July 2005
Visa and American Express Will Discontinue Business with CardSystems
Written by CardRatings.com
Posted On: July 26, 2005
Visa and American Express informed CardSystems Solutions, Inc. that they will discontinue business with CardSystems effective October 31, 2005 due to the recent CardSystems security breach that exposed 40 million consumers to possible fraud. However, MasterCard and Discover intend to continue their business relationship with CardSystems as long as CardSystems will become fully compliant [...]
Bank One Credit Card
Written by Amber Stubbs
Posted On: July 26, 2005
Author: Milavant Title: Bank One Credit Card Date: Thu Jan 06, 2005 8:35 pm How do you decide whether to keep (and use) a 1% Flexible Rewards Visa card issued by Bank One with a $14,500 limit? I have two other (better) cards I use regularly (AMEX Cashback and Chase Perfectcard), and it appears that I might have [...]
Credit Counseling Agencies' Tax Exempt Status Revoked by IRS
Written by CardRatings.com
Posted On: July 21, 2005
After hundreds of consumer complaints about misleading and deceitful practices of credit counseling agencies, the Internal Revenue Service has revoked the tax exemption status of four agencies and is challenging the status of others as well. 60 credit counseling agencies have been targeted for audits. The IRS is looking into allegations that some have become [...]
Credit Card Membership Club Scam- Lawsuit Filed Against Chase by CA Attorney General
Written by CardRatings.com
Posted On: July 21, 2005
California Attorney General Bill Lockyer recently filed a lawsuit against Chase Bank and Trilegiant Corporation for violating California laws prohibiting false or deceptive advertising and unfair business practices. The named defendants include: Chase Bank, USA and Chase Manhattan Mortgage Corp. (Chase); and Trilegiant Corp. and TRL Group, Inc. The complaint alleges that the defendants [...]
Study Finds Credit Union Credit Cards More Consumer Friendly Than Bank Issued Credit Cards
Written by CardRatings.com
Posted On: July 19, 2005
The Woodstock Institute recently released a report entitled "Blindfolded Into Debt: A Comparison of Credit Card Costs and Conditions at Banks and Credit Union." It suggests that the very confusing terms and conditions used by bank credit cards contribute to increasing consumer debt. The report also indicates that credit cards issued by credit [...]
Online Debit Card Usage Exceeds Credit Card Usage
Written by CardRatings.com
Posted On: July 18, 2005
In the first part of 2005 Visa debit card e-commerce transactions exceeded credit card transactions. Second quarter debit card e-commerce transactions also increased 38% from the previous year.  Rising; online use of debit cards indicates that consumers are becoming more comfortable with using available funds for Internet purchases. According to Visa many previous studies [...]
Average Credit Card Industry Executive Compensation Climbs 77% in 2004
Written by Mike Killian
Posted On: July 15, 2005
Salaries and bonuses of credit card industry executives were up at most companies in 2004, but bonuses plus salaries actually declined as a percentage of total compensation from 2003 according to Cards&Payments;, Source Media's magazine covering changes in the credit card industry. The average compensation among the card industry executives investigated by Cards&Payments; Magazine was [...]
SEC Recommends Civil Action Against Metris Companies
Written by CardRatings.com
Posted On: July 14, 2005
Metris Companies Inc., one of the largest bankcard issuers in the United States, announced July, 12 2005 that it has received a Wells Notice from the U. S. Securities and Exchange Commission. That means that the SEC staff will recommend bringing civil action against the company for possible violations of securities laws. The Wells [...]
