World of Finances

TransUnion, a national credit reporting agency, recently released findings that show an overwhelming number of people are paying their credit card bills on time and limiting how much they are charging.

It may come as a surprise that credit card delinquencies (defined as 90 days past dueor moreon a payment) are at the lowest level observed in the last 17 years. Given the difficult economic times and high percent of unemployment in the U.S., you may expect quite the oppositethat more people than ever would be having problems making credit card payments on time.

TransUnion also found that the average credit card debt per borrower has remained relatively flat at approximately $4,700. They found that consumers paid an estimated $72 billion more in payments than what was purchased between the first quarters of 2009 and 2010.

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The average credit card rate for new customers has now reached 18.9 per cent, a 13-year high level, according to a new report by independent comparison company, Moneyfacts. Although the Bank of England base rate has remained at 0.5 per cent for nearly the last two years, credit card rates have continued to rise, with people having to pay an average APR more than 35 times higher than what banks are paying.

Michelle Slade, spokesperson for Moneyfacts.co.uk, commented “During the financial crisis many card companies reassessed their existing customer base and many customers have seen large increases in the rates they are charged. Customers who would previously have switched to another provider are now finding its not so easy to do so.

It is also reported that new rules have just been introduced which mean that if a credit card provider does promote a low card rate, you are not necessarily going to be accepted for it. Full Article…

American Express has claimed an impressive five out of 11 prizes in this year’s uSwitch Credit Card Customer Satisfaction Awards.

The firm, which slipped from top spot last year, has reclaimed its crown with 92 per cent of its customers happy with its overall service.

Jose Vazquez-Mendez, VP Customer Service UK, American Express, remarked: “Customer satisfaction has always been a top priority for American Express and it’s good to see that our Cardmembers are happy with the service we deliver them.”

He added: “However, it’s important that we do not rest on our laurels and that we build on this success so that our customers continue to receive the level of customer service expected of us as one of the largest card providers in the world.”

Founded in 1850, American Express is a global financial services company headquartered in New York City.

It is best known for its credit card, charge card, and traveller’s cheque businesses . Full Article…

Since the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 was passed into a law, a lot of people expects that the new law will protect them from unreasonable terms and conditions imposed by credit card issuers.

But did you know that in order to benefit from the new Credit CARD law, you need to be aware of its exact provisions and act accordingly to avoid unfair treatment from your credit card issuers? On this article, let us discuss some of the major changes made to Credit CARD law along with tips on how you can benefit from your privileges as a credit cardholder.

Regarding The 45 Days Notice

Some people may get the false idea that the Credit CARD Law completely prohibits credit card issuers from changing their interest rates or imposing APR increases. But that is not true! Under the new law, credit card issuers still have the option to raise their interest rates as long as they can provide a 45-day advance notice to their customers.

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