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Living with credit (247)
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New, interesting products (69)
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Research, regulation, industry reports (176)
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Credit card miscellany (280)
Credit card miscellany
Between the credit crunch and the prevalence of identity theft, credit cards are frequently in the news. From time to time, however, credit cards result in unexpected and often funny news. Below are five of the wackiest recent credit card stories to hit the press.
I was aware that your credit score can vary based on which of the three major credit bureaus (Equifax, Experian, TransUnion) provides the version of the score you (or your lender) looks at. However, I was surprised to learn that credit scores also differ based on the type of loan you apply for, such as a credit card, auto loan or home equity loan.
My post about how presidential candidates have bad credit is featured in the 148th edition of the Carnival of Personal Finance, hosted by Gather Little by Little. Also, several other posts included in the carnival that I think are worth a read.
Capital One said that more of its managed loans went sour in March 2008, according to an 8-K filing with the Securities and Exchange Commission.
Low-cost carrier Frontier Airlines has filed for Chapter 11 bankruptcy protection after its main credit card processor suddenly decided to hang onto additional money from the sale of Frontier tickets.
Millions donated to American Idol charity with credit cards, but the event may have been a windfall for Visa, MasterCard and American Express. The credit card companies likely raked in a large cache from credit card processing fees.
The personal finance blogosphere is bursting with excellent and useful information. I've culled seven of the best credit-related posts from the last week or so and present them below for your reading pleasure.
Today Discover Financial Services announced that it will acquire the Diners Club International network from Citigroup for $165 million. Upon required regulatory approvals and conditions, the acquisition should close within three months.
It used to be that credit cards were drab, outfitted in lackluster, monotone backgrounds. They've never been anything to brag about…until now. The age of personalized credit cards has dawned, and you can now customize your plastic with a monogram, a family portrait or even your dog's cute little face.
Does he or she carry a wallet full of credit cards or doesn't have any at all? Do they race to the mailbox to keep you from seeing the credit card bills? It may be time to have a heart to heart about managing credit.
Easy financing options for health and cosmetic surgery are growing, but consumers may be better off taking their time when considering paying for these procedures.
During his first visit to Hong Kong, DiCaprio combined his roles as Hollywood star and environmental activist in promoting a line of "green" credit cards from banking giant HSBC. "The green card is made of environmentally friendly materials and uses digital bills to cut down paper consumption," explains Website ecorazzi.com. "Every transaction will also contribute to a local environmental protection project."
The FDIC's latest quarterly report shows that all lending suffering increased delinquency and defaults, including credit card debt. But it's not evenly distributed: Someone in the Southeast is twice as likely to be late on a card bill.
PBS television is re-running a popular Frontline show that takes a critical look at the credit card industry. Why air it now? Criticism of the industry is reaching a critical mass.
This week, four of my posts made it into three carnivals: the Carnival of Personal Finance, the Carnival of Debt Reduction and the Festival of Frugality. Check them out!
A congressional hearing today look at establishing a "credit cardholders' bill of rights," but a look at the lobbying expenses shows there's a lot of talk on one side, a lot of money on the other.
Today I had a fascinating phone conversation with Donna D., a leader in my local chapter of Debtors Anonymous, a 12-step program patterned after Alcoholics Anonymous. She gave me insight on the psychological and spiritual side of debt, which I'd never taken into consideration before. She shared with me her personal struggle with debt and how the group has helped her and other compulsive debtors remain solvent. Here are some snippets from our conversation.
The latest Federal Reserve G.19 Consumer Credit Report shows that consumers accelerated their use of credit cards in January. Consumer use of revolving credit (which includes credit cards) surged at an annual rate of 7 percent during the first month of the year, up significantly from a 2.8 increase in December. That pushed the total amount of revolving credit to $947.4 billion. In December, total revolving credit stood at $941.8 billion.
The Sharper Image says that with its declaration of bankruptcy, shoppers will no longer be able to redeem the company's gift cards. That doesn't mean Sharper Image gift cards no longer have value. They do -- just not at the Sharper Image: Across-the-mall competitor Brookstone says it will accept Sharper Image gift cards for a 25 percent discount off any purchase in its own stores.
The Chicago Transit Authority said it was installing 60 express farecard vending machines that offer that chance to pay for farecards using Visa, MasterCard, Discover Card and American Express credit cards. The express farecard machines will also take debit cards that bear the logo of those issuers.
Wacky Jim Cramer, the TV stock analyst/madman, has incendiary advice for consumers that involves matches and their credit cards.
Early next year, MasterCard and NJ Transit expect to start an eight-month test that allows riders to pay their fares on PATH trains (which connect Manhattan and neighboring New Jersey) and two NJ Transit bus lines with contactless bank cards, key fobs, cell phones and other devices.
A person's identity -- including a U.S. bank account, credit card, date of birth and government issued identification number -- can be bought for about $10.
The Federal Reserve today released the minutes from its most recent meeting on Jan. 29-30 (there is always a lag between the central bank's monetary policy decisions and the release of the minutes that accompany those decisions). Those minutes suggested that the Fed continued to see risks to the economy, even after it trimmed interest rates to their lowest level since June 2005.
British issuers Barclaycard and Egg have decided they would rather drop certain cardholders altogether than let them hang around and pose a repayment risk -- even if the cardholders' had nothing in their credit report to suggest they were a danger.
What's hotter on the market than the "War kittens" credit card? One that will help fans of over-the-air TV keep using their rabbit ears a bit longer.
Are you crazy for Barack? Are you rooting for Hillary? Are you counting on McCain? Do you "heart" Huckabee? It’s quick and easy to support your favorite presidential candidate with your credit card.
According to a study released Friday, sadness and overspending tend to go hand-in-tissue-holding-hand.
A new initiative in New York City aims to curb cabbies who refuse to take credit cards, choose to yammer away on a cell phone while driving and decide to overlook traffic laws, reports the UK's Telegraph.
Believe it or not, more celebrity credit card drama has unfolded overnight. Sonja Norwood, mother of singer/actress Brandy, filed a lawsuit on Feb. 4 in the L.A. County Superior Court against the Kardashian family for credit card misuse.
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Sometimes credit card news and developments defy definition. But they'll never defy description. See them here.
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