I recap the credit card industry. I’m the CEO of LowCards.com. 
Opinions expressed by Forbes Contributors are their own.


More Americans are Giving Up on Debit Cards

Debit card use is declining in America. Since 2013, the percentage of households that use debit cards has dropped from 74% to 58%. Almost a third more households pay with credit now compared to five years ago. Many consumers prefer credit cards because they provide benefits that debit cards do not, namely cash rewards and enticing perks.

Have a Citi Credit Card? You May be Getting Some Money Back

The Bureau of Consumer Financial Protection announced a settlement Friday with Citibank, after it found Citi violated the Truth in Lending Act. The cardholders of some 1.75 million Citi accounts will receive an average refund of $190 each under the terms of the agreement. Citi will have to hand over a total of $335 million to customers. Citi violated the Truth in Lending Act by failing to reevaluate and reduce the annual percentage rates (APRs) on about 1.75 million credit card accounts. The Act requires credit card issuers to review and reevaluate APRs at least once every six months and reduce them accordingly if the consumer has changed in certain ways, such as if their credit score has improved.

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