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Mar 20 2011
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Terms Of The New Credit Cards RegulationsBlog Post Date: Feb 25 2010
CREDIT CARD ACT
TERMS OF THE NEW CREDIT CARDS REGULATIONS 10 things that credit-card issuers can still perform with proper notice: * Alter your fixed-rate card to variable. * Increase your Annual Percentage Rate on future purchases. * Raise your variable rate without notice because it’s pegged to an index that went higher. * Charge an annual fee on a card that didn’t have one. * Lessen your rewards benefits. * Raise the amount of existing fees. * Charge you with an inactivity fee if you do not use the card enough. * Present a new card product at whatever rate and terms they want. * Terminate your account. * Set your card limit lower. Source: Consumer Action LOTS OF PLASTIC The top ten credit-card issuers and their total current balances as of June 30: 1. Chase -- $165.87 billion 2. Bank of America -- $150.82 billion 3. Citi -- $102.54 billion 4. American Express -- $78.16 billion 5. Capital One -- $55.46 billion 6. Discover -- $48.90 billion 7. Wells Fargo -- $30.89 billion 8. HSBC -- $26.09 billion 9. U.S. Bank -- $20.17 billion 10. USAA Savings -- $12.96 billion Source: CreditCards.com and The Nilson Report VIA Times Dispatch Keyword: Credit Card
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