trillion. Most of the borrowing was in nonrevolving credit, which includes new cars, vacations and education. That borrowing rose by $4.6 billion, or a rate of 4.4%.
April 13, 2012 |
The Obama administration's consumer financial watchdog wants to undo a limit on some upfront fees on credit cards, prompting criticism that it could hurt borrowers with poor credit. The Consumer Financial Protection Bureau is backing away from restrictions on what the industry calls fee-harvester cards. Issuers of these cards make such customers pay a large fee before they can receive cards with very low credit lines. The agency indicated that its decision stemmed from a court ruling saying the fee cap appeared to be barred by "plain and unambiguous" language in the applicable law. Lobbyists and the public have until June 11 to file comments or objections before a final decision is made.
June 29, 1997
Americans' ability to use their credit cards to avoid paying extra for collision insurance from car rental companies abroad is being whittled away on two fronts. Citing "an unusually high incidence of claims" in Jamaica, Ireland and Israel, American Express this month stopped insuring rental cars in those countries. Spokeswoman Gail Wasserman said that there are no current plans to eliminate more countries but that a review is done annually. Two years ago, the firm dropped coverage in Italy.
September 27, 1991 |
Ameritech on Thursday became the first--but probably not the last--of the Baby Bells to offer a credit card similar to a highly successful one marketed by its former parent, American Telephone & Telegraph. The Ameritech card is a Mastercard and, as with AT&T's Universal card, it doubles as a telephone calling card. It is available to Ameritech's 10 million residential customers in Indiana, Illinois, Michigan, Ohio and Wisconsin.
September 1, 1988 |
As students arrive on college and university campuses across the country this week and next, they will find an opportunity to sign up for more than classes, activity cards and parking spaces. They will be offered credit cards--American Express, Discover, VISA and MasterCard. The pitch is pervasive. Credit card applications are available in college bookstores and in retail shops and bank branches near campuses. They are placed in shopping bags with purchases.
September 12, 1985 |
Question: I have noticed recently that more and more large department stores are accepting major credit cards (such as American Express and Visa) in lieu of their own cards. Why is this occuring--aren't they losing out on the finance charges? I personally think that it is a great idea for the consumer--I would much rather carry one or two credit cards, rather than the dozen I presently tote around in my purse.--D.U.
April 26, 1991 |
Massachusetts Congressman Joseph P. Kennedy II called it redlining--"morally unfair . . . economically unwise," "clear injustice" and downright "un-American." First Chicago Corp., parent of First National Bank of Chicago, had canceled or cut the credit card limits of 8,900 of Kennedy's constituents. The nation's fourth-largest bank card issuer (6.6 million accounts) had noted a 77% increase in bankruptcies among its New England bank card holders and conducted a special review of the 1.
November 1, 2001 |
Question: Is it safe to give my credit card information over the Internet? What prevents thieves from intercepting it? Answer: Normal Internet traffic is transmitted "in the clear," which means that the data can be copied by anybody the data packet passes by on the Internet, a process called sniffing. It's like a postcard. Anybody who sees it can read it.