What is the CARD Act “ability to pay” provision?
The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 contains a provision known as "ability to pay," which requires card issuers to consider a…
What happens if I opt in—or don’t opt in—to over-limit fees?
If you have opted in to over-limit fees and you make a purchase that would cause you to exceed your credit limit, the card issuer…
What is a secured credit card?
A secured credit card requires the cardholder to put up a deposit—typically a few hundred dollars, though the amount can vary widely—which is kept by…
How does my credit card issuer figure out my minimum monthly payment?
Most credit card companies require a minimum monthly payment of between 2% and 4% of the account balance. For example, if your card issuer requires…
What are the rules for a cosigned credit card account?
Both parties are equally responsible for any unpaid credit card balance. If the primary accountholder defaults on the credit card debt, the card issuer will seek…
Will a debit card help me build a credit history?
No, debit card activity is not reported to the credit bureaus. Although debit and credit cards look the same, they are very different. With a…
Does a debit card have an expiration date?
Yes. The expiration date can be found on the card, written as XX/XX (month and year). Generally, a card can be used through the last…
I have a checking account and a linked debit card. Do I need a prepaid card?
Probably not. Careful use of a debit card (avoiding overdraft penalties and ATM fees) will nearly always be less expensive than the same spending on…
What is my financial liability if someone uses my debit card without my permission?
Your liability for unauthorized use of your ATM (automated teller machine) or debit card (ATM access plus the Visa or MasterCard logo, which allows you…
Is there a difference between signing for a debit card purchase and using my PIN?
Yes. Many stores allow you to select the debit card payment option you prefer: PIN or signature (pen).
PIN-based transactions: At many stores that have…
Can my prepaid card expire?
Prepaid cards typically display a “valid thru” date, allowing them to be used for online or phone purchases, which require that information. The card becomes…
How would I know if there were an error or fraud on my prepaid card account if I don’t receive transaction statements?
Not all prepaid card issuers issue a monthly transaction record, but all must make your transaction history available. By law, the issuer must let you…
How am I protected if my prepaid card balance is guaranteed by state money transmitter license?
Some states regulate certain financial services providers through “money transmitter” laws. These laws apply to non-bank businesses that facilitate consumer payments, including prepaid card issuers.…
Are all prepaid card balances insured by the FDIC?
Individual bank accounts are insured by the FDIC or NCUA (credit union equivalent of FDIC) for up to $250,000 per account if the bank goes…
Can a prepaid card help someone build credit?
Because a prepaid card can be used only after you load your own money on to it, it cannot help you build credit. To build…
What are the federal and state laws governing gift cards?
Under federal law, the funds on your gift card have to be good for at least five years after purchase of the card. And, if you…
Are there service fees on a gift card?
There can be. Monthly maintenance and usage (transaction) fees are two types of potential gift card fees, though not all card issuers charge them, and…
Can the gift card issuer charge a fee for a replacement card?
Gift card issuers cannot charge a fee for replacing an expired card if the replacement is required so that the cardholder can access the available…
What happens to my gift card balance if my card is lost or stolen?
Many retailers will help you recover your gift card balance, but only if you can prove you purchased the card. That means it’s important for…
Can my gift card expire?
A gift card cannot expire for at least five years after the card was purchased or the last time it was loaded with money (which, in most…
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Credit Cards
Debit Cards
Gift Cards
Prepaid Cards