Best Credit Card Offers specially for you

About Us  |  Contact Us  |  Articles  |  News  |  Tips  |   Tools
ADVERTISER DISCLOSURE
RequestCredit.com is an independent, advertising-supported web site which is compensated by the credit card issuers whose offers appear on the site. This compensation may impacts how and where the credit products appear on our site, including, the order in which they may appear within credit product lists. RequestCredit.com does not review or offer all available credit products.

Finally, a closure to the loopholes of the CARD act

[Sunday, April 10th, 2011]

Right from the time the CARD Act came into effect, it has been a hot discussion topic among financial analysts and experts. While it is indeed true that this Act has brought about the much needed transparency in the credit card industry and prevented the credit card issuers from abusing their privileges, there still existed some loopholes around which banks and other financial institutions began to function. In a move to curb this, the Federal Reserve has given approval to a few more changes that will see the light of the day from the 1st of October, 2011.

As per one of the new rules that have just gained approval, credit card companies are barred from considering the household income of the applicant while approving credit cards. Going forward, banks have to take into consideration only the income of the individual and approve the application and set credit limits accordingly. While this move makes it difficult for first time credit card applicants, it will prove to be tougher on spouses who do not go to work.

According to another rule, banks have to be careful while promising promotional offers because once they offer it to the customers they cannot revoke it at their whim and fancy. Even the introductory interest rates cannot be varied until the card holder defaults that payments by at least 2 months.

While these new rules will definitely make things slightly difficult for the issuers, it certainly brings about a welcome change for many card users.

Read also

US Bank Now Offering Mobile Payments For Visa Commercial Cards
[April 15th, 2017]

US Bank corporate cardholders will be able to pay for transactions via Apple Pay, Android Pay, or Samsung Pay with their Visa cards, thanks to new functionality that makes US Bank the first financial institution to offer mobile payments for Visa commercial cards.

Continue reading ››

FICO Wins Cybersecurity Award
[March 3rd, 2017]

Online security has been a hot button issue ever since the advent of the Internet. The impact of cyber crimes greatly affects not only consumers, who may lose their identities and/or their resources, but also retailers, who lose customers and employee hours to dealing with the aftereffects of these crimes.

Continue reading ››

Partnership Between Credit Union and Elan Services Expands Credit Options
[January 16th, 2017]

Houston credit union PrimeWay Federal has partnered with Elan Financial Services to provide members with credit card products and services.

Continue reading ››
Copyright © 2003-2017 RequestCredit.com. All Rights Reserved
RequestCredit.com strives to keep credit card information up to date and accurate. However, all the credit card information is presented without warranty and can be changed by the credit card issuers at any time. Click the "Apply online" button to see the online credit card application and to review current credit card terms and conditions. Note that RequestCredit.com can be compensated by credit card issuers when the visitors apply for a credit card through the website.
* The RequestCredit.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. RequestCredit.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the RequestCredit.com website are property of their respective owners.
Information in these articles is brought to you by RequestCredit.com Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.