Summary Box

No foolin’: A bank card with 15 fees

2009-04-01T06:00:00.000+01:00

It sounds like an April Fools joke: A prepaid debit card meant to help teens manage their money that includes 15 potential fees. Another card claiming “no hidden fees” that charges $1 every time you use it. And another that charges $1 to talk to a customer-service rep, and 50 cents to talk to a machine!Those are some of the surprises we found in the wild world of prepaid debit cards, or as

A call to arms for savers

2009-03-30T14:27:00.000+01:00

By Martin LewisWe've now limboed well under the 300-year historic low for Bank of England rates, and it's time to fight back.Huzzah! This is a battle cry, out to the nation's savers. We've now limboed well under the 300-year historic low for Bank of England rates, and it's time to fight back. This is a three-pronged savings manifesto championing better rights and showing how to boost your

Look for the "Schumer Box"

2009-03-27T00:00:00.000Z

Credit card companies have to provide certain information in any offer that they make to you, under the federal Truth in Lending Act (TILA).You can find this information printed in what’s known as the “Schumer box” (after the U.S. Senator from New York who drafted the bill), which is required under TILA.This box will appear on the back of the letter offering you credit, or on another sheet of

Protections for users of credit cards and overdraft services

2009-03-19T00:00:00.000Z

Protections for users of credit cards and overdraft services. Before the Subcommittee on Financial Institutions and Consumer Credit, Committee of Financial Services, U.S. House of Representatives, Washington, D.C.Credit Card Applications and SolicitationsThe final rule includes several changes to the content and terminology of the tabular disclosure of key costs and terms currently provided with

Get the best returns from your ISA

2009-03-13T00:00:00.000Z

Nathan Wallis, spokesman at Birmingham Midshires, says when it comes to choosing the right ISA, it is important to pick a product that suits your needs: ‘There isn’t that much small print to go through on ISA accounts, because all providers have to offer a summary box showing product details. But if you might need to withdraw funds, you could be better off with an account paying a lower rate, for

Lawmakers Aim at Fine Print in Financial Agreements

2009-02-23T16:03:00.000Z

Two rules issued late last year, one on mortgages and one on credit cards, show that Washington is shifting from the idea that disclosure alone is enough to protect consumers, said Ellen Seidman, a fellow at the New America Foundation and a former head of the Office of Thrift Supervision.The 1968 Truth in Lending Act and the 1974 Real Estate Settlement Procedures Act require lenders to clearly

Advertising regulations to standardise credit card market

2009-02-19T15:20:00.000Z

Changes in the way in which credit cards are advertised should make it easier for borrowers to understand what they are agreeing to when they take out a card, Apacs have suggested.New advertising regulations due to coming into force in June will make it compulsory for credit card lenders to display important information in a standardised “summary box” on all adverts for new credit cards, with

Credit card debt could be reduced by new summary box

2009-02-18T00:00:00.000Z

A new summary box could help credit card debt, according to experts.Changes in the way credit cards are advertised could give potential customers more information, including what kind of interest rates to expect, and it is hoped that this will encourage consumers to shop around and choose the best deal.All credit card marketing will have to include a summary box by the end of June which will

New summary box 'could reduce credit card debt'

2009-02-16T00:00:00.000Z

Financial watchdogs are hopeful that changes to the way in which credit cards are marketed could reduce the number of consumers falling into debt.By the end of June, all credit card companies will be required to market their offers using the revised summary box, which provides product information in a standardised format.According to Apacs, this change should improve transparency in the credit

Credit card summary box updated

2009-02-13T11:38:00.000Z

Credit card issuers have improved the summary box provided on card applications to help consumers compare deals more easily.Summary boxes, which are provided with all marketing materials for credit cards, show key product information including the APR, fees and any default charges in a standardised format.Consumer market research found formatting information in tabular, bullet point or numbered

Credit card issuers must revamp monthly statements by 2010

2008-12-23T00:00:00.005Z

Federal regulators have asked credit card issuers to make monthly statements sent to millions of credit card users easier to understand. The deadline for the changes to take effect is July 1, 2010, although some issuers may roll out revamped statements sooner.The changes that clarify statements are part of a much larger series of credit card regulation reforms passed by federal banking agencies

The great credit card scandal

2008-12-09T00:00:00.001Z

Credit card companies are facing an investigation by competition watchdogs after defying government warnings to improve their lending practices. An analysis by The Independent has found that the cost of card borrowing has risen over the past three months despite three cuts to the Bank of England base rate.

Credit card rules due soon will add to consumer protections

2008-12-07T00:00:00.000Z

Cash-strapped consumers can expect a special delivery this holiday season: sweeping new rules on credit cards.Federal regulators will unveil final rules within the next several weeks to restrict credit-card practices seen as unfair or deceptive. Proposals would prohibit institutions from practices such as: increasing rates on an outstanding balance, except under limited circumstances; applying

Apacs Launches Credit Card Safety Campaign

2008-10-13T00:00:00.000+01:00

A new safety campaign aimed at consumers making credit card purchases online has been launched.The UK payments association Apacs has announced the launch of a new campaign to help consumers stay safe when using their credit cards to shop online. Beginning on October 20th, the Be Card Smart Online campaign is being backed by the banking and retail industries as well as card companies Visa and

Halifax announces changes to banking and savings statements

2008-10-11T00:00:00.000+01:00

Halifax has announced a series of improvements to bank and savings account statements that will appear from the 26th October 2008.The new statements will incorporate a summary box section for both bank and savings accounts. This means, Halifax now has more summary boxes on its product statements than any other UK bank. Halifax was the first UK bank to launch personalised credit card summary boxes

New Car? Put It On The Credit Card

2008-06-01T08:33:00.000+01:00

Why should dealers tell you what you can and can't charge to your credit card? Cars represent a jackpot of credit rewards that every consumer is entitled to collect. There's nothing stopping from charging your new car straight to your credit card, if you storm the dealership armed with the right tools...Dealerships loathe credit cards for two obvious reasons:Fees: The 2% transaction fees easily

Banking Agencies Release Broad Proposal Targeting Credit Card Practices

2008-05-09T12:00:00.000+01:00

On May 2, 2008, the Board of Governors of the Federal Reserve System (FRB), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) released an expansive proposal to prohibit or regulate a number of practices in credit card lending. The proposal is a dramatic and expansive exercise of the Agencies’ powers to issue regulations on unfair and deceptive acts and

Banking Agencies Release Broad Proposal Targeting Credit Card Practices

2008-05-09T00:00:00.000+01:00

UK watchdog to launch credit card website

2008-03-17T00:00:00.000Z

The UK’s watchdog, the Office of Fair Trading has recently announced that it will be launching a credit card comparison website to help consumers to avoid the pitfalls of credit cards that use confusing financial jargon and end up costing the consumer more in interest and charges.The watchdog has expressed concern over how consumers are paying an additional £400 million to credit card companies

Credit card providers slash limits without customers’ knowledge

2008-03-03T00:00:00.002Z

Credit card customers have been left seething over recent weeks, as the result of a crafty move made by a number of credit card providers in a bid to cull credit card limits.A number of credit card firms have slashed the credit limit on customers’ cards to just £100 over their existing outstanding balance, and they have done this without first informing the consumer, leaving many feeling

McFall cut up credit card over insurance letters

2008-03-03T00:00:00.001Z

The MP who has led the fight for a better deal for financial services consumers admits he does not own a credit card.John McFall, chairman of the Treasury select committee, was fed up being hassled by his card company to take out payment protection insurance.So he followed the advice of Matt Barrett, former chief executive of Barclay's Bank, who told Mr McFall's committee in 2003 he would not

Do We Need a Credit Card Holders

2008-02-25T02:50:00.001Z

US congressman Mark Udall thinks so; he has just presented legislation to the US Senate that out-lines his version of a "Credit Card Bill of Rights". The gist of the bill is to force credit card companies to send notice of a rate increase prior to raising your rates.However, should congressman Udall get his bill through the Senate as penned it will wipe out a lot of the fine print we see on

Credit Card Firms Accused OF Confusing Customers

2008-02-22T00:00:00.000Z

The Office of Fair Trading (OFT) reckons that credit card companies are taking £400m a year from customers by confusing them with small-print jargon and unfair charges. It means that many people pay more for their cards than they need to.The OFT has unveiled a regime to help keep people clear of unfair cards, creating a price comparison website, and ‘honesty box’ on statements and marketing

Nationwide voted most responsible credit card provider

2008-02-14T00:00:00.000Z

Nationwide Building Society has received an award for "Most Responsible Credit Card Lending Practices" at this year's prestigious Card Awards, held at the Grosvenor House Hotel, London in January.The Society was recognised for its transparency and clarity of credit card information, for its positive order of payments and for providing fee-free card use abroad.As a responsible lender, Nationwide

OFT acts on credit card small print

2008-02-11T00:00:00.004Z

The Office of Fair Trading (OFT) has warned High Street banks that their credit card terms and conditions are confusing consumers.It estimates that undetected terms and conditions contained in small-print are costing cardholders £400 million a year and the watchdog is now demanding that providers include an “honesty box” on statements and marketing material.This will provide a clear method of