Authors

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

Credit Card News Archive

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Sharp partisan voting marked the House passage of the compromise financial reform bill, while Senate procedures may delay the bill's final signing until later this summer. Three Republicans voted for the bill, echoing the sentiments of Republican Senators who fought to prevent the bill from imposing new administration fees on large banks and hedge funds.The [...]
Categories: Credit Card Law
Chase unveiled a multimedia advertising campaign this month to expand awareness of its Ultimate Rewards program to American audiences. The print ads and television commercials build on consumers' growing recognition of Chase credit cards' existing special features, including the flexible Blueprint balance management system and the Chase Sapphire rewards card. According to Chase officials, cardholders have [...]
Mobile application developers have an alternative for simple credit card processing, thanks to a new PayPal initiative called Guest Payments. Typically, credit card users must register for an account on PayPal's site to process payments to merchants. Most of PayPal's new users find the service through its corporate parent eBay, often as a preferred method [...]
Americans responding to "work at home" ads helped scammers pull over $10 million dollars from credit card accounts, according to investigators. The Federal Trade Commission revealed details of a four-year investigation into "money mules" that set up U.S.-based front companies for overseas con artists. Once these seemingly legitimate businesses were established in the names of [...]
Chicago transit officials joined their peers from New York in a quest to replace coins with credit cards on city-operated trains and buses. The Chicago Tribune reported the Chicago Transit Authority's decision to pilot multiple credit card acceptance technologies after studying potential cost savings and ridership improvements from the move.According to the CTA's research, a [...]
Merchant debit card acceptance has driven consumers' use of the cards to all time highs, according to debit processing network PULSE. For the 2010 Debit Issuer Study, PULSE commissioned global consulting firm Oliver Wyman to survey sixty-four leading financial institutions about their customers' use of debit cards. According to study respondents, roughly two out of [...]
Credit card delinquency and default rates continued their general decline in May, cheering investors and signaling overall economic improvement. Despite banking industry concerns about a new wave of government regulations that could limit profits, easing of 30-day late accounts and charge-offs helped credit credit card issuers retain more revenue compared to the previous month.Capital One [...]
Millions of Americans will join the ranks of prepaid debit card users over the next few years, as government officials announced plans to eliminate most Treasury check payments by 2013. According to the Office of Management and Budget, current recipients of government benefit checks will have eighteen months to prepare for the switch. After March [...]
For decades, credit unions have positioned themselves as hometown alternatives to major banks, even going so far as to post scenes from "It's a Wonderful Life" on an industry advocacy website. However, a coalition of community bankers has expressed concern that loose rules governing credit union membership has created the non-profit equivalent of corporate mega-banks.On [...]
Categories: Credit Card Issuers
Owners of debt settlement companies meeting at a Florida resort anticipate major changes to their industry, according to a recent profile in the New York Times. Writer Peter S. Goodman interviewed members of the United States Organizations for Bankruptcy Alternatives, a debt settlement trade organization whose own studies indicate that only about a third of [...]
Customers of M&T Bank can prepare to see a flurry of marketing material in their mailboxes this summer, as the bank relaunches its own in-house credit card programs. For the last twelve years, M&T outsourced its credit card lending operations to what was then the white label services division of MBNA. Even after that company [...]
Categories: Visa
American Express announced a variety of exclusive CardMember benefits and special experiences at this year's U.S. Open at Pebble Beach. Though the course prohibits mobile phones, fans carrying American Express cards can borrow a variety of devices to enhance their enjoyment of the annual event. For example, handheld television sets allow spectators to view recent [...]
Categories: American Express
Final details regarding the last piece of the Credit CARD Act's new rules fell into place during June, as regulators announced streamlined penalty fee structures for late payments and overlimit charges. On August 22, all credit card issuers must cap their penalty fees at $25 for a first-time event, or $35 when the cardholders violate [...]
Currency traders and investors cheered the announcement that European Union would publish results of stress tests conducted on its largest banks. According to an Associated Press report, European President Herman Van Rompuy used the announcement to further assure markets still reeling from the Greek financial bailout earlier in the year. Speculators anticipate a strong report [...]
Categories: Credit Card Issuers
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 [...]
Categories: Other News
Uncertainty about upcoming credit card regulations and a lack of market capital have frustrated Citigroup's efforts to sell off its portfolio of private label retail credit accounts, according to a Reuters report. Investors and industry analysts contacted by Reuters reporters admitted that the few companies willing to take $50 billion in retail credit card accounts [...]
Categories: Citi Bank, Retail Cards
Kroger's credit card accounts have returned to American ownership after U.S. Bank's purchase of the retailer's private label credit portfolio from the Royal Bank of Scotland. Like most retailers, Kroger has relied on banking partnerships to extend credit and other financial services to its customers. With RBS facing pressure from European regulators to increase its [...]
Categories: Retail Cards
Credit card reward programs put the needs of mom-and-pop merchants against the wants of affluent cardholders, according to Vermont Representative Peter Welch. Welch made the remarks to Bloomberg BusinessWeek reporter Peter Eichenbaum in support of Congressional proposals to limit credit card interchange fees. Credit card processors withhold between one and four percent of transaction amounts, [...]
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 [...]
Categories: Other News
MasterCard's latest mobile banking service could enable consumers to transfer money directly between debit or credit card accounts, as long as issuing banks adopt the underlying technology. In a report from trade publication American Banker, MasterCard officials celebrated the launch of MoneySend, a fast money transfer service available to users of Apple iPhones. By downloading [...]
Categories: MasterCard
American Express announced six new winners of charitable grants under its revamped Members Project initiative. Social action network TakePart helped the credit card issuer manage the selection of winning non-profit organization by soliciting input from Cardmembers and TakePart.com website visitors. Voters selected six recipients to split $1.2 million in funding: National Trust for Historic Preservation and [...]
Categories: American Express
Banks may have recruited state governments to help lobby against proposed caps on credit card merchant fees. According to a report in the Washington Post, at least eight state treasurers may sign a letter to Congress opposing limits on the amounts that merchants must pay for access to payment platforms operated by companies like Visa [...]
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 [...]
Categories: Other News
Pennsylvania-based convenience store Sheetz, known for its made-to-order sandwiches, has partnered with a major bank to offer what company officials call the first "made-to-order" credit card. First National Bank of Omaha (FNBO) will issue the Sheetz Platinum Edition Visa card, backed by significant promotional efforts in over 350 retail locations throughout the eastern United States.During [...]
Despite concerns over the Greek banking crisis and the "flash crash," American small business owners reported a second straight month of increased confidence. The May edition of the Discover Small Business Watch index rose to 87.4, its highest level in seven months. Although slightly more than half of small business owners responding to the credit card issuer's [...]
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