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Debit cards have different protections and uses. Sometimes they're not the best choice. Sometimes reaching for your wallet is like a multiple choice test: How do you really want to pay? While credit cards and debit cards may look almost identical, not all plastic is the same. "It's important that consumers understand the difference between a debit card and a credit card," says John Breyault, director of the Fraud Center for the National Consumers League, a Washington, D.C.-based advocacy group. "There's a difference in how the transactions are processed and the protections offered to consumers when they use them." While...

Just sent my last electronic payment for my last credit card.

CHICAGO (MarketWatch) -- Credit-card debt has been falling for 16 straight months but consumers aren't paying off their financial obligations as much you might think. Instead, they're walking away from the debt, forcing credit-card issuers to write off as much as 90% of that reported drop, according to a new report by CardHub.com. U.S. banks charged off a record $83.3 billion in credit-card losses last year. That makes up the bulk of the $93.2 billion drop in outstanding credit-card debt that was reported by the Federal Reserve for 2009.

2010 credit card reform The majority of new regulations go into effect Feb. 22, 2010. The new credit card reform laws were created to protect consumers. The majority of these reforms prohibit credit card issuers from changing the terms of a consumer’s credit card. Below is a summary of the changes you can expect as a result of the credit card reform: __________________>> Significant changes to the terms of your credit card must be given 45 days prior to the change taking affect. Under current rules, credit card companies only needed to give 15 days notice prior to making certain...

Nothing good to see in the credit card arena. Capital One's January annualized net charge offs hit a record 10.41%, while 30-Day delinquencies stayed at the highest of the past 3 months. ---SNIP---

If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent. The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law. "We need to price our product based on the risk...

The Market Ticker Anecdotal report thus far....On the forum there is a report of a number of merchants dropping credit card processing entirely due to rampant (and bogus) chargebacks.Does anyone remember my Tickers on "Is The Government a Felon or a Cop" posts? Go read 'em again.One of the more recent had this to say: If the people cannot find justice within the government's apparatus, are they to sit quietly and ask "Please Sir, may I have another (beating, rape, robbery, take your pick)?"Or should we expect that at some point - perhaps not now, but perhaps not far down the...

Friend or foe? Banks hope you'll think of them more kindly this year by offering a slew of new products aimed at making life easier for customers. But that convenience, along with pretty much everything else your bank offers, will likely come at a price. In fact, consumers should expect to spend a lot more on fees this year as banks look to replace the money they expect to lose once new credit card rules go into effect next month. Come February, the Credit Card Act of 2009 will be put in place. The act is generally considered among personal...

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...