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Credit card reward schemes can offer consumers something for nothing despite the tough financial climate, according to Confused.com.

The comparison website has found that by doing day to day shopping on a credit card, customers could earn some impressive rewards, including free flights and shopping vouchers.

Based on an average household spend of £386.30 per week on a reward credit card, and by paying off the balance in full each month, a canny credit card shopper could benefit from some of these rewards within a year.

Some cards offer air miles as a reward, while others allow you to claim shopping vouchers or cash back if you spend over a certain amount.

Joanna Garcia, head of credit cards at confused.com said: “Using a reward based credit card can be a great way to earn incentives like cash back, flights and shopping vouchers.  Our findings show that it is still possible to get something for nothing and that savvy shoppers really can be rewarded for using a credit card, with incentives that all the family can benefit from. <

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Report shows that both consumer spending and personal income increased in May

Americans may be slowly improving their financial situation, new data from the U.S. Department of Commerce suggests. According to a report released Monday, consumer spending – a key indicator of economic health – increased by 0.2 percent in May after giving a flat reading in April.

Consumer spending accounts for nearly 70 percent of the economy and is often used to determine the strength of economic recovery. Read full article…

The Australian Securities and Investments Commission (ASIC) has received applications for credit provider licences ahead of its assumption of regulatory control on Thursday (July 1st), it has been revealed.

ASIC will take over regulation of all consumer lending, including credit cards, store cards and mortgages from that date, thus replacing the state-by-state approach, the Sydney Morning Herald reported.

As the newspaper observed, lenders previously accused of “predatory lending” practices have already lodged applications with ASIC to secure new licences under the body.

These include Permanent Mortgages, a lending entity within La Trobe Financial, which was found this year by the Supreme Court of Western Australia to have dealt unconscionably with an 85-year-old woman. Read full article…

Nearly two years ago, I blogged on this site about some of the financial challenges I faced while on a two-week trip in Europe. Other than pay toilets and the large minimum amount required to use a credit card, an issue I frequently encountered in France was the lack of acceptance of American credit cards on the metro ticket machines.

Chip-and-PIN cards, which are popular in Europe, hold a very special place in Emily’s heart.

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Come August 22, there will be a series of new rules in place, intended to further protect credit card holders, thanks to the good people at the Federal Reserve.

Late Fees Capped at $25

Late fees will generally be capped at $25, instead of the near-$40 currently charged by many of the nation’s leading credit card issuers.

There will be exceptions if the card holder is a repeat offender, or if the card issuer can prove the higher fee is reasonable.

Fees Cannot Exceed Dollar Amount Tied to Violation

Card issuers will also be prohibited from charging a fee that exceeds the dollar amount associated with the consumer’s violation.

For example, a card issuer can’t charge a $25 late fee if the card holder’s missed minimum payment is only $20.

Same with an over-the-limit fee – if you only go over by $5, the card issuer can only charge $5.

Multiple Fees on Single Violations Prohibited

Additionally, card issuers will not be able to charge multiple fees for a single violation, such as a single missed payment.

Inactivity Fees Banned

Credit card issuers will also be barred from charging “inactivity fees,” a strategy that was actually recently employed to recoup losses from the first set of new credit card rules.

Finally, card issuers who raised consumer’s rates since January 1, 2009 will need to evaluate if the reason(s) behind the increase has changed, and if so, reduce the rates.

I wonder how the credit card issuers will make up for all the lost profit?  Look out for new tricks folks…