Free Republic

Note: The following text is a quote: Alleged International Hacker Indicted for Massive Attack on U.S. Retail and Banking Networks Data Related to More Than 130 Million Credit and Debit Cards Allegedly Stolen WASHINGTON – Albert Gonzales, 28, of Miami, Fla., was indicted today for conspiring to hack into computer networks supporting major American retail and financial organizations, and stealing data relating to more than 130 million credit and debit cards, announced Assistant Attorney General of the Criminal Division Lanny A. Breuer, Acting U.S. Attorney for the District of New Jersey Ralph J. Marra Jr. and U.S. Secret Service Assistant...

Uncle Obama has gotten ahold of your credit card. And he's amassing charges on it that - you - not he - are liable for. You can call the fraud line, you can call the police, you can call any politician or government agency, and they will all tell you the same thing. Shut up and pay up.   Since misery loves company, you might feel better knowing that you're not the only one being extorted. Uncle Obama and his buddies have the credit and debit cards of every man woman and child in America. And they're charging up a...

Credit cards get their licks in now before consumer law takes effect Rate hikes, fees take effect before new law

The offer could tempt anyone buying holiday gifts: Open a store credit card and save 20 percent on your purchase. The smiling sales clerk makes it sound like a no-brainer, and explains there are absolutely no fees. You'll even get alerts about special sales and promotions. What won't be so eagerly volunteered is the high interest rate, or the impact applying can have on your credit score. Store cards are also limited and shouldn't be confused with co-branded cards. The latter carry Discover, Mastercard or Visa logos and can be used wherever those cards are accepted. There are times when...

CHICAGO (Reuters) - Cash was king for consumers who shopped over the Thanksgiving weekend, according to survey results released on Sunday, and that factor could have cost retailers additional sales. Only 26 percent of people who shopped over the weekend said they used credit cards for their purchases, according to a poll conducted for Reuters by America's Research Group. "That's an amazing shift in consumers' habits," said Britt Beemer, founder of America's Research Group. Consumers shunning credit cards is a bad sign for retailers, since people who buy gifts with a credit card tend to spend anywhere from 20 to...

When convenience-store owner Dave Sutey looks at his bottom line, the second-largest expense is one you might not guess: Fees paid to credit-card companies and banks, to process credit-card purchases in his stores. “That’s ahead of rent, lease and payroll taxes,” says Sutey, whose 14 Thriftway Super Stop stores in southwest Montana have paid $312,000 in these fees the first 10 months of this year. “The profit of our entire industry is one-half of what the credit-card fees are.” Sutey and his allies in the retail industry, from gas stations to department stores, say they don’t mind paying something in...

NEW YORK — For Citibank credit card holders, there is one way to escape the bank's rate hikes currently under way: Meet a monthly spending requirement. Those who meet the spending minimum — in some cases $750 a month — will be able to get a rebate on their total interest charges for that month. The rebate could cover some or all of the interest rate hike. Customers also need to make payments on time to qualify for the rebate. Without giving specifics, Citi said the monthly spending requirements and interest rate hikes will vary depending on the cardholder's credit...

As if hyperactive Washington politicians haven't already grabbed enough power by taking over banks and car companies and trying to control everybody's health care, now they are getting closer to centralized bureaucratic control of the entire consumer credit market. Pending legislation to create a superpowerful Consumer Financial Protection Agency (CFPA) would take an ax to financial freedom and significantly increase consumer costs. That's not what most people would call "protection." The bill already has made it through the House Financial Services Committee, chaired by Rep. Barney Frank, Massachusetts Democrat. It is expected to reach the House floor shortly after Thanksgiving....

So, I'm sure many of us have been getting these letters, see the URL for an example, in the mail from our credit card companies. Since my wife passed away, I've been able to pay off all of them and now have just one card with CitiBank that I use and now pay off each month. I like it because I get airline miles on it and I've had the account for over 20 years. Citibank took $300BILLION of tax payer bail out money and have tried to jack up my rates twice since July. The first time, I called...

To whom it may concern; If I reduce my credit-card balance, American Express will cut my credit limit to a much lower “comfort limit.” If I don’t make a big payment, my card will be suspended. If I DO make the big, unexpected and unannounced payment on demand, my “comfort level” may be capriciously dropped anyway, leaving me both without operating capital and without a reserve. My “utilization rate” is a key factor in determining my credit scores, and the bank has crashed my credit rating. I am a small business owner and as a result of the usurious and...

PHILADELPHIA — If a teacher learns that a student has been rewriting Wikipedia entries instead of doing the assigned research, how long should the teacher give the student to quit her deception and start earning grades the old-fashioned way? How about a parent who sees a child cheating at a game? Should he be given a few months to learn to play by the rules, or told to start playing fair right away? Over the last year, Washington has faced those kinds of questions with the nation's credit-card industry — and given an answer that would make the most lenient...

Note: The following text is a quote: Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASETuesday, November 10, 2009 Alleged International Hacking Ring Caught in $9 Million Fraud Major Credit Card Processor Victimized in Elaborate Theft of Account Numbers Sergei Tsurikov, 25, of Tallinn, Estonia; Viktor Pleshchuk, 28, of St. Petersburg, Russia; Oleg Covelin, 28, of Chisinau, Moldova; and a person known only as "Hacker 3;" have been indicted by a federal grand jury in Atlanta, Ga., on charges of hacking into a computer network operated by the Atlanta-based credit card processing company RBS WorldPay, which is part of...

Consumer Credit: AwfulFriday, November 6, 2009 Posted by Karl Denninger Where are my green shoots? Consumer credit decreased at an annual rate of 6 percent in the third quarter of 2009. Revolving credit decreased at an annual rate of 10 percent, and nonrevolving credit decreased at an annual rate of 3-3/4 percent. In September, consumer credit decreased at an annual rate of 7-1/4 percent. Yuck. Here's the graphical representation. Nothing good in here. The non-revolving flattened out some in September (gee, you think "cash for clunkers" might have influenced August and September?) but revolving credit - that is, credit cards...

WT is wrong with this clown? WASHINGTON (MarketWatch) - Senate Banking Committee Chairman Christopher Dodd on Monday introduced legislation that would immediately freeze credit card interest rates on existing balances after he complained that financial institutions weren't supporting a new credit card act that is scheduled to take effect in February. "And no sooner had it been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded," said the Connecticut Democrat. "This bill would end those abuses and further protect customers today." Dodd has been giving Dirty...

Time to call out the outrageous actions this "bank" has taken. Let's first start with the fact that Capital One, along with most of the other "big banks", took TARP money. Why did they need/take TARP money? Simple: They were incompetent in their risk underwriting and thus got in trouble. That's a fact. Now let's add the other sin, to which the other big banks are also subscribed: These same firms have all front-run the legislation passed by Congress to bar certain practices, such as universal default and two-cycle billing, by raising rates and fees in front of the changes....

No law, including the Credit CARD Act that has started to take effect, prevents banks from closing down credit accounts without warning. Credit card issuers all maintain the right...

"The first thing they do is laugh. They think it is one of the most ridiculous things out there." Gordon Hageman is talking about a credit card offer that just came in the mail, an offer he could hardly believe. "I think they are trying to take advantage of me. I think that's what's going on right now with the economy, maybe just trying to see what they can get away with," says Hageman. And this card comes with an interest rate you won't believe. Not 20 or 30 percent, not even 50 or 60 percent, the Mastercard offer from...

Gordon Hageman couldn’t believe the credit card offer he got in the mail. "My first thought, it was a mistake," Hageman said. The wine distributor called the number on the offer, gave them the offer code and verified his information. Sure enough, it was right: the pre-approved credit card came with a 79.9 percent APR. Yes, 79.9 percent.

Q: Is it true that if I use my credit card at fast food places, my credit score will decrease or that it will affect my score in some way because it looks like I cannot afford to buy food? I pay my bill in full every month. -- Burger and Fries Lover A: Dear Burger: The fast answer is no, where you eat doesn't have an impact on your credit score, but that's not the full story. Your credit score is just one of the many factors that issuers use when making lending decisions, and while paying plastic for...

http://www.youtube.com/watch?v=jGC1mCS4OVo Message to Bank of America: I've decided to it's time to take a stand against the banksters' usury and greed! If our founding fathers were willing to sacrifice their LIVES for our FREEDOM, then I can certainly sacrifice my credit score and be willing to be sued. I'm staging a DEBTOR'S REVOLT!