How to Help Your Spouse Rebuild Credit

You can help your spouse rebuild a credit score through specific joint debts. However, you should be conscious along the way of the fact that your spouse must take individual loans in order to truly build up a good credit report. Look for opportunities to take on debts together and separately so you can both have high credit scores in the future.

Share Large Loans

Large loans, like mortgages, should include both of your names. This will help your spouse build credit, and it will also help you secure higher limits if you each have an income. The lender will use your total income to determine your limits. If your spouse's credit is low initially, this will not matter if he or she makes less than you do. The lender will use the credit score of the higher earner to determine your terms.

Secure Individual Loans

Having joint loans is not enough to build credit. Ensure that your spouse is actively taking individual loans when the opportunity is correct. For example, ensure that your spouse has his or her own credit card, not just a version of your card with his or her name on it. If you are considering financing a small electronic device for your home, this is a good opportunity to allow your spouse to take on the debt alone.

Portion off Debts

If you have a certain degree of debts when you are married, balance these debts between your two credit scores. Neither individual should carry the bulk of debts. However, if your spouse has bad credit and is working to repay costly loans, consider taking on the debts in your name. This will save you money because you are likely to get better financing terms. It will also help immediately to rebuild your spouse's credit.

http://www.creditorweb.com/articles/how-to-help-your-spouse-rebuild-credit.html

Student Credit Cards Protection

Students, or any first-time credit card user, know that it's a fact of life that sometimes a new credit card will get lost or misplaced. To that end, many student credit cards have an added zero liability protection feature for any unauthorized purchases made on the card. While it's not a perfect solution to the problem of lost or stolen credit cards, it does make student credit cards that much more attractive as a financial option for young people concerned about the problem.

Any teacher knows that students have a tendency to lose things. Students misplace their books, clothes, keys, iPods and just about anything they lay claim to. Even homework has been known to go missing. Credit cards for students tend to get misplaced, lost or stolen as well.

According to a recent study on student credit card use, students are now carrying credit cards in record numbers. Up to 83% of all college students as of 2001 carry a credit card. This fact certainly won't change any time soon. Given the current availability of online shopping opportunities for students and young people from textbooks on Amazon to music on iTunes, along with the convenience of paying with a credit card, it's unlikely that student credit card use will subside any time soon.

But understanding how widespread student credit card use is leads to the unavoidable conclusion that lost credit cards, particularly by students, are inevitable. And with all of the concern recently regarding identity theft and ever-more prevalent financial fraud, a lost credit card can potentially become a very big issue.

Fortunately, most student credit cards currently available offer a decent solution. Often times, students do not have much experience with independent finances and real-world financial decision making. So putting a credit card in the inexperienced hands of someone with a wide variety of expenses that might include school books, clothes, food, gas, pizza, and entertainment may not seem like a wise idea, even considering the number of seemingly attractive options offered by some of the best student credit cards. Nevertheless, before you apply for a student credit card, either for yourself or for your favorite student, it's best to ensure that the cardholder has a firm grasp of some simple principles of budgeting and financial responsibility. But there's one feature built into student credit cards that can provide protection and peace of mind, which is zero financial liability in the case of unauthorized use.

According to the Electronic Protection Act, credit card companies are allowed to charge liability fees on unauthorized charges made on any credit card up to fifty dollars. This holds true as long as you notify the credit card company within 30 days that the card is either missing or stolen. Once you notify the company, you can't be assessed any more penalties for charges made on your card, but all charges up to $50 made before you let the card issuer know that your card is missing will have to come out of your pocket.

Many of the top student credit cards, however, will not apply that minimum liability charge, assuming that you report the card lost or stolen within thirty days. Admittedly, this isn't a perfect solution to the problem of identity theft or unauthorized card use, and you may still face non-financial repercussions in the future for any purchases made on your card. But before you or your favorite student gets used to carrying a credit card for the first time (as many student credit cards are), there are bound to be a few careless misplacements. And it's nice to know that credit card issuers have taken this fact of life into account regarding student credit cards.

So yes, students may lose things, and unscrupulous people on campus just might try to take advantage of this fact. But with a good student credit card (and, of course, a dose of financial realism to temper it), unauthorized charges and identity theft becomes much less of a problem to worry about -- although you'll still have to find your homework.

Cash Back Credit Cards: The Deal is in the Details

Cash back credit cards: do they really work? The simple answer is yes; the longer answer is that in order to make the most of them, you’ll have to pay attention to the details. If you can stay on top of your credit card payments, and use the card wisely, you will definitely benefit from a cash back credit card. The key is to look at the fine print. Here are some tips to help you get a good amount of cash back.

Check the Percentage Rates

When cash back cards first began, banks usually offered customers 1 percent back from the amount they spent. So if you spent $500, it seemed like you could expect to get $5 back. Many cardholders did not realize, however, that the full 1 percent usually did not start until a certain amount had been spent on the card. Many of these cards worked on a tiered basis, meaning that you would not actually receive the entire 1 percent cash back until you had piled a few thousand dollars on to the card.

Fast forward to today, and you’ll still find that many credit cards operate on this system. If you read through the fine print, you can find out the limits involved before applying. You can also check for special deals. Some cards will give you 5 percent cash back every time you use the card at the grocery store, or for gas, or for online shopping. So make sure you know what you really will be getting back in cash before you sign up.

Look for Fees

Many cash back credit cards do not come with an annual fee. Even so, you’ll want to check to see if there are any extra fees involved. Some of these cards come with a higher interest rate than most cards. If this is the case, check to see if you’ll be paying off the balance each month. If you can pay off the balance each month, you’ll greatly benefit from the card. If you can’t, you might want to look for a low interest card instead.

Set up a System

Using a cash back credit card works best when you keep track of your purchases, make sure you get the highest percent of cash back possible, and pay off the balance each month. To add one more step to your benefit plan, think about what you want to spend your rewards on. Check each month to see how much money you have accumulated, and plan what you will use those rewards for. Then when you receive a rebate check, you’ll know right where to put it.

For those that can carefully manage a credit card, the cash back system is a great find. It gives you all of the benefits of a regular card, and lets you get a little cash back at the same time. So if you apply for one, think about using the card, and the rewards that come from it, as best as you can. You’ll find that the deal with cash back credit cards is really in the details.

Crushing Credit Card Debt

by David Berky

How much do YOU owe on your credit cards?

The average American family is now over $7000 in debt just on their credit cards. That debt generates an interest charge of over $105 each month if your card charges the average 18%. If you have missed a payment or made a late payment (even by one day!), you may be paying up to 27% interest or over $157 each month.

Most credit card companies require a modest payment towards the card balance. Modest meaning from $10 to $20 a month. To pay off a $7000 debt at $20 a month you will not pay off this debt for 29 years.

And what about those interest charges? Paying off a $7000 credit card debt charging an interest rate of 18% and paying $20 a month towards the debt, you will pay over $18,400, more than TWICE the original debt, just in interest.

What if you have more than one card? What if your debt is over $7000? What can you do? How can you get out of this hole?

There are some techniques that can help you pay off your debt and do not require expensive loans, invasive credit checks, or expensive financial planners and accountants. You can also save on interest charges by paying off your debts in a certain order.

The most effective technique is sometimes called the "snowball" method. The snowball method suggests that when you pay off one debt you apply that payment amount to the next debt. Thus the amount you pay on a debt grows like a snowball rolling down a hill.

For example, you have three credit cards with debts of $5000, $4000, and $3000 which are charging you 18%, 27%, and 12%, respectively, and you are paying $150, $125 and $100 each month. By paying these required monthly amounts you will pay off your $3000 credit card first.

Now that the $3000 card is paid off you have an extra $100 a month. Put that extra $100 toward paying off your next credit card debt. Now you are paying $225 a month on the $4000 card and the $150 on the $5000 card. With this accelerated payment on the $4000 card you will pay off the card earlier and save some money on interest charges.

Then apply the $225 payment to the $5000 card for a monthly payment total of $375. Soon this card will be paid off and you will have $375 extra each month to pay off other debts or better yet, INVEST!

So, which debts should get paid off first?

Generally, you want to pay off the debts that are charging you the highest interest rates first. In the above example you could have added the $100 payment to the $5000 credit card rather than the $4000 credit card. But the $4000 credit card is charging you 27% where the $5000 credit card is charging 18%. By paying off the card charging the higher interest rate first, you will save some money on interest charges.

If this sounds too confusing, you can enlist your computer. You can search the Internet for the keywords "debt reduction calculator" or you can visit http://www.simplejoe.com/debteraser/index2.htm and review a product named Simple Joe's Debt Eraser.

Simple Joe's Debt Eraser helps you create a Rapid Debt Reduction Plan that is customized to your debts and your situation. Just enter your debts and the amount you can afford to pay each month. The software will create a plan telling you how much to pay towards each debt each month until they are all paid off.

You CAN pay off your debts. The trick is to stop charging purchases to your credit cards and develop a debt reduction plan. Your plan should include "snowballing" your payments and prioritizing the debts by high interest rate.

Low APR Student Credit Card - 5 Alternatives

Students entering college today know that they have their work cut out for them. Given the high cost of going to college these days - due to increasing cost of living, tuition raises, and less governmental help - most students who are interested in merely partying their way through college need not apply.

Rather, students have to work hard on many fronts just to keep their heads above water while in school. That includes not only making good grades and staying involved with extra-curricular activities, but also paying the bills.

For the past 2-3 decades, many students have been turning to credit cards as a way to pay for daily and weekly expenses such as food and gas, as well as for less frequent expenses such as books and other study materials.

Today, there is a growing awareness that too many students are graduating with thousands of dollars in credit card debt. On top of that, the U.S. Congress has made it harder to qualify for a card. These days, a student seeking one will need an adult co-signer just to qualify.

Still, some students recognize that having a card can serve as a great backup just in case they need to pay an emergency expense. Those students want a low APR student credit in their wallets, just in case. Looking for a low APR student credit card? Here are 5 alternatives to having one:

1. Go with cash-only:

One option is for you to give up the idea of a card and just go cash-only. This is a sure way to keep you out of debt. However, it will leave you vulnerable in the face of emergency situations when you need to make a large purchase (think medical issues or car repairs).

2. Carry your parent's card as a backup:

Another option is to ask a parent to have one of their own cards issued in your name. You can promise to only use the card if absolutely necessary. And, your parents can monitor your use by reviewing their monthly statements.

3. Get a co-signer to help you attain a credit card but only use as a backup:

College students have another option. You can enlist an adult you know - it could be a parent, an uncle/aunt, or a friend - to co-sign on your card application with you. But, make sure the person whom you ask for this favor knows and trusts you well, since they will be responsible for the bill if you become unable to pay.

4. Use a prepaid debit card for emergencies only:

A prepaid debit card is a relatively new innovation. It looks and acts like a credit card: it even carries the popular symbol of Visa, MasterCard, or American Express. However, these cards are a little bit different. When you purchase they already have a certain amount of credit on them. Every time you use the card at a merchant, that amount is debited from the card. There is no application required, no credit check needed and it is impossible to run up a big balance.

An alternative to a credit card is to get a prepaid debit card and then to keep it only for emergencies.

5. Use a prepaid debit card on a daily basis:

Similarly, you can use a prepaid debit card on a regular basis, using it for everyday purchases.

Consider these 5 alternatives to getting a low APR student credit card.

Good Credit Cards for College Students

Good credit cards for college students will keep costs low while still developing student credit. Look for a blend of these two features when selecting the card that works for you. It is also wise to look for added bonuses you can use in your specific situation to reward good spending habits.

Avoid Prepaid Cards

Prepaid cards may appear to be a good option because they have no interest rates. However, you will still pay a fee each time you add funds to the card. Further, in return for this fee, you gain no positive credit report. Since there is no actual loaning of funds in this example, the credit card company will not report the debt to a credit agency, and you will gain nothing from paying your card on schedule.

Choose Cards with Deferral Options

As a college student, you will likely fluctuate between periods of work and study. On breaks and in the summer, you can earn money with brief periods of employment. However, when you are in school, it can be very hard to continue to make payments on a credit card since you are not likely earning a large salary. In this case, a good option is to elect a card with deferral options where no interest is charged. Look for cards that allow you to defer payments in six-month periods without any additional compounding of interest.

Gain Spending Rewards

Many banks and lenders offer specific student credit cards that reward you where you need it most. For example, you can locate a card that will give you cash for airline tickets, books or campus meal plans. Look for a reward program focused on the items you need most. You may find student cards can help pay for necessary expenditures through these reward programs.

Card fraud continues to fall

The UK Cards Association has today revealed that credit and debit card fraud continues to decline.

According to the Association, fraud losses on UK credit and debit cards totalled £365.4 million in the 2010 year – a drop of 17% compared with 2009.

The figure represented a 10-year low and compares with the record high of £610 million in 2008.

The group attributed the ongoing fall to a number of factors – one being the introduction of chip-and-pin, consumer awareness, together with continuous efforts by the industry to deter and prosecute fraudsters.

Meanwhile, phone, internet and mail-order fraud fell 15% – as a result of the increasing use of systems such as Verified by Visa and Mastercard Secure Code.

However, phone banking fraud losses were up 5% to £12.7million. Cheque fraud continued to fall – but this was attributed to the severe decline in cheque usage.

Commenting on the figures, Melanie Johnson, who chairs the UK Cards Association, said: “The cards industry is greatly encouraged by the major decrease in card fraud losses for a second successive year, but we will not be easing off our efforts as a result.”

Business Credit Card Requirements for Partnerships

When you start a business, you will likely receive multiple offers for some type of business credit card. These cards would typically be offered in the name of the business. However, this partly depends on whether your business is incorporated. As a partnership, you have the option to leave your business unincorporated. Then, meeting the requirements for business credit would fall on the shoulders of each individual owner.

Basic Credit Requirements

The credit of both partners in a business will be considered when any lender extends financing to an unincorporated partnership. If one partner owns a larger percentage of equity, the credit of this owner will be weighed more heavily. However, both should have a record free of default, delinquency and other credit issues to qualify for the best credit cards.

Asset Requirements

If an unincorporated partnership fails, the partners will have to resolve outstanding debts personally. This is very risky for a lender. As a result, the lender will typical require collateral on any business credit card. This can take the form of a liquid asset, such as a business's bank account, if necessary. A further option is for one or both of the partners to use personal collateral to secure a loan.

Barclays' move sends credit card interest rates lower

Issuer continues to test multiple offers on card

By Kelly Dilworth and Kate Tomasino
CreditCards.com's Weekly Rate Report
Avg. APR Last week 6 months ago
National average 14.65%
14.66%
14.15%
Low interest 11.18%
11.18% 11.99%
Balance transfer 12.78%
12.80%
12.68%
Business 12.91%
12.91%
12.85%
Cash back 13.41%
13.45%
12.31%
Student
13.42%
13.42%
14.05%
Reward 14.32%
14.33%
14.32%
Airline 14.33%
14.39%
14.14%
Instant approval 15.99%
15.99%
15.99%
Bad credit 23.95%
23.95%
20.64%
Methodology: The national average credit card APR is comprised of about 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. (Introductory, or teaser, rates are not included in the calculation.)
Source: CreditCards.com
Updated: 03-09-2011
Credit card interest rates inched lower for the second straight week as more banks begin testing offers for the spring.

The national average annual percentage rate (APR) on new credit card offers dropped to 14.65 percent on Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report. The decline -- by just a hundredth of a percentage point -- was slight, but it pushed the national average to its lowest level in three months.

This week's modest drop was spurred by a test offer from Barclays. During our weekly evaluation of credit card interest rates, Barclays' U.S. Airways Premier World MasterCard offered multiple rates several weeks in a row. For example, we saw a range of 15.99 percent to 24.99 percent on the card. However, the issuer also simultaneously offers the card's old offer range of 15.24 percent to 18.24 percent, depending on when and where we looked on its site. The difference in rates offered online indicates that the bank has not yet settled on an offer.

In order to reflect the differences that we saw on Barclays' APR offer for the U.S. Airways card, we adjusted the bottom end of the card's range this week from 15.99 percent to 15.24 percent in the CreditCards.com database. We then left the credit card's top end at 24.99 percent -- which is one of the highest initial APRs on record for applicants with less-than-stellar credit.

This is the fourth time this year that Barclays has adjusted interest rates on the U.S. Airways Premier World MasterCard, as the bank continues to test possible rates.

Responding to a request for comment on the different rates, Kevin Sullivan, a spokesman for Barclays, said in an e-mail: "Many factors drive the rate associated with a particular card offer. We offer several different product combinations in different channels -- designed to meet the needs of different customers."

Experts say that banks often test offers on credit cards in order to see which rate is more successful in attracting applicants while still maintaining profitability. As a result, multiple offers on a card -- with varying APR ranges and sometimes different promotional terms -- may be available, depending on when and where you look. That means that if a bank is testing an offer on a credit card, you may see a different APR range in the terms and conditions of your application than another applicant applying for the same card.

Now that credit card issuers are feeling more comfortable with the economy and sending out a larger number of credit card mailings, the overall number of test offers may be increasing as well, say experts.

"Competition is increasing and issuers are doing everything they can to gain a competitive edge in an increasingly cluttered mailbox," says Andrew Davidson, Senior Vice President at Mintel Comperemedia, which tracks credit card mailings. That includes sending out test offers on existing cards in order to see which APR for new cardholders is more competitive.

Other banks tested card offers this week as well, according to CreditCards.com's Weekly Rate Report. For example, Discover introduced a new balance transfer offer this week on the Discover More card after wrapping up its limited promotion on 0 percent balance transfers at the end of February.

Last week, Discover dropped its promotional balance transfer period from an unusually lengthy 24 months to its previous promotional period of 12 months. However, this week, the bank adjusted its offer again, giving the card's newest customers 0 percent on balance transfers for 15 months.

Discover also adjusted its promotional balance transfer offer on the Discover Open Road card this week, but the offer was less sweet. Discover shortened its offer period for the Discover Open Road card from 18 months to just 12 months.



Read more: http://www.creditcards.com/credit-card-news/interest-rates-decline-spurred-by-test-offer-from-barclays-1276.php#ixzz1GBCpWinp
Compare credit cards here - CreditCards.com

Reducing credit card service chargebacks

If you are a small business owner who accepts credit card payments for merchandise, chargebacks - reversals your credit card service applies against your sales - are probably costing you quite a bit of money. You lose the revenue from the transaction, and often the merchandise itself. In addition, you're forced to pay a chargeback fee to the bank that issued the card used in the transaction.

The following tips will save you money by reducing unnecessary chargebacks:

Learn the ropes. Knowing the rules is essential to a successful chargeback prevention campaign. Make sure you and any employees involved in credit card processing are familiar with the rules and regulations of your credit card service. Visa, MasterCard, American Express, and Discover supply detailed information on both minimizing the chance of chargebacks and managing the process when they do occur.

Post your return/exchange policy. Customers having ready access to a clear return/exchange policy are less liable to challenge it, according to Carter Cullen, president of YourRights, a small business advocacy service located in Matamoras, PA. Prominently display your return policy - either in your store or on your Web site if you sell merchandise over the Internet - and make sure it is easy to understand. In addition, print the policy on your sales drafts and billing statements. These actions will discourage customers from contesting your policy later on.

Finesse the transaction process: in-store sales.

Create proof that the credit card was present during the transaction (swipe the card or imprint it on the transaction receipt).
Obtain a signature from the cardholder and compare it to the one on the back of the card.
Request additional identification if the card is unsigned. Ask to see a photo ID that includes a signature, and require the cardholder to sign the card in your presence.
Check the expiration date on the card.
Finesse the transaction process: phone sales.

Indicate that the transaction was a phone sale on the billing statement - this will serve as proof of the customer's call.
Finesse the transaction process: Internet-based sales.

Provide your merchant bank with an 800 number to include on credit card statements sent to customers, and make certain that the name of your Web site, rather than the name of your company, appears on the statements. This helps customers easily identify charges and keeps them from reporting an unfamiliar vendor as fraudulent. It also increases the chances that dissatisfied customers will contact you before they attempt a chargeback.
Confirm large transactions by sending customers a fax-back or mail-back form requiring name, address, credit card number, expiration date, and signature.


Maintain complete and legible records. As the merchant, you are responsible for presenting a copy of the original sales draft or billing statement should a customer dispute a transaction listed on his or her credit card statement. In most cases, the customer will remember the transaction after seeing the sales draft or billing statement, immediately resolving the chargeback issue. If your original copy cannot be read, however, the transaction could be returned to you as a chargeback because the copy was illegible.

Actively seek retrieval requests. A customer who suspects an error or fraud requests the credit card company to nullify the charge. Tarek Kirschem, CEO and president of MerchantOnline, a turnkey e-commerce solution for small merchants, recommends asking your credit card service to send you each "retrieval request" as it comes in, so you can verify it with the customer if possible - before any money is returned to the customer and before you are assessed a chargeback fee.
http://www.buyerzone.com

Credit card interest rates rise to highest level since December

By Kelly Dilworth
Credit card interest rates rose slightly this week -- puncturing a multi-week lull in which all 30 credit card issuers that CreditCards.com tracks left interest rates alone.

CreditCards.com's Weekly Rate Report
Avg. APR Last week 6 months ago
National average 14.74%
14.73%
14.35%
Low interest 12.03%
12.03% 12.11%
Cash back 12.48%
12.48%
12.49%
Business 12.91%
12.91%
12.85%
Balance transfer 12.93%
12.93%
12.81%
Student
13.42%
13.42%
14.49%
Reward 14.36%
14.36%
14.40%
Airline 14.39%
14.30%
14.37%
Instant approval 15.99%
15.99%
15.99%
Bad credit 24.95%
24.95%
21.04%
Methodology: The national average credit card APR is comprised of about 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. (Introductory, or teaser, rates are not included in the calculation.)
Source: CreditCards.com
Updated: 02-23-2011
The national average annual percentage rate (APR) on new credit card offers climbed to 14.74 percent on Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report. The bump in the national average was small -- just a hundredth of a percentage point -- but it pushed the national average APR on new card offers to its highest level since Dec. 1.

It was the first movement in the national average in three weeks and only the second in the previous five.

This week's increase was spurred by a small rate hike by Chase on the United Mileage Plus Visa Signature card. Chase increased the credit card's APR by 1 percentage point from 13.74 percent to 14.74 percent -- making the card's APR exactly even with the national average. Chase didn't respond to a request for comment. However, this is the third time this year that the bank has adjusted interest rates on some of its cards.

No other card issuers that CreditCards.com tracks made APR moves this week, continuing a trend of non-movement for most banks. Of the 30 card issuers that CreditCards.com tracks, only four, including Chase, have adjusted standard purchase APRs since the beginning of 2011.

Experts attribute this year's stickiness in rates to a seasonal lull that occurs at the beginning of each year. As banks strategize for the new year, they tend to leave card offers alone until early March, experts say. As a result, the first two months of 2011 have been marked by multiple weeks of non-movement, as well as incremental rate increases that have barely made a dent in the national average. Since Jan. 4, the national average has increased four times -- but never by more than a hundredth of a percentage point -- held steady four times and decreased zero times.

Meanwhile, as banks re-evaluate their card offers, federal regulators and consumer groups observed an important anniversary on Tuesday. Exactly one year earlier, major provisions of the Credit CARD Act of 2009 took effect, leading to sweeping reforms in the industry. The anniversary prompted multiple reappraisals in recent weeks, with many observers giving the new law a mixed grade.

In a statement released on Tuesday, American Bankers Association vice president Kenneth J. Clayton offered faint praise for the new law, coupled with strong criticism. "It is clear the Act has ushered in a new era of empowerment for credit card customers," said Clayton in the statement. "It is also clear, however, that these benefits have not come without trade-offs, including a reduction in available credit for many consumers and increased prices."

Pamela Banks, a senior policy counsel for the consumer watchdog group Consumers Union, gave the law a mixed grade as well, but offered a much different perspective on how it could be improved. Banks praised the CARD Act for its extensive impact on consumers' ability to make sense of their credit cards -- then called on the new Consumer Financial Protection Bureau to enact even stronger reforms.

"The CARD Act has made a big difference by putting an end to some of the bait-and-switch tactics that unfairly trap credit card consumers in high interest debt," said Banks in a statement. "But consumers still need to be on the lookout for unfair credit card practices. The Consumer Financial Protection Bureau should finish the job of protecting consumers from abuses by big banks and their credit card programs."

The Consumer Financial Protection Bureau, in turn, marked the law's anniversary on Tuesday by holding a conference about the Credit CARD Act's performance. In opening remarks at the conference, White House adviser Elizabeth Warren applauded the credit card law's dramatic impact on industry behavior. Warren praised some credit card issuers for going above and beyond the law's requirements and criticized others for taking advantage of the law's loopholes.

"A year later, the CARD Act has brought about major changes in the way the industry operates," said Warren in the speech. "In part, this is attributable to the protections Congress enacted. But the data we have assembled indicate that much of the industry has gone further than the law requires ... Leaders in the industry deserve credit for moving in the right direction. [But] not everyone has embraced this approach."

The Consumer Financial Protection Bureau also released a study on Tuesday that found that the Credit CARD Act has been highly effective in reigning in lenders. But there is still work to be done, says the agency.

The study found that, despite this year's higher APR rates on new credit card offers, instances of repricing after a consumer has applied for a card have dropped dramatically, say researchers. "Prior to the CARD Act, approximately 15 percent of accounts were repriced over the course of a year," wrote researchers in a summary of the report. "Today, that number is under 2 percent."
http://www.creditcards.com