Word: issuer
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...banks’ ability to market credit cards to students and require them to warn you before they do something like raise your interest rates from 19 to 30 percent in the space of one month, even if you haven’t missed a payment, just because the issuer claims to have identified heightened systemic risk...
...borrowing to cover a shortfall or buy a house, with a crucial difference: countries are, in theory at least, immortal. They can keep rolling over their debts indefinitely. The U.S., with its centuries-long record of solid credit and steady growth plus its special status as the issuer of the world's favorite currency, has seldom had trouble rolling over its debts. (See 25 people to blame for the financial crisis...
...Then there is the financial system. Problems tied to bad loans persist. The latest victim came forward on Tuesday: small-business credit-card issuer Advanta said it would shut down all of its cardholders' accounts after billowing losses threatened its viability. And yet elsewhere the credit markets seemed downright rosy. The TED spread - a gauge of how willing banks are to lend to each other - hit its lowest point since the beginning of the credit crisis in the summer of 2007, and companies, including Microsoft and Wal-Mart sold a relatively sizeable $32.6 billion of debt to investors...
...Other provisions of the law are similarly set up. A card company can still change the terms of your contract. It will just have to give you 45 days' notice. It's still possible for an issuer to assess a fee when you go over your credit limit - but only if you indicate that you want to be able to go over your credit limit in the first place, instead of having your card denied at the point of purchase. Companies can still set minimum required payments however they see fit. But they'll be required to tell...
...Consider the teaser rate. More than a third of consumers pick one credit card over another based on which issuer has the lowest introductory interest rate. And yet people often do so in a way that leaves them with higher finance charges over time. In one study, University of Maryland economists Haiyan Shui and Lawrence Ausubel watched people pick a card with a teaser rate of 4.9% for six months over a card with a teaser rate of 7.9% for 12 months. That would make sense if the people then paid off their balances within six months. But many didn...