February 16, 2010
Small business lending may be improving, but it's far from easy to get money when your business needs to spend. The right credit card may help. In fact, credit cards were the most popular spending method reported by participants in a 2009 Small Business Administration business credit card survey , with 59 percent of small businesses choosing plastic. But, 79 percent of respondents said the terms of their credit card got worse over the past 12 months. That means not every credit card will be right for your business.
April 30, 2009 |
The Obama administration yesterday called for an end to unfair credit card industry practices such as retroactive interest rate increases for any reason, late-fee traps that penalize borrowers with weekend or middle-of-the-day deadlines and teaser rates that last less than six months. In a written statement released by the Treasury Department, the administration outlined practices it would like Congress to reform as it considers two bills that would crack down on the industry. One proposal would force card companies to apply payments above...
May 21, 2009
WHY, YOU MIGHT ask, did Congress pass new credit card legislation just months after the Federal Reserve Board adopted what Fed Chairman Ben S. Bernanke described as "the most comprehensive and sweeping reforms" of credit card accounts? The legislation isn't identical to the Fed reforms, but it is awfully similar. As much as anything, this is about Congress not wanting to let a ripe issue go by -- especially one with more popular appeal than, say, bailing out banks. Redundant as the bill might be, the basic changes make sense.
August 10, 2008 |
Stricter regulation of the credit card industry will probably be approved by the end of the year, consumer advocates, members of Congress and banking officials said as the comment period on the Federal Reserve's proposed actions drew to a close last week. Nearly 56,000 comments poured into the agency via e-mail and regular mail, a record response for any Fed proposal, said agency spokeswoman Susan Stawick. Both the Fed and Congress are working to tighten rules on the credit card industry.
August 10, 2011 |
Capital One Financial announced Wednesday a $2.6 billion deal for the U.S. credit card portfolio of London-based HSBC Holdings , a move that would make the McLean firm the nation's third-largest issuer of private label, or store branded, plastic. The deal puts Capital One at the forefront of a niche market it only entered into at the start of this year. The company made its foray into the space in January by picking up the credit card portfolio of Canadian retail conglomerate Hudson's Bay Co. That deal was...
February 19, 2013 |
Capital One Financial, the nation's third-largest issuer of store-branded plastic, said Monday that it agreed to sell its portfolio of Best Buy credit card accounts to Citigroup, just two years after buying it. The move took some bank analysts by surprise because Capital One had recently been bulking up its store card business. Officials at Capital One declined to provide details about the decision. The McLean-based financial firm also did not disclose the sales price but said that the...