Other News

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 [...]

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 [...]

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 [...]

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, 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, [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

As the holiday shopping frenzy ramps up, credit card issuers are rushing to entice consumers with rewards and perks that appear to come straight from Santa himself. Some deals currently offered include: Walmart credit cards defer holiday interest Walmart has announced on its website that any purchases made on its credit card or the Walmart Discover card [...]

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 [...]

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 [...]

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 [...]

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 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 [...]

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, 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 [...]

Criminals won't hesitate to use natural disasters to collect credit card numbers from unsuspecting donors, according to a new report from the Federal Trade Commission. The FTC alerted consumers that scam artists could portray themselves as collectors for disaster relief efforts in Japan and elsewhere. Agency officials advised prospective donors to review the FTC's Charity [...]

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 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 [...]

MasterCard expanded its footprint in the global prepaid debit card market this month when it acquired the Card Program Management operations of Travelex. Frequent business travelers recognize the Travelex brand from its successful currency conversion service bureaus in major airports and world capitals. The company pioneered the use of stored value debit cards to eliminate [...]

Consumers from emerging markets have shifted the balance of power among major credit card issuers, according to researchers at the Lafferty Group. Two banks from China and three lenders from Brazil placed among the research group's list of top ten credit card issuers, measured by number of accounts.With most accounts under its Chase Credit Cards [...]

According to analyst reports, Americans' sudden urge to pay down their credit card balances could be putting credit unions under significant pressure. With certificates of deposit and other long-term savings vehicles producing annual percentage yields in the low single digits, many consumers have chosen instead to pay down credit cards with double-digit interest rates. Industry [...]

Inc. Magazine named credit card processing company BluePay to its 2010 "Inc. 500" list of the fastest growing private companies in the United States. BluePay's ranking reflects the rising demand for its core service, enabling small and medium sized businesses to accept credit cards both in person and online. Small business owners, especially restaurant and [...]

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 [...]

Direct marketing analysts at Mintel Comperemedia plan to start tracking online advertising this spring, according to a company announcement. The service will scan 4,000 of the country's leading websites for evidence of new advertising campaigns. Subscribers can then use the data generated to understand the effectiveness of ad campaigns, based on demographics and expenditures. Websites [...]

Credit card companies contributed to growth in the direct mail sector during the first quarter of 2010, according to a new industry study. Marketing intelligence experts at Mintel Comperemedia released results of their latest direct marketing tracking figures this week. Although the report indicates that insurance mailings still outweigh credit card offers by a ratio [...]

An insider tour of the agency tasked with managing consumer complaints about credit card companies has raised concerns on the website of the New York Times. A recent Times profile of the Office of the Comptroller of the Currency described the agency's Houston call center and detailed some of the common complaints handled there, such [...]

Four more banks joined the ranks of failed financial institutions in February, bringing the number of FDIC takeovers to twenty. La Jolla Bank (CA), George Washington Savings Bank (IL), Marco Community Bank (FL), and La Coste National Bank (TX) all received visits from FDIC personnel to begin the process of transferring assets to new administrators.According to [...]

Transparency has become the hallmark of the social web. Twitter and Facebook already allow users to share intimate personal status updates, with services like Loopt and Foursquare enabling some Americans to chronicle their every move in real time. Now, a new startup company aims to help consumers reveal every detail of their spending habits. Blippy [...]

Most Americans use credit cards to pay for long term expenses or for special treats. A few credit card account holders aim even higher with their wallets, by winning Academy Awards. At this year's Sundance Film Festival, documentary filmmaker Jeffrey Blitz explained to CNN Money reporter Cindy Waxer that credit cards have become an essential tool [...]

Results from a December consumer survey show that Americans have reacted to upcoming banking reforms by reducing their credit card use and carefully evaluating the cards they carry. The survey, commissioned by First Command Financial Services, revealed that roughly one in five respondents chose to use their credit cards less often in 2009. Meanwhile, 15% [...]

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 [...]

Buried among the holiday sales flyers and charity appeal letters, modest-looking envelopes could contain major news about consumer credit cards. Under new rules in 2010, account changes must be communicated through clear, direct mailings. However, a handful of lenders have decided to notify some customers about last minute modifications to their accounts by sending letters [...]

Some Americans attempting to use credit card convenience checks issued earlier in the year have discovered some hard truths about borrowing in the post-recession economy. A Bloomberg News report profiles a pair of consumers reeling from unexpected fees and legal bills after convenience checks they used were rejected for major purchases. In both cases, lenders cut [...]

Salvation Army chapters in major cities have deployed even more credit card-enabled red kettles for this holiday season. However, some consumers worry that fraudsters with credit card skimmers could hijack donors' goodwill, along with their identities. According to law enforcement officials, skimming rings prey on consumers too busy to think critically about their surroundings. For [...]

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 [...]

After tracking months of declining direct mail offers, a prominent market research team sees a sudden uptick that could mark the return of strong competition among lenders. In their monthly analysis of financial marketing outreach, Mintel Compremedia measured a 39% increase in the number of credit card solicitations by mail between September and October 2009. [...]

Business credit card use has returned to the spotlight in Chicago, where officials say a school board official accused of improper spending committed suicide. Police reported that Chicago Board of Education President Michael Scott died of a self-inflicted gunshot wound on Monday. Members of Scott's family have criticized the city's coroner for speculating that Scott killed himself [...]

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 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 [...]

If government regulators flipped the switch on new credit card rules today, the twelve largest U.S. banks would have to pull down all of their online offers. That's the finding of a new report released by the Pew Charitable Trust in advance of Credit CARD Act regulations set to take effect in February. The Philadelphia nonprofit [...]

If it seems like just about every small bank or credit union offers credit cards with perks and benefits just like those from major lenders, you can thank service providers like TSYS. The payment solution company recently announced the formation of TSYS Program Solutions, a new division that offers turnkey credit card marketing and management programs for [...]

Two bellwethers of American consumer sentiment signaled this week that the United States credit card industry hasn't seen the last of economic trouble. Credit rating agency Standard & Poor's released findings from its credit card index, which measures the quality of consumer lenders' debt portfolios. S&P's July numbers show that fewer Americans abandoned their credit card payments, [...]

Credit card issuers have until September 3rd to line up special financing under the Term Asset-Backed Securities Loan Facility, or TALF. The Federal Reserve launched TALF to help lenders increase liquidity, a move that economists hope will help jumpstart small business and consumer lending. Some credit card companies have already announced their participation in TALF, including: Alliance [...]

Good news from a respected analyst boosted the stock of three major credit card issuers this week. Some of Wall Street's most familiar names--American Express, Discover Card, and Capital One Financial--all experienced stock price bumps after getting positive report cards from Barclays Capital analyst Bruce Harting.In an optimistic note to clients, Harting expressed his expectation that all three [...]

As the American economy shows signs of strength into the late summer, two major credit card issuers have launched media campaigns to reinforce the added value of paying with plastic. Chase formally rolls out its new Sapphire product, emphasizing special rewards and service for affluent customers. Meanwhile, Discover Card Financial Services debuts a series of advertisements designed [...]