Connecticut Attorney General Richard Blumenthal is urging the Federal Reserve Board to return credit card interest rates and fees to year-ago levels after banks raised them in response to new federal rules and surging credit costs, reports Dow Jones.

Delinquencies on U.S. prime credit cards reached record levels in December, and charge-offs began climbing toward a high set in September, according to data Fitch Group’s Fitch Ratings released Jan. 5.

Credit card direct mailings are forecasted to pick up again after the Credit Card Accountability Responsibility and Disclosure Act of 2009 takes effect in February, industry experts say.

When Brian Moynihan assumes control of Bank of America Corp. next week, he will face daunting new competitive pressure in the credit and debit card arenas, among many other challenges. Moynihan, 50, on Jan. 1 becomes the nation’s largest bank’s president and chief executive officer, succeeding Kenneth D. Lewis, who is retiring.

Consumers worldwide cannot account for an estimated 20% of their weekly cash spending, according to statistics released last week by Visa.

Debt buyer Portfolio Recovery Associates (PRA) is the defendant in a class-action lawsuit filed by Atlanta-based law firm Webb, Klase & Lemond LLC. The case alleges that Norfolk, Va.-based PRA improperly subjected consumers to arbitration with National Arbitration Forum Inc. (NAF), a service it knew was biased in favor of creditors.

New technology enabling credit card marketers to create cell phone text-message dialogues with customers could enhance their marketing and collection efforts, and one analyst says the technology could be "a potent new tool" as text messaging becomes more routine.

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Remember the good ol´ days of lemonade and big front porches? And grandpa with his candies? And-wait; let´s try that again. Remember when the drive-thru bank tellers at your local branch recognized you and sent lollipops for your kids through the pneumatic tube?

Slate.com´s "The Big Money" blog posted a visual history of credit cards yesterday--It´s an entertaining little slideshow on the evolution of cards from their earliest, plainest state to the current diversity of species. Now there are cards for music fans; cards sporting alma maters and cards with cute cat pictures on them. Some have carried extra fees for customers. Will this visual smorgasbord thrive or sputter in the new, reformed world of credit cards? The answer depends, it seems, on the fees.