Chase has beefed-up its website to help U.S. cardholders understand and make decisions based on their credit score. Chase says its new service, Credit Journey, will help all consumers make confident financial decisions. Chase Credit Journey features: • VantageScore 3.0 powered by TransUnion, which is based on information from a person’s credit report and refreshed…
Welcome to the new normal of $40 for late fees for missing your credit card payment due date. Over the past two years, the nation’s top issuers have been nudging late fees up from $35 to $40. Under current, non-existent credit card regulations, the “sky is the limit.” Indeed, credit card issuers are only limited…
Third-quarter card debt is expected to take a big hit as the waning impact of one-time consumer stimuli payments, and reductions in unemployment supplemental benefits slam consumer spending. The failure to prop up the American economy may be catastrophic for holiday spending in the final quarter of 2020. While the second-quarter 28% decline in consumer…
Best credit card is an oxymoron. There has never been the “ten best credit cards,” or even the “one best credit card” you gotta have. Four decades ago there were two choices: “classic” and “gold.” To get a “gold” card with a minimum $5,000 credit line, you had top be making at least $25,000 per…
The credit card APR spread between the rates charged across all accounts and the prime rate computed to 1012 basis points (bps) in the fourth-quarter (4Q/19). The average credit card rate charged by the nation’s Top 100 banks hit 14.87% in 4Q/19, down 23 bps from the prior quarter, but up 65 bps compared to…
Late fees fluctuated between $5 and $10 in the mid-1980s when the credit card business was about to explode. Most of the ten largest issuers charged a 19.80% APR and a $15 to $18 annual fee. For credit card issuers the late fee was not a significant part of the revenue stream, as it was…
Professor Cardworthy, the “Money Explainer” of all things financial, was resurrected by Senior Payments Analyst Robert McKinley, reprising his role first developed in 2007 as the actor in a series of 50 “Cardworthy” YouTube consumer instructional videos. The 2007 project was shelved while Mr. McKinley was in a cancer battle and later placed on hold…
Home sharing is becoming more expensive than a hotel stay as greedy homeowners slip in exorbitant cleaning fees and service fees. At the same hotels are migrating to the gig economy for cleaning services an apps for room service from local restaurants, according to Bankcenter and CardBuzz. Senior Analyst Robert McKinley for CardTrak says as…
Free tax filings were not widely known among low-to-medium income taxpayers as some commercial tax preparation services did their level best to hide them until the IRS got pissed. Trump’s trade war has made every American a loser to some degree, small to big, but nonetheless, losers. Despite demand for housing and low rate mortgages,…
U.S. card late payers continue to creep upward to levels not seen since 2013 and running about 40 bps (basis points) above ratios reported five years ago. Delinquency among the Top 100 U.S. issuing banks in the third-quarter edged up 1 bps sequentially, and up 8 bps YOY (year-on-year). Nonetheless, the seasonally adjusted (SA) delinquency…
