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New card act brings about more clarity with regard to pricing

[Friday, February 25th, 2011]

As per the new rules mandated by the CARD Act, 2009, there seems to be greater transparency with regard to pricing for the customers, as per the study conducted by Center for Responsible Lending or CRL.

There has been a reverse trend of sorts, as the unclear pricing had misled customers for many years where they believed that they would pay less on their credit card debt, which was far from the truth.  Due to the inaccurate pricing, borrowers had taken on much more debt than they would have under normal circumstances.

Clarity in pricing

By the year 2004, there was a huge gap in the stated rate on the credit card solicitations, and what the customers were paying.  The gap widened to unforeseen levels in the year 2004 and continued to remain that way right through 2008.  However, there was a marked difference in the wake of the reform and the slated prices on the credit card solicitations moved much closer to the actual prices.

As per the results of the study, since the implementation of the CARD Act the actual pricing has continued to remain stable, and the available credit limit has not been tightened beyond the expected levels. There is competition due to the transparency in price and the long term impact of this would be lowered costs for the consumers.

The study also concluded that, the direct mail offers are keeping a consistent pace with the prevailing economic conditions.

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New Marriott Bonvoy Bold Credit Card VS Marriott Bonvoy Boundless Credit Card
[June 21st, 2019]

A short time ago, the largest world hotel chain – Marriott International together with Chase Bank have pleased their customers with a new hotel credit card – the Marriott Bonvoy Bold™ Credit Card. Marriott loyal fans are most likely aware that the Bold card is not the first Marriott and Chase joint credit card. Their first co-branded card is the Marriott Bonvoy Boundless™

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New Apple Card Coming Soon
[April 3rd, 2019]

There is already a Barclaycard Visa with Apple Rewards credit card, Apple Cash card, and recently Apple announced a new card – Apple Card. It is an innovative credit card that will be available in the U.S. this summer.

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Experts Offer Their Best Tips For Keeping Your Financial New Year’s Resolutions
[January 6th, 2019]

As the winter holidays fade into memory and the new year advances, many people find that their resolutions to lose weight, eat better, go to the gym, get more organized, and generally be better versions of themselves also recede into the distance.

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