Banking & Credit Cards
How banks, credit cards, and payment systems work. Covers products, rates, fees, regulations, and what consumers need to know to navigate the banking system.
Latest in Banking & Credit Cards
Credit card annual fees are soaring past $800 — why people keep paying
Last year, American Express raised the Platinum Card’s annual fee to $895, and the backlash was immediate. Social media lit up with cancellation threats. Personal...
Student loan wage garnishment delayed again — Education Dept pauses collections for repayment reform
For the second time in less than a year, the U.S. Department of Education has suspended involuntary collections on defaulted federal student loans, halting wage...
Visa’s Level 2 interchange program dies April 18 — small businesses already paying 75 bps more
Starting April 18, 2025, small businesses that accept Visa commercial cards lost access to a pricing tier that had saved them money on business-to-business transactions...
Credit card APRs averaging 23.7% despite three Fed rate cuts — Boston Fed says it’s hurting spending
Three Federal Reserve rate cuts were supposed to make borrowing cheaper. For the roughly half of American credit card holders who carry a balance month...
Education Dept delays student loan wage garnishment — 5.3 million defaulted borrowers get a reprieve
A borrower earning $40,000 a year with defaulted federal student loans could lose up to $230 per paycheck to wage garnishment, with no court order...
How to get out of student loan default in 2026: consolidation vs. rehabilitation, step by step
More than 5 million federal student loan borrowers were in default heading into 2026, according to Federal Student Aid data. For years, pandemic-era pauses shielded...
Visa’s Level 2 interchange program sunsets TOMORROW — merchants face higher fees under new AI-audited rules
A mid-size office supply distributor processing half a million dollars a month in corporate card payments could see roughly $1,250 in new interchange costs appear...
Credit card annual fees top $800 as Amex Platinum hits $895 — should you cancel before renewal?
When American Express raised the Platinum Card’s annual fee to $695 in 2021, longtime cardholders grumbled but mostly stayed. Now Amex is testing that loyalty...
Visa’s Level 2 interchange program dies April 18 — small business fees spike and you’ll see it at checkout
On April 18, 2026, a gas station owner in suburban Ohio who processes $60,000 a month in fleet card transactions will watch her effective credit...
Wage garnishment for defaulted student loans just got delayed — here’s what the Education Department’s pause means for 5.5M borrowers
About 5.3 million Americans with defaulted federal student loans were bracing for the government to start docking their paychecks and seizing their tax refunds. Then,...
Student loan wage-garnishment pause gives borrowers a reprieve — but only if they act now
A borrower earning $40,000 a year stands to lose roughly $350 a month once the federal government resumes garnishing wages on defaulted student loans. For...
INTERPOL says financial fraud is now central to global crime networks
A global law enforcement sweep coordinated by INTERPOL led to more than 3,700 arrests across multiple countries, targeting criminal syndicates that use online fraud as...
Chase Sapphire Reserve raises annual fee to $795, adds new perks
The Chase Sapphire Reserve now costs $795 a year. That is a $245 jump from the card’s previous $550 annual fee, and it marks the...
AI-driven credit card fraud cases surge 46% year over year
The call came on a Tuesday afternoon in late 2025, and it sounded exactly like a bank’s fraud department: the same hold music, the same...
Credit card rewards lose value faster than many users realize
More than 90 percent of general-purpose credit card spending has flowed through rewards cards since 2019, according to the CFPB’s report on the consumer credit...
Protecting bank accounts from the newest wave of AI-driven scams
The call sounds exactly like your bank. The voice is calm, professional, and knows your name. It warns about suspicious activity on your account and...
FBI says Americans lost $11.4B to crypto scams in 2025
Crypto scams are becoming more prevalent, and investors should be aware of this trend so that they can protect their finances. Victims frequently receive a...
FDIC proposes GENIUS Act rules for payment stablecoin issuers
If you hold USDC, use stablecoins to send money, or keep digital dollars in a fintech app, the rules governing those products are about to...
High-yield savings accounts are paying over 4% APY in 2026: is it time to switch?
Savers who left their cash sitting in traditional bank accounts for years are suddenly seeing something unusual. High-yield savings accounts are offering annual percentage yields...
Anthropic’s Claude Mythos flags critical cryptography security flaws
Every time you log into a banking app, send an encrypted message, or complete a credit card transaction online, you are trusting cryptographic libraries to...