“The CARD Act has been hugely successful in banning the biggest unfair credit card gotchas like retroactive interest rate hikes and excessive penalty fees,” says Linda Sherry, Director of National Priorities at Consumer Action. The Consumer Financial Protection Bureau (CFPB) has calculated that the law saves consumers $4 billion per year in fees alone, while another estimate puts the total savings from banned interest charges and fees closer to $13 billion each year.
AmEx Sees Surge In Prepaid Customers
Participants at last week’s Sanford Bernstein’s investor conference in New York City could be excused if they thought they had stumbled into a political rally. Giving the final formal presentation at the “Disruptive Trends in Financial Services” gathering, American Express Group President for Enterprise Growth, Dan Schulman, made an impassioned critique of the way the… Continue reading AmEx Sees Surge In Prepaid Customers
Qantas Lets Fliers Earn Miles With Prepaid Card
The way the card works will be familiar to anyone who has used a prepaid debit card. Like similar products in the U.S., the Qantas Cash card requires users to load money upfront before they start spending. Once cash is in the account, consumers can use their Qantas Cash card wherever MasterCard is accepted. Because it serves as the membership card for Qantas frequent fliers, it can sometimes even serve as a boarding pass.
Job Corps Debit Card Use Squanders Millions
As part of the mission to better prepare young people for employment, the Job Corps picks up the tab for certain travel expenses, including checked baggage fees and meals. In order to cover those expenses, the Job Corps issues prepaid debit cards to the young people it assists. In the period between July 2011 and June 2012, the Job Corps purchased over $21 million via prepaid cards in order to pay for travel and other expenses for young people traveling to and from 125 Job Corps centers across the country.
Data Breach Forces Target CEO Out
In a statement that lauded Steinhafel’s long tenure at Target, the company’s board made it clear that it was time for a change. “After extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target,” says the statement. In its statement, Target also said that Steinhafel not only led the response to the data breach but also held himself “personally accountable and pledged that Target would emerge a better company.”
11 Ways to Raise Your Credit Score, Fast
While crash diets don’t usually work and can be unhealthy, it is possible to change your credit score fairly quickly. But just as with weight loss, “quickly” is a relative term. Seeing any improvement could take 30 to 60 days, according to Liz Weston, personal finance columnist and author of “Your Credit Score, Your Money & What’s At Stake.”