On Dec. 21, JPMorgan, the largest U.S. bank, alerted 2 million of its debit cardholders that it was lowering the daily limits on ATM withdrawals to $100 and capping store purchases with their cards at $500.
Second, there is nothing nefarious in our goal to offer e-books to local library cardholders; rather, it is an extension of our desire to connect authors and readers regardless of format.
American Express, which traditionally catered to more upscale cardholders, said it would be increasing effective interest rates by 2 or 3 percentage points for some of its credit card holders — a move that could, for example, push a 15percentt rate up to 18percentt.
At launch, Wisely only supports American Express cardholders, but it will include support for Chase and Bank of America by mid-February, and hopes to include support for 95percentt of transactions (credit or debit) in a year's time.
"The major credit-card lender [Bank of America] in mid-January sent letters notifying some responsible cardholders that it would more than double their rates to as high as 28%, without giving an explanation for the increase".
"We envisage the cardholder using it to make payments on the Internet," said Sandra Alzetta, senior vice president for electronic commerce for Visa in Europe, "but also to make local payments, such as standing next to a parking meter and sending details to the parking meter, or being able to use it for payment inside a shop".
U.S. PIRG points out that it would take $3,500 charged annually to just make up the annual fee, and that assumes the cardholder pays it off on time every month.
Clinkle's long legalese "cardholders agreement" made it hard to tell if you'll be charged for sending money to friends via credit card or debit card.
In addition, interest may only be tallied on balances in the current billing cycle, statements will be mailed earlier in the billing cycle, payments will always be allocated to the portion of the balance with the highest interest rate, and hefty fees for over-limit transactions will be banned unless cardholders explicitly permit it ahead of time.
