Using Credit Card Chargebacks

Checkbook publishes useful reports on consumer products and services. They have an updated report on using credit card chargebacks in cases of defective goods or fraudulent charges of any kind. The Fair Credit Billing Act gives consumers the right to dispute charges and withhold payment for goods and services that you didn’t accept or that weren’t delivered as promised. Consumers must first try to work it out with a seller (be sure to put it in writing), but if that doesn’t work, consumers should go online to the credit card company and ask for a chargeback. Checkbook asked its members...

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Does Too Much Credit Hurt Your Credit Score?

Does Too Much Credit Hurt Your Credit Score? Does having too much credit hurt your credit score? Should you close credit cards to reduce your credit available? These are questions addressed by Barry Paperno a contributor to creditcards.com. Conventional wisdom 20 years ago was that if a borrower had access to too much credit, he or she would be tempted to use too much credit and get in trouble. But in the 1980s, FICO did a study and found that there was no evidence that having “too much” credit would change the consumer’s behavior. The same research confirmed that open...

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Consumer Financial Protection Bureau Proposes Credit Card Agreement

The Consumer Financial Protection Bureau is proposing that banks adopt a simplified credit card agreement that consumers can read and understand. Currently, no one reads the dense, fine print multi-page credit card agreements banks send to customers. The Bureau is endeavoring to change that. The Bureau has separated the key terms from the legalese, leaving a clear, readable document. Check it the proposed agreement here.

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The CARD Act Is Benefitting Consumers

Surveys by the Consumer Financial Protection Bureau have found that the nine largest credit credit card banks representing 90% of the market have stopped hiking interest rates on customers’ existing balances, reduced penalty fees and all but eliminated overlimit charges as a result of the CARD Act enacted last year. The CARD Act was passed to prevent vulnerable consumers from paying exorbitant interest rates and fees. The Act allows banks to raise rates for new purchases and one bank periodically reviews accounts to do just that, according to the report. Five others raise rates on delinquent customers, and another bank...

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Class Action Alleges the Aspire VISA Secured Credit Card Violates the Credit Repair Act

Today, the 9th Circuit Court of Appeal issued a ruling in a case in which the plaintiffs are accusing Aspire VISA, a subprime credit card, its marketing is a violation of the Credit Repair Organization Act. That Act prohibits companies from seeking advance payments for fixing the consumer’s credit. Aspire VISA offered a $300 credit limit VISA card as a way for consumers to rebuild their credit. The catch was that Aspire VISA charged consumers a $29 finance charge, a monthly $6.50 maintenance fee, a $150 annual fee all charged against the $300! The consumer received a mere $63 in...

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