STUDENT Credit BLOG
Renting a car with cash or debit card      
Thought you couldn't get a rental car if you didn't have a credit card? That's probably what you've heard for years from rental car agents at airports, but it may be getting easier for some travelers to rent a car without a credit card. A CreditCards.com survey of the top rental car companies indicates that nearly all of the companies allow you to rent their vehicles without credit cards. However, it may take some work on your part -- and patience -- to get the vehicles.
 
Budget-for-debt-but-not-too-tightly      
The best advice I can offer is to sit down and do a budget. I know, you thought you left homework behind when you graduated, but this is a very helpful tool if you'll take the time to do it. The more in-depth and detailed the budget the more useful it will be. Start with your income. You have to know what your net take-home pay is before you can decide how much of a payment plan you can afford.
 
Disclosures would increase on subprime credit card fees      
Subprime credit cards are issued to customers with bad credit or no credit history. They are sometimes referred to as "fee harvester cards" in the credit card industry. These cards typically carry low credit limits of $250 to $500 and are designed to help cardholders launch or re-establish payment histories. However, subprime cards also carry upfront fees that the Federal Reserve board contends are not clearly disclosed to customers. For example, a card with a $250 credit limit may have fees or security deposits assessed at the opening of the account that reduce the available credit to less than $100.
 
Disclosures would increase on subprime credit card fees      
Subprime credit cards are issued to customers with bad credit or no credit history. They are sometimes referred to as "fee harvester cards" in the credit card industry. These cards typically carry low credit limits of $250 to $500 and are designed to help cardholders launch or re-establish payment histories.
 
New rules for credit card minimum payments      
The proposed Regulation Z revisions cover two different kinds of disclosures designed to warn consumers who make the minimum payments on their accounts. Paying only the minimum amount each month lengthens the amount of time credit cardholders can take to pay off their debts -- and increases the amount of interest creditors earn from accountholders.
 
New rules for credit card minimum payments      
The proposed Regulation Z revisions cover two different kinds of disclosures designed to warn consumers who make the minimum payments on their accounts. Paying only the minimum amount each month lengthens the amount of time credit cardholders can take to pay off their debts -- and increases the amount of interest creditors earn from accountholders.
 
New rules considered for changes in credit card terms      
As with the account opening disclosures, there currently are few format requirements for change-in-terms disclosures. Thus consumers generally discover them in notices, amendments or pamphlets seemingly written by a legal whiz but undecipherable to average readers. That will end under the proposals. If the change in terms is one that must be provided in a table in the account-opening summary, it must be provided in a table in any notice of a change in terms. Creditors can also give notice of change-in-terms on your periodic or monthly billing statements, but again, in a table.
 
Rules for credit card periodic statement disclosures      
With their proposed changes to periodic statement disclosure rules, federal regulators seek to reduce confusion by mandating uniform terminology and by grouping similar transactions on your monthly or periodic statement. Under the board's proposal for periodic statements, part of its proposal to make sweeping changes to Regulation Z, a vague term such as "assessment" would have to be called a "fee," and fall under the heading "fees," separated from sections labeled "Payments and Other Credits," "Purchases," "Cash Advances," "Balance Transfers" and "Interest Charged." In addition, the statement provides total fees and total interest charged year-to-date.
 
Rules for credit card periodic statement disclosures      
With their proposed changes to periodic statement disclosure rules, federal regulators seek to reduce confusion by mandating uniform terminology and by grouping similar transactions on your monthly or periodic statement. Under the board's proposal for periodic statements, part of its proposal to make sweeping changes to Regulation Z, a vague term such as "assessment" would have to be called a "fee," and fall under the heading "fees," separated from sections labeled "Payments and Other Credits," "Purchases," "Cash Advances," "Balance Transfers" and "Interest Charged." In addition, the statement provides total fees and total interest charged year-to-date.
 
New rules eyed for credit card account-opening disclosures      
Regulation Z requires creditors to disclose all costs and terms before a new credit card's first use. However, according to the board, "Currently, there are few format requirements for these account-opening disclosures, which are typically interspersed among other contractual terms in the creditor's account agreement." The regulators want that to change. They would do away with the option of presenting account-opening information in tiny type legalese. The proposed account-opening disclosure is intended to organize the information in tables and standardize its presentation to allow easier comparisons.
 
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