Credit Card News Archive
First Fridays got sweeter for Chase Sapphire Preferred cardmembers, thanks to a new partnership with online reservation site OpenTable. According to company officials, Chase will begin offering three rewards points for every dollar spent on dining transactions during the first Friday of every month through the remainder of 2013.
According to company spokesman Brad Ducey, the [...]
American Express business credit card holders can now shrink the amount of time they spend on expense reports, thanks to the company's new ReceiptMatch service. This online tool from American Express OPEN helps small business owners and their employees manage expenses from the road or from the office by matching receipts to credit card statements.
Stay-at-home spouses no longer have to skirt federal rules when completing credit card applications, thanks to a new ruling from the Consumer Financial Protection Bureau. In a formal filing to the Federal Register, the CFPB clarified its position on whether spouses and partners without independent sources of income can reasonably expect to access joint savings [...]
Selected Chase credit card holders gained even greater access to transatlantic travel this month, with the announcement that Ultimate Rewards members can now transfer points to Virgin Atlantic's Flying Club program. In a statement to reporters, Chase officials confirmed that accountholders with Chase Sapphire Preferred, Ink Plus, and Ink Bold credit cards can now exchange [...]
American Express' foray into the prepaid debit card market looks more like a traditional checking account than ever, thanks to a new round of product enhancements announced this month. Bluebird, the debit card AmEx launched in partnership with big box retailer Walmart last fall, now offers FDIC insurance for deposits of up to $100,000. According [...]
MasterCard and Visa stepped up their rivalry with PayPal this month, with expansions of their own digital wallet initiatives and the threat of raising fees for third-party merchant processors. According to published news reports, the moves come as PayPal has ventured into point-of-sale transactions at physical checkout counters while offering customers lines of credit through [...]
American consumers managed their credit cards more effectively in February, according to the latest report from the S&P/Experian Consumer Credit Default Indices. The national default rate on bank cards fell to 3.37 percent, down 4 basis points from the previous month and down a full percentage point from the same period a year earlier.
In a [...]
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 and MasterCard both announced new initiatives in February designed to speed user adoption of smartphones with contactless credit card capabilities. Visa officials released details of technology alliances with two major vendors that can help bridge the gap between consumers and retailers, while MasterCard unveiled the results of its analysis of consumer demand for Near [...]
Airline industry consolidation hit the wallets of some rewards credit card customers this month, with Chase announcing that it would take over servicing AirTran-branded credit cards from previous issuer Barclaycard. Although Southwest Airlines purchased its rival in late 2011, the airlines started linking itineraries earlier this year. According to news reports, Southwest plans to phase [...]
A court ruling in California could pit privacy-conscious credit card users against retailers in a conflict over how companies can use customer information. In a February decision, the California Supreme Court ruled that online merchants selling digital downloads can ask for shoppers' personally identifiable information, such as ZIP codes and phone numbers, even if that [...]
As even more retailers back away from a proposed settlement with credit card issuers over payment processing fees, state legislators consider new rules that would prevent merchants from recouping costs with surcharges. In a unanimous decision, the board of the National Grocers Association voted to formally object to a deal with Visa and MasterCard that [...]
With risk in consumer lending markets shifting from credit card issuers to student loan balances, industry analysts expect some strong credit card deals through the spring and summer months. According to analysts at financial website StockCall.com, Capital One and American Express both posted quarterly charge-off rates lower than those of the same period last year. [...]
The Federal Trade Commission left a Christmas Eve gift for Congress, in the form of a ten-page report outlining its enforcement of 2010's Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other changes to federal finance regulations, the Dodd-Frank Act overhauled rules related to how much banks can charge retailers to process debit and [...]
American Express has taken its Card Sync technology on Twitter even more social, as cardholders can tweet to specific hashtags and buy discounted products. The first offer, announced on Feb. 11, is a $25 American Express Gift Card that can be purchased for $15 by tweeting #BuyAmexGiftCard25. The offer expires on March 3.
On Feb. 13, [...]
After successfully expanding into the student loan marketplace, Discover Financial Services has set its sights on another major milestone for American consumers: home ownership. Although the lender launched its mortgage business in June 2012, a new marketing campaign aims to link the home loan application process more closely to the company's cash back credit cards.
More than half of American bankers expect consumers to request credit line increases during 2013, according to the results of a recent survey commissioned by FICO. The credit scoring company asked a panel of 251 bank risk managers to predict household credit trends over the next six months, and the results bode well for both [...]
Two of the country's largest credit unions celebrated last year's membership gains by kicking off 2013 with some of the personal lending industry's strongest balance transfer offers. Navy Federal Credit Union and Pentagon Federal Credit Union both announced zero APR credit cards designed for members to transfer balances from traditional banks.
In a statement to reporters, [...]
Discover Card has won awards for customer loyalty, ranking at the top of the Brand Keys Customer Loyalty Engagement Index for over 15 years. However, employees at the cash back credit card issuer wanted to learn which college football fans have the most loyalty toward their favorite teams. With help from pollsters at Rasmussen Reports, [...]
Consumer credit cards continued their recovery through the end of September, with a major reporting agency's data showing new credit originations returning to levels last seen three years ago. According to Equifax's latest National Consumer Credit Trends Report, the amount of new credit card limits opened in the first three quarters of 2012 hit $675 [...]
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 [...]
Government officials announced plans to halt operations that promised credit card balance transfers, low interest credit cards and other forms of debt relief. According to spokespeople at the Federal Trade Commission, continuing crackdowns on debt relief scams have resulted in at least seven court-ordered shutdowns during November and December.
According to FTC spokesman Mitchell J. Katz, [...]
By giving away her book aimed at "tweens," the leader of a regional bank wants to help boost financial literacy among urban youth across the country. The bank's President and Chief Operating Officer Teri Williams wrote "I Got Bank! What My Granddad Taught Me About Money" to help spark conversations about money management among families [...]
The handful of credit cards in a typical American's wallet bears a disproportionate impact on a credit report compared to other consumer accounts, according to a new CFPB report. In a white paper published this month, officials at the Consumer Financial Protection Bureau used existing research to call out the need for stronger financial literacy [...]
For the first time since regulators started keeping records, Americans have let more of their student loan balances fall into delinquency than their credit cards. As reported by the Federal Reserve Bank of New York, more than 11 percent of the nation's $956 billion in student loans have gone unpaid for longer than 90 days. [...]