Bank of America announced that it would drop its controversial product!

Bank of America announced that it would drop its controversial product intended to backstop consumers when they cannot make a payment on their credit card. The product, known as debt-cancellation, is a type of insurance whereby customers accept a small monthly charge to have their debts reduced, forgiven, or requirement to pay suspended in the event of a job loss or disability.

Discover refund the money to its customers who participated in the above programs from December 2007 to August 2011.

Discover Joins Rivals in Regulatory SettlementsDiscover Financial Services will refund $200 million to customers and pay a $14 million fine as part of a new settlement that targets non-credit card financial marketing. The settlement comes after Capital One settled over a program that sold payment protection insurance to its customers.

Credit Scores Show in Experian Report no consolation

After losing out to Wausau, Wis., in 2011, Minneapolis reclaimed its top spot this year among U.S. cities with the highest credit scores.

What to know about penalty APRs

You may be proud of your low-interest credit card now, but if you’re not careful, that low APR could be jacked up so high it’ll make your head spin.

We study The Best Cash Back Reward Credit Cards

Credit cards have become the preferred method of payment for many people. However, not all credit cards are created equal. Some are better than others and this is usually (though not always) reflected in the relative popularity of any given credit card.