As prices on goods and services soar, every bit of value squeezed from credit cards helps. Perhaps paying an annual fee became less appetizing. Maybe you scaled back expenses in certain categories a credit card once rewarded, or you’re seeking opportunities to save with your credit cards. When you aren’t focused on debt and are…
What to Do If Your Credit Card Account Is Closed
By Rivan V. Stinson From Kiplinger’s Personal Finance Question: My credit card company closed my account for “inactivity.” Is there a way to get my card reinstated? Answer: Credit card issuers can close your account due to what’s known as “inactivity,” meaning you haven’t used the card in a certain amount of time—let’s say a…
How Your Credit Cards Can Help During a Recession
By John Egan From Bankrate.com When a recession is looming (or already here), you may wonder how to best handle your finances. After all, a recession—a period of time when the economy takes a deep dive—can trigger financial stress. Will you lose your job? Will you be able to keep up with everyday expenses? With…
3 Steps to Lower the Cost of Your Debt
Does the thought of dealing with your debt make you want to go back to bed? More than 1 in 5 Americans (22 percent) are likely to put off creating a debt payoff plan, according to a June 2022 survey from NerdWallet conducted online by The Harris Poll. That’s a lot of procrastination, and it’s…
24 Attorneys General Demand Credit Card Companies Drop Plans to Track Gun Sales
Two dozen Republican attorneys general have sent a letter to Visa, Mastercard, and American Express demanding the credit card companies abandon plans to track gun sales in the United States through firearm-specific transaction codes. Credit card companies face pressure from gun control groups and lawmakers sympathetic to their cause to adopt new merchant category codes…
Credit Card Giants to Categorize Gun-Related Sales Separately, NRA Condemns ‘Erosion of Rights’
Visa announced Saturday that it is ready to join other major credit card companies to tag firearms-related purchases, a move that Second Amendment advocates argue would only put lawful gun owners under surveillance. The International Organization for Standardization (ISO), a Switzerland-based group that sets and monitors quality standards for industries of all types, on Friday…
New Merchant Code Approved for Card Purchases of Guns, Ammunition
An international standards body has approved the creation of a merchant category code for gun retailers to identify credit card sales of guns and ammunition. The International Organization for Standardization (ISO)—a non-governmental body based in Geneva, Switzerland that creates standards across various industries, including the financial services industry—has approved the new merchant category code for gun and ammunition…
Average Credit Card Debt Soars by 13 Percent, Largest Increase Since 1999
September 2, 2022
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The average credit card debt held by households in the United States surged by 13 percent in the second quarter, the largest increase in such debt since 1999, according to an Aug. 30 report from the Federal Reserve Bank of New York. More consumers are increasingly relying on credit amid sky-high inflation in order to pay…
Telus Wants to Charge Customers a Fee for Credit Card Payments
Telus Corp. wants to pass on credit card fees to customers and plans to add a 1.5 percent “processing fee” starting this fall. In a letter to the Canadian Radio-television and Telecommunications Commission, the telecom giant says the surcharge is intended “to cover the processing costs that credit card payments incur” and would apply to…
Visa Stops Processing Credit Card Payments for Ads on Pornhub in Wake of Lawsuit
Visa has suspended payments for ads on Pornhub and parent company MindGeek after a woman accused the credit card company of knowingly helping monetize child pornography. In a statement on Thursday, Visa CEO Alfred Kelly said TrafficJunky, the advertising arm for MindGeek, will be suspended from the credit card transaction network. During the suspension, Visa…
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