Personal finance
GE Capital Purchasing MetLife Bank

Washington DC Might Divest from Bank of America, Wells Fargo

Miles By Discover Offers Relief to Noncommittal Travelers

Collection Agencies Resurrecting Old Debts Through Credit Card Offers

Treasury Doubles Purchase Limits on Electronic Savings Bonds

Cordray’s First Move as CFPB Head: Regulate Nonbanks

Weekly Wrap: Bank of America’s Worst Week Ever?

Dear U.S. Banks, Your Business Model Stinks

Shadow Banking Due for Some Time in the Spotlight

Weekly Wrap: Banking Slowly Dissolves?

Under the Roofs of Coffee Shops You’ll Find Your Online Bank

Brokerage Checking Still a Competitive Choice

Beware the Mirthful FOMC Meeting

Did ING Direct Customers Overreact to the Capital One Purchase?

No Balance Transfer Fee Offers Reappear But Hard to Exploit

Russell Simmons’ RushCard Lowers Fees, Is Still Bad

The Reason Why Freddie Mac Doesn’t Want to You to Refinance

New Bank Perks Cater to Tech-Savvy Customers

St. Louis Fed President: Raise Interest Rates

Whitney Warns: Banks to Banish Middle Class

Dime Savings Cites Regulations in Switch to State Charter

FDIC to Banks: Start Lending Again!

Weekly Wrap: Grey Days and a Sideshow

Weekly Wrap: Banking’s Spring Is Still Far, Far Away

American Express and Gen Y: BFF?

Weekly Wrap: Things Are Not as They Seem
This past weekend, on a stage in Indio, Ca., a holographic Tupac Shakur took the stage, and treated the screaming crowd to a couple hits from his 90r42;s oeuvre. Tupac has been dead for 16 years. Footage of the show reveals that, as one might assume, the display was equal parts captivating and unsettling. There are few conclusions one can draw from the spectacle, however, except perhaps, with technology dominating our lives, nothing seems to make sense anymore. This week’s personal finance and banking news was perhaps similar in this regard.

Barclaycard US started accepting applications for the Ring card this week. It’s their social credit card, and it has a head-scratchingly low cost structure. In fact, it’s so low it might be disruptive to the industry at large. The card has no annual fee or balance transfer fee, and just 8 percent APR on all debts — balance transfer, purchases and cash advances. What this means is that cardholders can use the Barclaycard as an auxiliary for all their credit purchases. Use your high interest rewards card to buy expensive plane tickets? Fine, just transfer that to the Barclaycard for free, and enjoy the low rates — and the rewards.

Similarly hard to make sense of is the news that Core Innovation Capital, a venture capital firm that invests in services for the underbanked, closed their first fund with millions of dollars invested from … banks. Banks are investing their money, seeking above-market private equity returns by investing in a fund that tries to solve a problem that they, one might argue, have created. It’s a bit baffling, but it’s good to see capital finding its way toward solutions for such a pressing issue in this country. Instead of, you know, causing them.

Sallie Mae launched a branded Visa credit card recently, which offers rewards for users in the form of paying down their student loans. It offers just 5 percent back on the first $500 spent on gas and groceries each month. So, $25 a month — but it all helps! The irony is obvious, however: unless you use the card perfectly by a.) both spending $500 a month on gas and groceries and b.) paying it back in full each month, you will end up in more debt, and you may be spending way more money than you ought to be.

Not that politics ought to make sense, anyway — we gave up on that long ago — it is still upsetting to have its sheer absurdity thrust in your face. We took a look at the net worth and donations of a few of the more notable captains of industry to back Republican candidates for president, and figured out how much a young person would need to donate to make a proportionally large donation. The results were disheartening. For mere pocket change, billionaires can keep blowhards like Newt Gingrich in an election he ought to have no part in.

And we’ll leave you this week on a high note:a letter to young people from someone who has been through what we’ve been through in this recession. It gets better, even if things might never seem right, ever again.

Äëÿ ïå÷àòè

Weekly Wrap: Astrology is Bunk

Refinancing Your Mortgage Lines the Pockets of the Biggest Banks

Experian Unveils New Credit Score for the Underbanked

New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers

The Best Experiences Your Credit Card Can Buy This Summer

Citi Offers New Way to Spend Rewards

Fed Study: CD Rates Are Less Attractive

Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee

Weekly Wrap: Get Bullied, Get Rich

Taibbi: No Difference Between Banks and the Mafia

Why You Should Probably Raise Your Credit Limit, Especially When You Don’t Want the Money

Accounts Push Relationship Banking

Weekly Wrap: LIBOR Aside, You’re Still in Control

Fed Report Shows Mobile Banking Empowers the Underbanked

Top Gas Credit Cards to ‘Refill’ Your Wallet

Prepaid Cards for Payroll Purposes: Fair to Workers?

Weekly Wrap: Mobile Banking’s Onward March

Banks Close Revenue Gap from Overdraft Fee Losses

Banks Lack Social Media Efforts… Oh Really?

SpringCoin: Out to Automate Credit Counseling

Could Student Loan Forgiveness Help the Economy?

Chase United MileagePlus Club Card Takes Flight

Caviar and Champagne With Your Checking Account?

Weekly Wrap: Cash Rules Everything Around You? Not For Long

SmarterBank’s Checking Account Helps Pay Off Student Loans

Chinese Furious Over Banking Fees

Banks Should Use Prepaid Cards to Hook ‘Em While They’re Young

Prepaid Travel Debit Card Provider Eyes U.S.

Sallie Mae Credit Card Helps Pay Back Student Loans

Post-CARD Act, Banks Shift to Prepaid on Campus

Weekly Wrap: Things Are Not as They Seem

Gen Y Eyes Retirement with Rose Tinted Glasses

Low Interest Rates: A Ticking Time Bomb?

Are Discover Partner Gift Cards Worth the Rewards Points?

Kony Solutions’ Branding Problem: Bank Software Firm Has Killer’s Name

Weekly Wrap: Fancy Gadgetry, No Money

Weekly Wrap: Millenials’ Big Day at the Races

UFB Direct Adds Money Market Account With 1.15% APY