Page 12 - Card Act News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Carmen wong ulrich is with us now. >> this one is a whopper here. as of zwrujune, if you're a ban america customer, don't be late with even one payment. you may be charged a new interest rate of 29.99% on all future purchases. >> wow. >> the bank has started to inform customers that they're rolling out this new penalty rate. bank of america says this is not for everyone who is late with a payment. we'll check your payment's history, see if you've maxed out balances, et cetera. and you'll get that 45-day advance notice. now the new rates are at shoring up lost revenue, the bank says, due to the...

Than that. >> the japanese enjoying that. i think it's on its way here soon. >> you've no doubt seen the commercials for a free credit score. i mean yeah, you've seen them. exactly what score are they selling you and do you even need it? carmen wong ullrich minding your business. >> you don't need it. >> i don't think you do either. >> here's what we're talking about. a lawsuit in california, regarding experience selling their plus credit score. this is a attached to those ads that you see and i won't even repeat the name. you know you've seen them. now there really are no free credit scores o...

The current average closer to 44 cents. now, merchants say that swipe fees cost them around $20 billion in profit a year. while banks say that new reform is is going to be lost billions of dollars of profit for them and the american consumer is caught in the middle. >> what about the credit card? what about credit cards? they're still hanging on? >> they're hanging on to the rewards. the key here is the reform that the fed's looking at doing is the swipe fee and it is debit cards. we saw it tied to the card act. they got hit on the customer end in terms of debit cards, now the vendors are look...

However, they say the fair credit reporting act has mandated free scores be disclosed to mortgage applicants since 2004, suzanne. >> can you be denied a loan based on your age? >> a lot of people think that this is true. and in short, the answer is no. credit scoring models don't factor in your age when they're figuring out your credit score. you may be asked your age on loan applications, but it has no effect on whether or not you're approved. there are no laws that limit how old you can be to qualify for a loan, but you could be deemed too young to be approved for a credit card or a loan bec...

A month servicing fee, $45 a year annual renewal fee. these types of fees -- these are the things individuals should expect because of the card act. now banks are trying to figure out how to dip into individuals' pact pokts. we need to be very cautious. >> she knew all of this. this was clearly stated. show knew the rate would jump up if she didn't make the payments on time, right? >> this is the thing, you know? i'm an advocate aagainst a lot of these financial predators. i get very upset. but getting mad at these individuals is almost like getting mad at sharks for being attracted to bloody ...