I HOPE the RM50 credit card service tax to be imposed on all principal credit card users and RM25 for every supplementary card to discourage unwise spending will not see the light of day next year.
Bank of America Corp's credit card loss rate may have peaked in the third quarter, but it will remain elevated for a "substantial number of quarters," the bank's head of consumer banking said on Thursday.
The Dow Jones industrial average erased almost all of a 156-point rally after the House of Representatives passed a bill to curb rate increases on credit cards, touching off concern about bank earnings.
(Update1) Citigroup Inc., the U.S. bank that
got a $45 billion bailout last year, eliminated 175 jobs as it
reorganizes credit-card and wealth-management units to reflect
shifts in regulations and business strategies.
Deceptive credit card companies like First Premier Bank better watch out: The House just OK'd the new December 1st deadline for reformed credit card rules after consumers complained of all the deceptive fees.
Marketwatch: The House voted 331-92...
We were so naive. We honestly thought that the major banks and credit card issuers would engage in a big campaign to clean up their image (if only for show), while getting behind some self-serving consumer financial protection regime.
But no....