Credit Card News
Chase Credit Card Survey Reveals Cautious Economic Optimism
Posted on - February 9, 2010Most Americans feel good about their personal finances, but worry about whether their neighbors will survive the recession. That's according to a recent consumer survey conducted by Chase Credit Cards. Chase commissioned researchers to poll one thousand American consumers on topics ranging from the country's broad economic recovery to the impact of recession on their household finances. The survey's results revealed: Read More
Citibank Credit Card Holders Can Track, Pay Balances on iPhone
Posted on - February 8, 2010Citibank credit card customers gained access to new mobile banking features this month, including an updated iPhone application. In a statement to reporters, Citibank spokesperson Liza Landsman remarked that the updated iPhone app would give cardholders "anytime, anywhere" access to account information. "It will help more customers to stay connected in real-time to their finances and to make informed spending decisions," Landsman said. Read More
San Diego Lawyer Sues Credit Card Issuer Over Rate Increase
Posted on - February 5, 2010One San Diego attorney isn't giving up his credit limit without a fight. A report in the Huffington Post profiles Ben Pavone, a Bank of America accountholder who uses a high limit credit card to smooth out the cash flow for his legal practice. When Pavone requested a slight increase to his credit line during the holidays, Bank of America responded by lowering his limit to within a few hundred dollars of his balance.Pavone told HuffPost's Arthur Delaney that the lender cited overall economic conditions as the reason for the limit reduction. At around the same time, BofA hiked Pavone's interest rate to above 27%. Therefore, Pavone has issued a statement of his own to Bank of America: he refuses to pay any part of his balance until the lender returns his interest rate to its original 10.99%.Legal experts say that Pavone may have a case, since Bank of America's changes did not come with an opportunity to negotiate terms. Although a right of rescission is guaranteed for consumers under the Credit CARD Act after February 22, a judge could still rule the new terms "unconscionable." Read More
Capital One Earns Profit, Despite Credit Card Charge-off Peak
Posted on - February 4, 2010On the heels of strong earnings reports from American Express, Capital One announced fourth quarter 2009 profits of 83 cents per share. The credit card issuer recorded net income of $376 million for the final quarter of the year, a major boost from the $1.45 billion loss the company suffered during the same period in 2008. Read More
Volcker Rule Could Impact Credit Card Issuers
Posted on - February 4, 2010Stock prices for some of America's largest credit card issuers suffered major drops this month when President Obama proposed legislation that could limit banks' business activities. While the so-called "Volcker Rule" wouldn't directly impact credit card usage, it could affect some of the other profit centers that offset losses from consumer lending. Read More
Business Recovery Boosts American Express Credit Card Profits in Q4
Posted on - February 3, 2010Positive business spending trends and fewer account charge-offs helped American Express cash out a fourth quarter profit of $710 million, with diluted earnings per share of $0.59. The figures represent an increase of 132% from the same period a year ago. Year-over-year losses declined by just under 50 percent during the fourth quarter, since the company absorbed significantly fewer defaulted accounts. Read More
American Express Survey Confirms America's Travel Bug Is Still Strong
Posted on - February 2, 2010A recent survey of consumers revealed that a slow economy can't stop Americans from seeing the world. The January 2010 edition of the American Express Spending & Saving Tracker gathered opinions about personal finance from over 2,000 respondents. More than two-thirds of Americans surveyed reported that travel was the most valuable personal pursuit. Over 30% of respondents intended to take a trip before the end of March, despite a harsh economic climate. Read More
Online Credit Card Chargebacks Gain Attention from NY Attorney General
Posted on - February 1, 2010After months of scrutiny from Congressional investigators, a trio of online marketing companies has been targeted by New York State Attorney General Andrew Cuomo. Webloyalty, Affinion, and Vertrue all offer subscription-based discount programs that generate new memberships from special ads placed on the final page of an e-commerce site's checkout process. According to investigators, many consumers mistake the ad for a retailer's coupon, unaware that their credit card information has passed from the retailer to the marketing company. Read More
