3 Ways to Prepare for the CARD Act

On February 22, 2010, the Credit Card Accountability, Responsibility, and Disclosure Act, better known as CARD, will go into effect and consumers can start breathing a little easier as some of the worst abuses in the industry are curtailed. Don’t start celebrating just yet, though. We predict that issuers are going to get creative seeking profits elsewhere, so it’s important to take the time to understand what changes may be coming in a few weeks — and how to protect yourself now.

Below find our predictions for how card issuers will find new profits in the days after the legislation takes effect, and also three suggestions for staying ahead.

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How Visa Corners The Debit Card Market With Fees

Debit cards are such an routine part of commerce these days that we seldom reflect on them. For most consumers, the 2-3 seconds it takes to swipe is about the only time they pay their debit card any mind at all. However, a recent New York Times article reveals that Visa spends more time thinking about debit transactions than anyone — and for good reason. Depending on how we swipe, Visa stands to gain or lose a astronomical amount of money in fees. So much, in fact, that retailers like Costco to Walmart restrict how you use your debit card whenever you buy something. Because so much of this happens behind closed doors, Billshrink decided it was important to sum up the Times’ findings for our readers.

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ATMs: The Hidden Cost of Convenience

ATM fees were not originally passed on to bank customers, but banks have transformed convenience fees into big business. Here’s a look at how the ATM machines and networks have become sophisticated money makers for banks and how you can avoid contributing your hard-earned money to this $2 billion per year segment of the banking industry.

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12 Ways Financial Institutions Screw You Over

Nothing gets a group of people talking like a good “bank screwed me over” story. Dissatisfaction with banks, credit card issuers and stock brokers is so widespread that entire forums are bursting with complaints and horror stories to which most of us can personally relate. While it’s unlikely that any of these companies will listen, we thought it’d be useful to gather the most common (and sneaky) ways financial institutions screw people over into one place so you can keep an eye on your money.
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The Recession and the American Airline Industry

Recent trips to the airport have left me in amazement at the seeming decline in airline provisions and the imposition of new fees on almost every service of value to travelers. Disheartening to say the least, what was once taken for granted can now ding you for a hefty chunk of your hard-earned money. With many airlines struggling to stay afloat, these fees are necessary in order to maintain their current level of service and implement new technologies that help them to remain competitive. Here is a handy guide to each airline’s pricing for additional services to help you know for what you are going to have to pay, before you buy your ticket.

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How Banks Snatch Almost $2 Billion From Us Yearly

Many consumers have had the unpleasant experience of overdrawing their bank account.  By delaying deposits and funds transfers for reasons unknown and offering up confusing and contradictory figures for available balance, it sometimes seems as though the bank wants to catch you with insufficient funds. With hefty charges attached to each micro-loan the bank gladly offers, you are left wondering why these overdraft programs are so mysterious, and how you got into them in the first place. This chart sheds some light on the incredibly profitable bank practice of offering automatic overdraft “protection.”

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