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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Capitol Hill played host to an unusual group of protesters this fall, according to a recent report in U.S. News and World Report. Thousands of 7-Eleven convenience store franchisees and their staff members rallied in Washington to support proposed legislation that would change the structure of interchange fees on electronic payment platforms.Typically, merchant banks charge [...]
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 [...]
Categories: Other News
Though some credit card issuers have suffered criticism for scaling back or eliminating frequent flyer rewards, a new affinity program in Australia could signal a new kind of perk for road warriors. Over the past year, many airlines and travel agencies have added convenience fees for credit card bookings by phone or web. While many credit [...]
Categories: Credit Card Miles
Visa's brand will remain linked with the Olympic rings through 2020, after company officials renewed their sponsorship agreement with the International Olympic Committee. Company President Rupert Keeley signed the new deal at a formal ceremony in Moscow attended by Olympic officials from around the world.Visa spokesperson Antonio Lucio told reporters that his company's Olympic sponsorship [...]
Categories: Visa
At Representative Betsy Markey's office, mounting phone calls and letters about sudden changes to credit card interest rates and service fees has spurred new debate over banking regulations. Over the past few months, many consumers have been shocked to find sudden increases in their interest rates and steep drops in their available credit. Although some banks' [...]
Categories: Credit Card Law
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 [...]
Categories: Other News
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 [...]
Categories: Other News
As leaders of community banks and credit unions raised concerns about a government initiative to increase lending to small business owners, one group of lenders stands poised to help their account holders act quickly on new opportunities: small business credit card issuers. Over the past few months, many major banks and retailers have overhauled their small [...]
Kiosks for prepaid credit cards have blossomed at supermarkets, drugstores, and discount retailers across the United States over the past few years. Using the same technology that allows cashiers to dispense third-party gift cards, retailers can offer customers the convenience of turning cash into a credit card number that can be used online or overseas. However, [...]
As more Americans use credit cards and debit cards to eliminate paper bills from their households, merchant banks and payment platforms hope new initiatives can convince more utility companies to accept plastic. According to a report in Digital Transactions News, MasterCard has started a pilot program that significantly cuts the interchange fees on utility payments made [...]
Credit card default rates have caught the attention of armchair economists over the past year. Officials from American Express told reporters that it wrote off just 8.4 percent of cardholder balances in September, down from a peak rate of 9.2 percent in July. Likewise, Discover Card reported a default rate of 8.69 percent in September, improving from [...]
Revolution Money gained a major supporter for its RevolutionCard platform by signing Fifth Third Bank as an issuing bank. Previously Fifth Third had partnered with Revolution Money to help merchants accept RevolutionCard credit cards and stored value cards at merchants throughout the country. This week's announcement opens the opportunity for the bank's accountholders to switch to [...]
Categories: Credit Card Issuers
American Express cardmembers can do much more than check balances at their lender's website, starting today. With the launch of "Money Manager," cardmembers can now use the American Express website as a hub to track activity across all of their accounts at any of 11,000 participating financial institutions. The online service allows participants to: Set e-mail alerts [...]
Categories: American Express
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 [...]
Categories: Other News
Capital One sends millions of letters every month, but none as welcome as the letter received this week by a Colorado lawmaker. In the letter, a Capital One president assured Representative Betsy Markey that his company would not be raising interest rates on its credit card accounts in advance of new lending regulations that could take [...]
Bank of America officials told reporters this week that they would begin testing annual fees on some of their most popular reward credit cards in 2010. Spokesperson Betty Riess told the Associated Press that the test would apply to just one percent of the bank's current reward credit card accounts.Credit card rewards programs often leave [...]
Many Wells Fargo credit card customers discovered this month that their bank would join many of its competitors in hiking interest rates by as much as three percentage points. Just as Chase repriced credit card accounts when it picked up the portfolio of Washington Mutual, industry watchers expected Wells Fargo to follow suit with the [...]
American Express officials want to tempt fans of credit card rewards programs. Their charge card, the American Express Premier Rewards Gold Card, speeds up the process of earning points in the American Express Membership Rewards Program. The American Express Premier Rewards Gold Card offers Cardmembers three ways to earn Membership Rewards points: Earn More: earn 25K [...]
Bank of America continues to win fans on Capitol Hill this month, with back-to-back revelations of stimulus repayments and consumer-friendly credit card policies. At the beginning of October, Bank of America CEO Ken Lewis told lawmakers that his company was prepared to begin repaying federal TARP investments. In addition to paying back the $45 billion [...]
Categories: Credit Card Issuers
Officials at Discover Card unveiled some early holiday cheer this week. Cardmembers learned that their usual cashback reward will double, from up to 1% of purchases to a full 2% of purchases made at specific categories of holiday shopping retailers. The holiday credit card reward doubles rebates for transactions made at: clothing stores, department stores, jewelry stores, and [...]
The Federal Reserve Board finalized amendments to its list of credit card regulations, bringing those policies into alignment with industry changes mandated by the Credit CARD Act. Signed into law in May 2009, the Credit CARD Act places strict limits on the ways lenders can market and maintain credit card accounts. Changes to Regulation Z, [...]
Categories: Credit Card Law
Frequent business travelers can expect to enjoy enhanced acceptance of both Diners Club and Discover credit cards when traveling in Western Europe over the coming months. An agreement between Discover Card and payment processor Elavon will add the cards to Elavon's all-in-one merchant account services. Elavon processes credit card payments for over a million independent [...]
American Express and NBC Universal want to spotlight the power of small business this fall. The credit card issuer and the television powerhouse asked the public to nominate small businesses with inspiring stories for their "Shine a Light" promotional campaign. Celebrity panelists Ellen DeGeneres and Diane von Furstenberg helped American Express choose three finalists from [...]
Categories: American Express
Minnesota Attorney General Lori Swanson warned her state's residents this month to avoid scam artists pretending to help consumers negotiate lower credit card interest rates. In some cases, companies posed as consumers' own credit card lenders and convinced victims that enrollment in a debt settlement program was mandatory. Swanson filed three lawsuits against fly-by-night operators, [...]
Washington lawmakers told reporters this week that an advance response to pending credit card legislation might just cause new rules to take effect even sooner than expected. Most of the provisions in the Credit CARD Act signed into law by President Obama become enforceable on February 22, 2010. To prepare for new rules that curb fees [...]
Categories: Credit Card Law
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