Posts Tagged With 'Credit Card'

Credit card arbitration in flux as firms withdraw

Posted by: admin  Posted date: July 22, 2009 in Credit Cards Articles
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After the second major arbitration firm has removed itself from the consumer credit market, uncertainty remains about how credit card disputes will be resolved under current contracts.

On Tuesday, the not-for-profit American Arbitration Association said it will no longer take on disputes involving credit card debt, unpaid cell phone bills and other consumer debt collection issues. The AAA said it would withdraw until some guidelines are established for the industry.

The decision comes just a few days after the National Arbitration Forum withdrew from the market for new cases in response to a lawsuit filed by the attorney general of Minnesota.

Both firms are private arbitration companies that are selected by lenders, including credit card and telecommunications companies, to resolve disputes involving consumer credit. Read more…

Tags: Card Credit Card

Credit card fraud unearthed

Posted by: admin  Posted date: July 21, 2009 in Credit Cards Articles
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The Jaipur police arrested members of a gang alleged for their involvement in a credit card fraud racket.

It is expected that the gang has about ten members.

The activities of the group surfaced on Saturday, when some of the group members attempted to make payment for jewellery worth Rs 7.50 lakh using fake credit card.To make the payment, one of the convicted produced his driving licence as a proof of identity. The driving licence was issued from Thane.

The fraud was revealed when the payment was not processed by the bank, reasoning that the card used for transaction was issued on the basis of counterfeit supporting documents.

The incident took place on Saturday, 25 July 2009 at Paliwal Jewellers, Gopalpura (Jaipur).

The second confrontation occurred at Nandkishor Meghraj Jewellers, where the convicted attempted to deceive the owner with purchase of jewellery worth Rs 99,000.

Read more…

Tags: Card Fraud Credit Card Credit Card Fraud Fraud

Criminal Charges: Your weekly credit card fraud round-up

Posted by: admin  Posted date: July 19, 2009 in Credit Cards Articles
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Criminal Charges has a new look this week in an effort to fit in even more stories of credit card fraud and crime from across the Internet. Read on for the latest tales of card misconduct around the U.S. and beyond.

  • They harass you at home with calls offering products and services you’re probably not interested in — and based on charges targeting a woman from Eau Claire, Wis., telemarketers may also steal your credit card information, WEAU.com reports.
  • Need a more substantial reason to fear men wearing fanny packs? That fashion accessory held scissors used to threaten a Starbucks employee into returning an apparently stolen credit card in the “Coffee Caper” highlighted by the Chicago Journal.(Also, see the unrelated bonus item entitled “Storm of Poop” for a dose of horse excrement-induced crowd panic.)
  • Based on a press release from the Department of Justice, U.S.

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Tags: Card Fraud Credit Card Credit Card Fraud Fraud

College Student Credit Card Debt Skyrocketing

Posted by: admin  Posted date: July 18, 2009 in Credit Cards Articles
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When I read the facts and figures about college student credit card debt, I couldn’t help but get that familiar sick feeling in the pit of my stomach that I always had when I was a college student myself and was going through a really tough time dealing with both student loans having to be repaid, no great job to show for my years of school, and a mountain of credit card debt. I admit, I was naive, and I charged so many things on my credit cards as a college student. But it was easy money, and I used it not only for fun stuff but for things I needed at the time like groceries and car repairs so I could actually eat and get to the job I had waiting tables.

So many other college students fall prey to this as well, because many of them don’t even work. Some have help from their parents, but that doesn’t cover all their bills, and they end up getting in debt so deep over their head that it feels overwhelming when they get out, like they’ll never dig their way out. With to

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Tags: Card Debt Credit Card Credit Card Debt Debt

Credit card rewards to become less rewarding

Posted by: admin  Posted date: July 18, 2009 in Credit Cards Articles
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Even as credit card companies rush to raise rates and fees before a reform law takes effect in February, they are moving to reduce one thing — rewards.

Card issuers struggling with huge credit losses are making it more expensive and less attractive to redeem rewards. And it could get worse ahead of possible legislation to reduce so-called interchange rates, the fees banks charge to merchants.

Issuers use the proceeds from the fees to finance their rewards, so any haircut in those charges would trim loyalty programs, analysts said. For customers, that means having to use their cards more often to earn the points they need to fly somewhere, or get cash back.

“To the extent that interchange is cut, you will see a pretty lineal impact on rewards,” said Scott Valentin, an analyst at FBR Capital Markets. “You could see rewards being 10 or 15 percent more expensive for consumers.”

The discussion in Congress promises to be long and slow as retailers fight to cut costs, while card companies try to boost revenue as loan losses soar. Read more…

Tags: Credit Card Rewards

The $23,148,855,308,184,500 Credit Card Bill

Posted by: admin  Posted date: July 17, 2009 in Credit Cards Articles
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What is the biggest credit card purchase in history? Here’s the answer… sort of…

Imagine opening up your monthly credit card statement to discover that you owe $23 quadrillion dollars! Well, around 13,000 cardholders of Bank of America’s prepaid cards saw exactly that – an amount that is more than the entire planet’s GDP! Of course, there was not an actual purchase of that amount, but rather a glitch which caused these accounts to reflect that amount. A New Jersey man discovered this when routinely logging on to his B of A online accounts to check his balances. He first fled to the gas station where he last bought a pack of smokes to inquire on the charge. They had no idea what it was, so only then did he call Bank of America’s customer service, where he was on hold for more than two hours before they were finally able to resolve the problem. Visa respon

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Tags: Card Credit Card

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