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Authors

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

Other News

  • CFPB report tracks billions in credit card savings since 2008

    American consumers pay about 2 percentage points less on credit card finance charges than before the enactment of the Credit CARD Act, according to a report issued by the Consumer Financial Protection Bureau. In a statement to reporters, CFPB officials expressed continued concern about bank disclosures, "fee harvester" credit cards for bad credit, and add-on [...]

  • Americans avoid credit card default as lenders offer help to furloughed government workers

    As the nation headed toward its own brush with its federal debt ceiling, relatively few Americans faced default on their personal credit cards. According to data released by S&P Dow Jones Indices and Experian, national credit card default rates rose only slightly during September. 3.14 percent of bank card balances fell into default status during [...]

  • United States approaching cashless 'tipping point,' says MasterCard Advisors

    With Americans spending four out of every five dollars without cash, the United States approaches a tipping point toward a "cashless society." That finding comes from a MasterCard Advisors report that reviews how 33 of the world's major economic regions have transitioned from cash-based to cashless economies. Researchers discovered that consumers in Belgium, France and Canada [...]

  • FTC sending refund checks to victims of 'Card Services' telemarketers

    Victims of a fraudulent credit card interest rate reduction operation have started receiving refund checks after a three-year wait, according to Federal Trade Commission officials. Operators of JPM Accelerated Services settled with the FTC in 2010 after investigators alleged that the telemarketing firm failed to deliver on promises of credit card balance transfer deals and [...]

  • Barclaycard and Capital One hire more customer service help ahead of holiday season

    Barclaycard continues its North American expansion this fall with the announcement of an expansion to its operations center in Wilton, Maine. "This is another step in our journey to enhance our customer experience," Patrick Wright, Barclaycard US chief operating officer, said in a written statement. After years of proving white-label support for branded retail and airline credit [...]

  • Surveys reveal rising credit card balances, despite pessimism about the economy

    As summer winds down, Americans have braced themselves for some economic turbulence, according to a pair of consumer financial indices. More than half the respondents in Discover's poll of more than 8,000 consumers said they expect the economy to worsen over the coming months. That figure arrives on the heels of an Equifax report that [...]

  • Survey shows some credit card customers still don't understand rewards and rebates

    Fewer than two-thirds of American consumers fully understand the perks and benefits associated with their current credit cards, according to a study by consumer satisfaction researchers at J.D. Power. The agency's seventh annual U.S. Credit Card Satisfaction Study revealed improvements in customer service during a period when fewer Americans might have reasons to request late [...]

  • Americans squeeze more value from gift cards, even as stored balances soar

    Savvy shoppers and consumer-friendly regulations will keep more value on holiday gift cards than ever before, according to researchers at an executive think tank. In a statement to reporters, representatives from CEB TowerGroup Research said that nearly 85 percent of the U.S. population exchanged prepaid gift cards during 2012, for a total of over $110 [...]

  • Research shows 1 in 20 households earn "Superbanked" status with multiple accounts

    Approximately 5 percent of American households carry multiple accounts at multiple banks, according to new research from Scarborough. The consumer insight firm launched a study of "atypical bankers," Americans who either avoid traditional financial institutions or choose to spread credit cards and other accounts across many different banks and brokerages. Though numerous studies have focused on [...]

  • Fed data shows split between debit card transaction costs

    Most retailers now spend just 24 cents to process a debit card transaction, down from 43 cents in 2009, according to data released this month by the Federal Reserve Board. The Fed has stepped into a dispute between banks and retailers with statistics showing the impact of new interchange fee caps. Under the terms of the [...]

  • 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 [...]

  • Iberiabank celebrates 125 years

    Iberiabank, a regional bank with locations in 12 states, is celebrating its 125th anniversary, the company announced. The company started in Louisiana in 1887, and has grown to 173 bank branch locations and offers four Visa credit cards. The bank has made its name in Louisiana, Arkansas, Tennessee, Alabama and Florida as a locally focused institution, [...]

  • Visa tracks dip in Valentine's Day spending

    A modest dip in average spending for Valentine's Day gifts will put more pressure on American men, according to a survey commissioned by Visa Inc. Whether it's a ripple effect from a better-than-expected Christmas season or simply a return to traditional expectations, women in Visa's survey told researchers that they expected to spend less this [...]

  • AmEx, CapOne report higher credit card balances in Q4

    The year has just begun but it already appears consumer confidence is on the uptick. Two major credit card issuers, American Express and Capital One, have revealed that their U.S. credit card loan balances rose in the fourth quarter of last year, according to company press releases. Capital One reported its U.S. credit-card loans grew 5.1 [...]

  • Strong holiday spending could prompt new credit card offers

    Americans took on more credit card debt during the 2011 holiday season without going overboard, according to statistics from Experian and the Federal Reserve. Government officials announced figures from November that show a $20 billion spike in consumer spending, the biggest holiday rebound in over a decade. Though auto sales played a major part in the [...]

  • Credit union member satisfaction scores set new records

    Banks still haven't counted the full cost of business they've lost to credit unions over the past few months, but a major consumer sentiment indicator shows that member-owned financial institutions lead the industry in customer satisfaction. According to survey results released by the American Customer Satisfaction Index, credit unions scored an 87 on a 1-to-100 [...]

  • Discover: Holiday budgets rise slightly in 2011

    Most Americans expect to add the equivalent of a box of chocolates, a fancy bar of soap, or a coffee gift set to their holiday shopping lists this year, according to new research from Discover Card. The editors of Cosmopolitan recommend all three of those gifts for shoppers who need a stocking stuffer for less [...]

  • House bill proposes credit card blockade to fight media piracy

    Critics of a new intellectual property proposal circulating on Capitol Hill worry that it could inadvertently wreak havoc on legitimate e-commerce websites by suspending their ability to accept credit cards. Sponsors of HR 3261, the Stop Online Privacy Act, proposed new rules that would exempt credit card processors, ISPs, and other third-party technology vendors from [...]

  • 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 [...]

  • AmEx, Chase and B of A lead corporate support of 9/11 Day Observance

    American Express, JPMorgan Chase and Bank of America lead a pack of corporate donors throwing their weight behind a nationwide day of volunteer service observing the 10th anniversary of the 9/11 terrorist attacks. Organizers of the nonprofit 9/11 Day Observance coalition announced plans for events surrounding the federally recognized 9/11 Day of Service and Remembrance. In [...]

  • Signs of life: Credit card spending up over 10 percent

    The latest Nilson Report findings for the first quarter of 2011 show good news for credit card companies and merchants alike: credit card spending is up, and that's only part of the total boost in nationwide overall spending. Credit card spending rebounds Total spending on credit, debit, and prepaid cards was $835.18 billion, an increase of 10.8 [...]

  • Credit card spam payments handled by just a few offshore banks, say researchers

    Credit card transactions for products and services advertised via junk email originate with just a handful of banks, according to a team of California academics. Researchers from the University of California, Berkeley and the University of California, San Diego used prepaid Visa and MasterCard debit cards to follow the money trail from their inboxes to the [...]

  • Best credit card deals keep getting better as card issuers compete for consumers

    How much does it take to win customers away from a competing credit card? That's the game that banks and credit card issuers are playing today, with increasing rewards and signing bonuses accompanying nearly every credit offer. According to the Wall Street Journal, these offers may include everything from free airfare or triple rewards points to [...]

  • TransUnion study shows two-thirds of Americans are stressed about money

    TransUnion, one of the three major credit card bureaus, released a new credit study on April 5, 2011. The findings include the less-than-startling news that nearly two-thirds of American adults worry about money. Commissioned by TransUnion and conducted by Zogby International, the survey shows that 65 percent of Americans report feeling stressed about money and [...]

  • Network outage causes over 400,000 double-billed card transactions at Shell stations

    A recent credit card processing error by a major gas retailer has consumers across the United States double-checking bank statements this month. According to a report on Consumers Union's blog, The Consumerist, Shell stations nationwide experienced an outage on the network they use to securely process credit card and debit card transactions. Under ordinary circumstances, [...]

  • Wells Fargo launches online budgeting with My Money Map

    Wells Fargo wants consumers to take the Money Map as seriously as the bathroom scale. Bank officials announced the launch of My Money Map, a free tool that helps account holders track their finances online. Dynamic charts track a customer's spending and saving activity against their budget goals using real-time updates from their checking and [...]

  • Ticketless Events Use Credit Cards to Foil Scalpers

    Credit cards aren't just good for nabbing hot concert tickets anymore. In some cases, credit cards have become the tickets. This summer, TicketMaster will expand its "ticketless events" pilot program for popular tours, including those by Justin Bieber and Miley Cyrus. Instead of printing out tickets, concertgoers will scan their credit cards and drivers' licenses [...]

  • Credit Card Donations Reach Disaster Victims Faster Than Text Messages

    On a recent MSNBC broadcast, host Rachel Maddow discovered a little-known fact about text message charges that marketers have understood for some time. Mobile phone carriers can easily collect "third-party" fees on behalf of charities when subscribers send messages to special "short code" numbers. However, since most Americans use "post-paid" mobile phones, it can take [...]

  • Credit Card Bonuses Delight Holiday Shoppers

    Credit and charge card issuers partner with hotels and restaurants to give shoppers a little extra bang for their holiday bucks. American Express leads the pack, with selections of limited time offers for road warriors looking to take a little time for themselves during the holiday season. Card issuers announce enhancements to their usual cash back reward program [...]

  • Credit Card Direct Mail Offers Drop by Over Two-Thirds

    Online credit card offers provide far better deals than today's crop of direct mail pitches, according to a new market research study. Business intelligence experts and Mintel Comperemedia reviewed the contents and the quantity of credit card direct mail marketing campaigns over the past year. The researchers discovered a 71% drop in the number of new [...]

  • Credit Card Loyalty Programs Disappearing

    Credit card reward programs may be racing frequent flyer miles and hotel loyalty programs to their finish, according to recent news reports. For months, banking industry analysts have speculated that new credit card regulations and proposals to limit interchange fees could hinder banks' ability to fund splashy reward programs. However, economic pressure on the travel industry [...]