CREDIT CARD ISSUERS ROLL OUT NEW FEES

Consumer advocates claim that some of the largest credit card companies, including Citigroup, JPMorgan Chase, and Discover Financial Services are introducing new fees to recover lost revenue from the Credit Card Accountability Responsibility and Disclosure Act of 2009. Consumer groups are claiming some banks may even be breaking the law, which was set up to protect consumers. The Wall Street Journal

IMPORTANT INFORMATION REGARDING CREDIT CARDS

If you take credit cards...you know the importance of protecting your customers' personal credit card data. But did you know it's your responsibility to make sure your business is PCI (Payment Card Industry) Compliant by July 2010? Check out this link to read more about PCI: What Is PCI?

We will be attending some upcoming classes on this very subject; keep an eye on our blog for more details.

Amanda Haumont, Marketing Specialist

NEW CREDIT-CARD RULES OFFER CONSUMERS NEW PITFALLS

New credit-card rules that went into effect in February are aimed at improving disclosure for consumers, but there are some potential pitfalls. The new law could result in card issuers implementing higher fees to compensate for interest-rate caps, and it could become tougher for consumers to get a new credit card. The new law also is likely to curb the number of rewards offered by companies, this article says. CNN Money had a really good summary of how this new legislation may impact you. CNNMoney.com

AMERICAN EXPRESS SAYS PAY YOUR CREDIT CARD BILL ON TIME OR YOU WILL LOSE YOUR POINTS

In case you haven’t heard, starting in January, American Express says that any credit cards that are cobranded with Delta JetBlue, Hilton or Starwoods won't receive reward points if you are late paying your bills. In other words, pay your bill on time or forfeit the miles or points you thought you earned for making purchases on your card during that month. To get the rewards back, it's going to cost you. You'll be hit with a $29 reinstatement fee if you want the rewards back. That fee is on top of the late-payment fee — $19 or $38 depending on your balance. A penalty interest rate, currently 27 percent, would be assessed on future balances.