Authors

Curtis Arnold
Curtis Arnold, Editor-in-Chief
Joe Taylor
Joe Taylor Jr., Reporter
Amber Stubbs
Amber Stubbs, Managing Editor

Credit Card Issuers

  • Barclaycard Ring ends first year with a modest profit and major goals

    In Barclaycard Ring's first year on the market, the experimental low-interest credit card gained about 10,000 new customers, but failed to achieve an expected return to shareholders. Barclaycard officials posted statistics on Ring's launch to the program's official blog in June, in the form of an annual report tracking the card's performance during the first [...]

  • Credit card issuers split over social media engagement, according to J.D. Power survey

    New research from a leading American consumer agency shows that Americans expect credit card issuers' social media servicing efforts to match or exceed their social media marketing programs. Researchers from J.D. Power and Associates surveyed 23,200 online consumers who have interacted with one or more social media teams from major corporations. The team's findings highlight [...]

  • Visa, MasterCard settlement won't change swipe fee structure for retailers

    Visa, MasterCard, and a coalition of member banks signed a memorandum of understanding to end a seven year legal battle over credit card processing fees. The defendants will pay $6.6 billion to settle the case with retailers who claim the payment platforms and their affiliated banks used anti-competitive tactics when setting swipe fees. Under terms of [...]

  • USAA rated best credit card issuer based on weighted analysis of complaint database

    As promised, the Consumer Financial Protection Bureau published its live database of credit card complaints registered with the bureau's toll free hotline and website. The raw data includes the name of the issuer, the broad topic for each complaint, and a flag indicating whether the credit card company resolved the complaint. Independent researchers have enhanced the [...]

  • Credit card offers match stock market trends, posting fewest direct mail campaigns in two years

    Uncertain economic markets should take the blame for a significant drop in the number of direct mail credit card offers, according to analysts at Mintel Comperemedia. The global research company measured just 260 million new credit card offers mailed to American households. That figure represents a drop by 33 percent, compared to the same period [...]

  • USAA, AmEx, Discover top Temkin Forgiveness Ratings for credit card issuers

    Balance transfer offers aren't the only reason consumers switch credit card issuers. According to a new report from the Temkin Group, Americans can hold a grudge when a bank makes a mistake, often resulting in switched accounts. The company's annual Temkin Forgiveness Ratings report ranked over 200 businesses based on whether customers would let a [...]

  • US Bank trades leftover retail gift cards for credit card rewards points

    Plenty of banks let their customers exchange rewards points for gift cards. U.S. Bank became one of the first banks that lets its credit card customers handle that exchange in reverse. In partnership with aftermarket gift card vendor Plastic Jungle, U.S. Bank rolled out a service that lets FlexPerks Travel Rewards Visa Signature trade in [...]

  • Barclaycard Ring MasterCard puts customers in the boardroom

    A new low interest credit card soon to be launched by Barclaycard aims to make its operations transparent by including customer input in key decision-making. In a statement to reporters, Barclaycard officials announced the pending launch of the Barclaycard Ring MasterCard. Barclaycard spokesman Paul Wilmore explained that Ring cardholders would gain access to profit and loss [...]

  • Banks ramp up "plain vanilla" credit card offers

    Banks have turned recent consumer lending laws into marketing highlights, according to new research from Mintel Comperemedia. Mintel's analysts say that lenders, after months of battling over elite customers with rewards credit card offers, have ramped up efforts to promote their "plain vanilla" cards with no annual fees and no bonus rewards. In a statement to [...]

  • Banks may use credit card offers to offset "Move Your Money" movement

    While banking industry analysts measure the effectiveness of "Bank Transfer Day," the Credit Union National Association reports that many Americans didn't wait until Nov. 5 to move their money. A CUNA survey of 5,000 member institutions revealed that over 650,000 consumers joined credit unions between Sep. 29 and Nov. 1. The five-week figure beat the [...]

  • Citizens Bank offers zero-interest credit to Irene victims

    Those who have been affected by the destructive force of Hurricane Irene now have a light at the end of the tunnel, thanks to a set of generous offers from Citizens Bank. This national bank has opened its doors to consumers, small businesses and nonprofit groups who need a quick influx of cash, helping them [...]

  • Survey: American Express ranks first in customer satisfaction

    For the fifth year running, American Express has been ranked the clear winner by consumers for overall satisfaction among the nation's top ten credit card companies. This survey considered six factors: benefits and services, billing and payments, customer interaction, credit card terms, problem resolution and rewards programs. It was released on Aug. 18 by J.D. Power [...]

  • Regions Bank buys $1 billion in credit card accounts from B of A subsidiary

    Regions Bank announced the completion of a deal this week that will allow them to acquire a portfolio of its own branded credit cards valued at $1 billion from FIA, reports Forbes.com. The deal was signed on June 30 between Regions Bank, a unit of Regions Financial Corp., and FIA Card Services, a subsidiary of [...]

  • PNC to enter southeast US in deal with RBC

    PNC Financial Services Group, Inc. has committed to buying the U.S. banks and credit card assets of Royal Bank of Canada, which will allow PNC to enter markets throughout the southeastern U.S. The deal is worth roughly $3.5 billion and will result in a loss of $1.6 billion for RBC this quarter, according to the [...]

  • Regions Bank pulls credit card servicing in-house, ending B of A deal

    In a transaction involving more than a billion dollars in accounts, Alabama-based Regions Bank announced an agreement to purchase its private-label consumer credit card portfolio from FIA Card Services, a Bank of America subsidiary. According to Forbes.com, the deal involved half a million consumer credit card accounts marketed under the Regions Bank name. Bank of America [...]

  • Credit card issuers warn customers of email list leak

    Millions of consumers were surprised by email messages in their inboxes this month alerting them to one of the most widespread online security breaches in recent history. As many as 50 major companies revealed that their customer email lists had been compromised after a cyber-attack on a shared technology vendor, Epsilon. According to news reports and [...]

  • TD Bank offering revived Bailey Banks and Biddle credit card

    A prominent retail brand hopes to shine again with help from a private label credit card offering, according to company officials. Jewelry retailer Bailey Banks & Biddle relaunched in late 2010, helmed by some of the executives that managed the brand when it was part of larger conglomerates in recent decades. Thanks to a partnership [...]

  • GE adds retail credit cards from home and fashion discounters

    Furniture and fashion shoppers will soon get help with their bargain hunting from General Electric. As reported by Bloomberg on Jan. 19, GE's consumer finance division has reached an agreement to operate the retail credit card portfolio of TJX, the parent company of clothing, housewares and accessories shops such as TJ Maxx, Marshalls and HomeGoods. [...]

  • Target shopping its customer credit card portfolio to lenders

    The largest remaining retailer-issued credit card may find itself on the auction block, according to news reports. Target announced that it intended to sell its consumer lending portfolio, including its distinctive Red Card store accounts and Red Card Visa credit card accounts. Company officials claim the sale would allow managers to focus more closely on store [...]

  • Fifth Third enables debit card processing for six more credit unions

    Six more credit unions have signed with Fifth Third Processing Solutions for ATM and debit card transactions, according to a Fifth Third spokesperson. All six credit unions gain access to the same debit card production and gateway access solutions enjoyed by larger financial institutions. The participating credit unions serve over 50,000 existing members: Citco Federal Credit [...]

  • First Premier Bank's CEO puts 'Worst Credit Card' in perspective

    Miles Beacom's a brave man. After a few years of consumer backlash against the credit card industry, marked by unprecedented financial reform and ongoing federal investigations, Beacom's company earned a scolding from Consumer Reports. As the head of Premier Bankcard, it's Beacom's job to lead one of the few credit card issuers still opening subprime [...]

  • Credit Card Issuers View More Credit Unions as Threats

    For decades, credit unions have positioned themselves as hometown alternatives to major banks, even going so far as to post scenes from "It's a Wonderful Life" on an industry advocacy website. However, a coalition of community bankers has expressed concern that loose rules governing credit union membership has created the non-profit equivalent of corporate mega-banks.On [...]

  • European Credit Card Issuers' Stress Test Results Due in July

    Currency traders and investors cheered the announcement that European Union would publish results of stress tests conducted on its largest banks. According to an Associated Press report, European President Herman Van Rompuy used the announcement to further assure markets still reeling from the Greek financial bailout earlier in the year. Speculators anticipate a strong report [...]

  • Wells Fargo CEO Sends Encouraging News to Former Wachovia Customers

    The San Francisco Business Times recently ran an article featuring Wells Fargo CEO John Stumpf. In that article, Stumpf talks about the credit card issuer's plans as it completes its rebranding of Wachovia Bank. John Stumpf told reporter Mark Calvey he expects the San Francisco-based bank to remain more focused on "Main Street" instead of "Wall Street." Wells [...]

  • Credit Card Companies Address Volcano Delay Questions

    European branches of major credit card companies are bracing for the financial impact of April's volcano eruption. Unprecedented travel delays prevented thousands of airline passengers from completing scheduled flights. As some vacationers scrapped travel plans, Americans stranded in Europe turned to credit cards and to the kindness of local business owners when ash-filled skies prevented them from [...]

  • HSBC Drops Mandatory Credit Card Arbitration

    This month, HSBC joins Capital One, Chase, and Bank of America as the fourth major credit card issuer to drop mandatory arbitration clauses from its terms and conditions after pressure from a pending class action lawsuit. New York residents filed suit against six banks and a leading arbitration services company, citing that recent cardholder agreements removed [...]

  • Bank of America Mails Credit Card Clarity Commitment Letters to Customers

    For forty million Bank of America credit card holders, holiday cards won't be the only welcome mail this December. Bank officials announced an initiative to send each account holder a letter that explains their cards' fees and conditions, in plain English. Bank of America spokesperson Brian T. Moynihan called these "Credit Card Clarity Commitment" mailings an [...]

  • RevolutionCard Enlists Fifth Third Bank for Credit Card Security Overhaul

    Revolution Money gained a major supporter for its RevolutionCard platform by signing Fifth Third Bank as an issuing bank. Previously Fifth Third had partnered with Revolution Money to help merchants accept RevolutionCard credit cards and stored value cards at merchants throughout the country. This week's announcement opens the opportunity for the bank's accountholders to switch to [...]

  • Bank of America Avoids Credit Card Repricing, Pleases Washington

    Bank of America continues to win fans on Capitol Hill this month, with back-to-back revelations of stimulus repayments and consumer-friendly credit card policies. At the beginning of October, Bank of America CEO Ken Lewis told lawmakers that his company was prepared to begin repaying federal TARP investments. In addition to paying back the $45 billion [...]