If you have a Chase credit card, you have probably noticed the $10 per month service charge that has been added to your monthly credit card statement as recently as November of last year. If you are like thousands of other Americans, this monthly service charge has infuriated you.

However, the New York Office of the Attorney General has ordered Chase Bank to stop charging cardholders the monthly fee. Attorney General Andrew Cuomo announced on March 30, 2009 that this monthly charge had been added by Chase to over 184,000 credit accounts across the nation. The monthly service charge was imposed mostly on new accounts with a promotional APR.

Most of these monthly fees were added to customer accounts beginning in November 2008. There are more than 100 million Chase credit cards around the country and cardholders around the country were completely outraged by Chase’s actions but were told that there was nothing that could be done.

Luckily, Attorney General Cuomo took matters into his own hands. He said, “My office will not sit back and allow banks to promise one thing in its solicitations and agreements with consumers, and then when times get tough, change the deal, leaving consumers holding the bag. Truth-In-Lending laws prohibit this very conduct. I am glad that Chase has now reconsidered its ill-advised, illegal decision, and will now live up to the terms it originally offered and agreed to.”

Not only will this monthly service charge no longer be charged to thousands of accounts, but the money that was already charged to these consumers will be given back. Chase will refund approximately $4.4 million to deserving customers around the country.

The U.S. housing market has been in serious trouble for quite some time. To be exact, the housing market has faced serious decreases in sales for over a year. Similarly, the credit card industry is facing extinction.

U.S. homeowners simply can’t afford the homes in which they live. How did this happen?

Before you buy a home, you have to submit paper after paper. You have to show pay stubs, your tax returns, etc. How were people able to get into homes that they couldn’t afford?

It’s simple…mortgage companies, banks and other lenders became too greedy and selfish. They didn’t care about the financial well-being of their customers. Instead, these companies changed or altered their policies and procedures in order to “qualify” people for homes that were way out of their league.

Credit card companies pursued similar practices. Credit card companies gave people limits that were too high and signed people up for too many credit cards. What was the result? People started getting too far into debt.

Now, consumers who used their credit wisely and who know how to handle their finances responsibly can’t even qualify for low credit limits. Mortgage lenders have quickly changed their policies. Credit card companies have done the same.

So, how are consumers able to buy homes now with credit cards? Consumers who couldn’t qualify for homes through a traditional mortgage are now looking to put their home debt on credit cards.

Could you imagine putting that much debt on your credit card with only one transaction? Not to mention the fact that credit card interest is upwards of five times higher than traditional mortgage rates.

No wonder our economy is seriously distressed. No wonder our people can’t pay their bills. Although the economy is unraveling before our eyes, shady business practices are still being used. What will it take to turn the tide?

Let’s face it. The current economic situation is downright depressing. Jobs are being lost. Homes are being foreclosed on. American citizens are not able to pay their bills.

To make matters worse, the credit card industry is placing unintentional and intentional heat on the American consumer. This is adding more and more stress on everyday Americans who are already having a very difficult time paying their bills.

Credit Card Unintentional Stress
How many Americans have a credit card? How many of those consumers have more than one credit card? How many have more than five? More than 10? We, as an American society, have become almost completely dependent on credit cards.

Having one credit card can be easily managed. However, managing more one credit card becomes increasingly more difficult. That is exactly what is adding to unintentional credit card stress.

Consumers have realized that they are having a hard time paying their bills. They are having a hard time making the mortgage payment, paying the utilities and putting food on the table. Credit card payments have been completely pushed to the back burner.

Although there are well-intentioned credit cardholders out there, there are also many people who simply don’t worry about paying their credit card payments. Whether you intend to pay your credit card payment, or you don’t, you need to start thinking about the amount of credit card debt that is attached to your good name.

Many consumers just pay the minimum payment every month. In fact, more than thirty percent of credit cardholders only pay the minimum payment every month. Consumers who only pay the minimum payment have recently found themselves under a great deal of stress. Why? Because they just can’t get out from under their credit card debt by just making the minimum monthly payment.

Sit down and create a reasonable budget. Plan on allocating as much money to your credit card debt as possible. Make a conscious effort to pay at least the minimum payment (but preferably more) every month (although paying “just” the minimum payment won’t get you out of debt very fast. Get rid of your credit card woes by paying off your credit card debt.

If you have been in the market for a new credit card, you may have noticed that customers perks are getting better and better. Credit card customers have a lot more to choose from these days instead of just frequent flier miles.

Retail stores and credit card companies are competing to win your love and devotion. In order to do this, they are offering better and better perks.

Reinier Evers, the founder of Trendwatching.com, said, “Old perks were very much about collecting points to get ‘stuff’ for less or even for free. But those programs often got complicated and confusing. It felt at times as if the companies were pulling a fast one on you.”

New credit card perks are designed to make each customer feel like a VIP. Each perk makes the customer feel special in one way or another.

Here are just a few examples of awesome, new credit card perks…

• Only American Express cardholders are eligible to buy the “winning dress that was featured on the September 3 episode of Project Runway.” The dress was sold for $650 through designer Diane von Furstenberg’s web site.

• Island Lincoln Mercury Land Rover and Jaguar in Merritt Island, Florida offers an unheard of perk for those who purchase vehicles through the dealership. Vehicles owners get exclusive “Island” access to their on-site facilities. These facilities include: a state-of-the-art health club, am 1890s styles barbershop, a play area for children, a video arcade, a theater, high-speed Internet access, free coffee at “Carbucks” cafe, the Tiki Grill restaurant and more. You can even fill up your car at their gas station and pay the wholesale price.

• Visa Signature cardholders can take advantage of a different kind of perk. These cardholders can use private luxury restrooms at the Outside Lands Music and Arts Festival in San Francisco. This is a much better option than using the other option… portable toilets.

These are just a few of the incredible perks available to card members. Everyone is competing for your business, so take advantage of these incredible perks and offers. Who says now isn’t the time to look for a new credit card?

On Thursday, the Federal Reserve Board approved the final set of rules that will help protect consumers from unfair credit card pratices and improve disclosure associated with revolving credit accounts. The new rules are set to take effect July 1, 2010. The new credit card rules are primarily aimed at preventing arbitrary rate increases and providing consumers with adequate time to pay bills.

“The revised rules represent the most comprehensive and sweeping reforms ever adopted by the Board for credit card accounts,” said Federal Reserve Chairman Ben S. Bernanke.  “These protections will allow consumers to access credit on terms that are fair and more easily understood.”

In addition to arbitrary rate increases and providing adequate time to make payments, the new rules will also:

• Forbid banks from imposing interest charges using the “two-cycle” billing method.
• Prohibit the use of payment allocation methods that unfairly maximize interest charges.
• Address subprime credit cards by limiting the fees that reduce the amount of available credit.

The Board received over 60,000 comments from consumers and considered information gathered from consumer testing to finalize the rules on unfair credit card practices.

The Board will also be implentmenting revised rules to Regulation Z (Truth In Lending Act) for credit card and other types of revolving credit accounts. The new changes are designed to make sure that information is provided in a timely manner and in an easily understandable form. The final rules will require changes be made to the timing, format and content requirements in which consumers receive credit card applications, solicitations and disclosures.

“Our intent is to increase transparency and fairness in how credit card and deposit accounts operate, thereby enhancing competition and empowering consumers to better manage their accounts and avoid unnecessary costs,” said Federal Reserve Governor Randall S. Kroszner.  “The rules represent a significant step forward in consumer protection.  By ensuring fairness and making credit terms easier to understand, these safeguards should allow more consumers to benefit from using credit.”

For full details and to read the Federal Reserve’s full press release, click here.

The American economy is struggling in more ways than one. Americans around the country are having a hard time making minimum payments and mortgage payments. Everyone has seemingly “tightened their belts.” Out of all of the bills out there, which one is taking the biggest hit? Credit cards.

The number of two-month credit card delinquencies has risen 24% since August. More and more consumers are finding themselves unable to pay simple credit card bills. These consumers don’t expect to get out of this bind anytime soon.

Retailers and merchants are already feeling the nationwide pinch. Consumers have stopped spending money. However, as the number of credit card defaults continues to rise, the situation will only worsen.

Recent statistics show us that approximately one in every eight credit card holders is in trouble. One in eight card holders will likely default on a department-store-issued credit card. The Fitch Retail Credit Card Index predicts more charge offs in the near future. Charge offs are debts that are deemed to be “uncollectable”. Fitch expects the number of charge offs to surpass 12% in the first half of 2009. The number of current charge offs is already 40 percent higher than the highest levels in 2007.

There is a bit of surprising news however. The Fitch Index reports that retail credit card portfolios remain healthy. How could this be when the number of defaults has escalated so much? The interest rates that are being charged to consumers exceeds the number of charge offs. Thus, the “healthy” retail credit card portfolio status.

So, how reliable is the Fitch Retail Credit Card Index? Well, it tracks more than “$72 billion in principle receivables backing approximately $40 billion of retail or private label credit cards.” Citibank Omni Master Trust and GE Private Label Master Trust are the largest issuers in Fitch’s Index. Some major retailers that are included in the Index are: Wal-Mart, Home Depot, Inc., J.C. Penny Co. Inc., Best Buy Co, Sears Holdings Corp.

Consumers around the country have found themselves strapped for cash these days. The credit crisis hasn’t made it much easier, until now.

New regulations are going to be presented by the federal government in the upcoming weeks. These regulations will restrict any and all credit card practices that are seen as unfair or deceptive. Credit card regulation proposals have included a number of different restrictions. These restrictions include prohibiting:

• - Increasing interest rates on an outstanding balance (except under limited circumstances)
• - Applying payments to the minimum payment to maximize interest charges
• - Requiring a reasonable amount of time for consumers to make payments

Consumers have played a big part in getting the feds to listen. Thousands and thousands of comments have been posted on the Federal Reserve’s website. These consumers have begged and begged the government to place tighter restrictions on credit card practices.

The credit card industry, as a whole, is extremely skeptical about the new regulations. It is concerned that each regulation will prohibit its ability to manage risk. This could cause credit card companies to be forced to raise interest rates and decrease the amount of available credit. Meredith Whitney, a well-known credit analyst recently predicted that the rules would decrease credit lines to 40 percent.

She said, “With so many Americans relying on their credit cards as a major source of liquidity, it would be equivalent to a major pay cut.”

The major problem right now is that the rules and regulations have not been finalized. However, the industry predicts that the Federal government will act aggressively.

Ken Clayton, the managing director of the American Bankers Association‘s card policy council, said, “What you’re going to see is an unprecedented change in the way consumers deal with their card companies. In light on the current economic uncertainties, it’s important that all of us understand the full impact of these regulations on consumers and the economy before we can understand [whether they are] successful.”

Credit card companies have protested several of the possible regulations. For instance, credit card issuers do not agree that there should be regulations put in place that would prohibit increasing the interest rate on outstanding balances. Past proposals would allow exceptions to the rule (namely, when a minimum payment is not received until 30 days past the due date. However, the industry argues that 30-days for a delinquency is already too long.

The fact of the matter is that nothing is certain yet. The Feds are feverishly working on the regulations and should be releasing those regulations soon. As a consumer, you can sit back and take a deep breath knowing that your end of the bargain is about to be loosened.

Finally, some good news for the consumer. The federal government announced several new programs that will unfreeze the consumer debt market. These programs will also allow mortgages to be more easily accessible and cheaper.

The Federal Reserve and the Treasury Department recently announced the new plans to help consumers. These programs will provide billions of dollars in government support in order to stabilize the U.S. financial system.

The program will lend up to $200 billion to people who hold securities that are backed by auto loans, credit cards and student loans. The Feds hope that this program will provide greater demand for each of these securities. As the demand for these securities increases, interest rates should go down and the amount of loans available will increase.

The $700 billion bailout plan will support this $20 billion in credit protection. Officials also announced that the government will also buy $600 billion in mortgage-backed assets. The purchase of these assets will be a completely separate attempt to deal with the financial crisis. Over $100 billion direct mortgage obligations will be purchased from mortgage giants like Fannie Mae and Freddie Mac. Another $500 billion will be bought in mortgage-backed securities. These securities consist of several pools of mortgages that are sold to investors as a bundled package.

The housing crisis has bled into the credit card arena. There have been an increased amount of defaults on sub-prime mortgages because money was handed to borrowers with weak credit histories. Banks around the country have lost billions of dollars because of these losses. These losses have caused these financial institutions to stop lending, almost altogether.

The new Federal program has been established to encourage financial institutions to start lending again. Government aid will help banks and credit card companies get started again. The credit thaw for consumers is about to begin.

Over the course of the past few weeks, several changes have occurred to many of the credit cards on our website along with the complete removal of others. The proverbial belt of available credit appears to be tightening even more as interest rates are raised, credit lines are trimmed and cards are eliminated all together. And all of this is happening just as we enter into the holiday season, the time of year where retailers offer great deals on merchandise and the demand for credit increases dramatically.

Despite all the changes and the reasons for those changes, there are still some really good credit cards available and even some issuers have improved their offers for holiday shoppers this season. If you’ve been thinking about applying for a credit card this holiday season, now is the time to do so. Several very competitive and industry stalwarts are still available that earn rewards, allow you to make purchases or balance transfers for an introductory 0% APR and help establish or rebuild credit.

The term “Black Friday” can be traced back to the 1960′s in Philadelphia (WikiPedia 2008) and did not carry the same connotation it carries now. Nowadays, “Black Friday” is still synonymous with long lines and traffics jams, but more importantly the amazing deals retailers offer us on electronics, clothing and other holiday merchandise. If you’re one of the few employees who still gets a Christmas or year-end bonus, taking advantage of the “Black Friday” deals may not always be practical with the timing of a bonus. However, taking advantage of an introductory 0% APR on purchases would allow you to enjoy the special pricing on the day after Thanksgiving for many of your gifts, pay no interest and pay off the balance with your bonus. You can also enjoy additional savings when using a reward credit card.

If your looking past the holidays in anticipation to the start of a new year and are looking to make a few New Years goals, like getting out of debt, then check out balance transfer offers. Bank of America has extended some of their balance transfer offers to 15 months for 0% APR and a low 3% transfer fee. For those with a balance still on their department store credit cards accruing 20 plus percent interest, check out card offers that offer lower rates on balance transfers for those with excellent, above average and good credit.

No matter what type of credit you have, there are still many offers to choose from. Making sure you act fast to save additional money on holiday purchases, saving money on existing balances or to rebuild your credit, there is a credit card offer available for every need. Remember this holiday season to read the full terms and conditions of each card and never over-extend yourself from your ability to repay your balance in full within a reasonable time if necessary.

Get Ready. Get Set. GO with American Express’s My Wishlist. This holiday season is going to be the best one yet when you use My Wishlist. My Wishlist is only available to American Express cardmembers. Here’s how the program works:

1. Register at mywishlist.amexnetwork.com
2. Watch the video to make sure you understand how My Wishlist works
3. Start buying hot products and featured products at unbelievable deals

It really pays to have an American Express card…especially during the holidays. Join the AMEX network to make sure you are connected with the hottest products and the lowest prices this holiday shopping season.

My Wishlist is a personalized website that lets you do your holiday shopping online. The website is easy to use and you’ll be sure to get the lowest prices. There are hot products, featured products and Wish certificates to choose from. You can buy hot products three times a day. The calendar at the top of the page let’s you know when these products will be on sale for ‘hot’ prices. You can know exactly when you need to log-in and secure unbelievable deals with one simple click.

Featured products are available 24 hours a day, 7 days a week. These products are available while supplies last. You can buy featured products at the special cardholder rate with the touch of a button.

Wish certificates are available three times a day on a first-come, first-serve basis. You can get up to 25 percent off from name brand retailers from around the nation. Choose the Wish certificate you want, click ‘Unlock to begin’, enter your card number and click ‘I want it.’ It’s that simple.

Get Hot Products and Wish Certificates three times a day (while supplies last) in just three simple steps. You can get featured products any time throughout the promotion. You can find even more exclusive offers when you shop using My Wishlist. It will really pay to be an American Express cardholder this holiday season when you use My Wishlist.