Credit Cards and the Consumer: Don't Throw Baby Out With the Water

Most of the practices deemed unfair or deceptive by the Federal Reserve have disappeared from new credit card offers since federal passage of the Credit CARD Act last year, according to a new report by the Pew Charitable Trusts, Two Steps Forward: After the Credit CARD Act, Cards Are Safer and More Transparent – But Challenges Remain.

This Sunday marks the first day that consumers could start paying an extra fee just for using their credit card to make purchases. But don't panic: It's unlikely to kick in right away, especially at the biggest retailers.

Sometimes all credit cards can seem alike — or, at least, not different enough to spend a lot of time trying to figure out their differences. We sympathize with the sentiment, which is why we periodically try to cut through the clutter and, based on insight from impartial experts, highlight some of the best cards out there. Depending on your needs and spending habits, some cards are indeed sometimes better than others.

There seems to be a debate at the European Central Bank (ECB). The issue is whether or not the ECB should impose a negative interest rate. I listened to the interview of Christian Noyer, Governor of the Banque de France. His personal inclination is to oppose the use of a negative interest rate as a policy mechanism. He cited other cases to support his view.

Five consumer laws you really ought to know if you live in the United Kingdom.

Filed under: Credit Cards, Debt

Mark Riddix submits: The last few days have not been good for the major banks. First, the Fed raised the discount rate 25 basis points which will increase the interest rate at which banks are able to borrow money from the Fed. Secondly, Bank of America (BAC), the largest bank in the US, has to pay 150 million dollars in a settlement with the SEC over the bank’s Merrill Lynch purchase in 2008.