Retail lobbyists fought hard to win a limit on interchange fees – the charge retailers pay to banks to process debit card transactions. Their victory may backfire: Banks are now threatening to limit debit card transactions to $50-$100.
While banks have been slicing rewards on debit cards, there are still some good ones out there – here are two examples.
One major credit-reporting agency is now including rent payments in credit histories. If more follow suit, it could help renters become homeowners.
Another sign the economy is making a comeback: During the recession, Americans gave their plastic a rest. But for the first time in years, credit card debt is increasing.
Credit cards have gotten a bad rap in recent years – in many cases, deservedly so. But some offer benefits you may not be aware of unless you dig. Example? One card is now offering free admission to over 100 museums.
The Federal Reserve recently proposed a reduction of up to 80 percent in the fees banks charge merchants for processing debit cards. If the proposal is instituted, retailers win and banks lose. But what about consumers?
The Kardashian sisters may have put the kabosh on their high-fee credit card, but a slew of new celebrity/cartoon cards have just hit the market – and the fees aren’t too much better.
The Federal Reserve is best known for tinkering with interest rates, but it’s also just come out with new rules protecting you and your credit.
Credit cards have become an easy target for Congressional grandstanding and regulations, but beneath the widely criticized rates and fees lie many good benefits that are usually hidden in the fine print.