Credit card companies have no doubt spent billions of dollars on advertising in order to get their credit card in a consumer’s wallet or purse. As a result, they have collected billions of dollars in payments from consumers on credit card balances and debt. Surprisingly, one credit card company decided to return some of that money to its cardholders this week. Only this time, rather than cash back rebates, frequent flier miles, or a no interest balance transfer to increase their use of plastic, they did so to get them to stop reaching for their credit card of choice.

Select American Express credit card holders will receive $300 to pay off the remaining balance on their American Express card by April 30th and close their account.

Senator Dodd, Chairman of the Senate Banking Committee, reintroduced the Credit Card Accountability, Responsibility and Disclosure Act into the U.S. Senate this week.  Although some of the provisions are similar to the Federal Reserve regulations which will be implemented in July 2010, there are additional provisions in the bill as currently drafted which make it [...]

JP Morgan Chase took action recently to cut off the supply of low cost credit it offered to consumers through promotional balance transfer rates.  I’m sure that we all remember the good old days when banks offered a low interest rate balance transfer at a fixed rate for the life of the balance of the [...]