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Monday September 27, 05:09
Credit cards may cause trouble for issuers
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FashionGates.com
(by Dr. Goldfinger)
Credit cards issuers may face penalty from the regulators as credit cards solicitation is not as reliable as they are said.
Consumers sometimes are not given the whole information about the possibly imposed penalties, the Office of the Comptroller of the Currency says. Consumers often complain of soliciting for credit cards by advertising credit limits "up to" a maximum dollar amount within non-extended card limit to a consumer, unclear unveiling the significant restrictions with the value of the rates to go down while promoting these rates in solicitation and increasing annual percentage rate without any hint of the basis of the increase.
In addition, some banks used tactics, mainly concentrating upon the consumers with limited credit history, the Office said.
High credit risks should be reflected by the banks by charging higher rates with the consumers realizing the all risks, the regulator says. Consumers are strongly advised to read the terms and conditions listed in their cards and always ask about possible penalties.
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