U.S. Bank recently launched a new program known as FlexControl, which allows cardholders to manage the type of payments they make on their credit cards. FlexControl lets consumers determine if they want to make payments in full and how long they … Continue reading
Ever get tired of figuring out where charges on your business credit card came from? With ReceiptMatch from American Express, you don't have to. This new program was launched a couple weeks ago to give business owners a simple way to … Continue reading
Ever feel like everything you say on the Internet is being carefully monitored? That may not be such a strange concern after all. Once you see the 40-foot screen for the MasterCard Conversation Suite, you'll feel like George Orwell's "big brother" … Continue reading
Being the CEO of a credit card issuer or processor pays well. Very well. MasterCard CEO Ajay Banga's pay package last year totaled $11.3 million, an increase of 35 percent over his 2011 compensation of $8.3 million, according to the … Continue reading
The Retail Industry Leaders Association (RILA) has backed out of a pact with Visa, MasterCard and other major credit card providers. The class-action settlement for $7.25 billion was designed to make up for some of the interchange or swipe fees … Continue reading
Capital One Financial Corporation has seen a 25% drop in profit from the first quarter 2012 to the first quarter 2013. Much of that is due to the fact that the company acquired the online bank ING Direct last year, … Continue reading
PTO Today is a popular resource for school fundraising groups, and now its efforts are even more expansive. Thanks to a partnership with PayAnyWhere, PTO Today now allows school groups to accept money from credit and debit cards directly through … Continue reading
A recent report underscores that good credit may save consumers significant money on their credit cards. The average interest rate for people with good credit went down 1.69% from the fourth quarter 2012, but the rates for those with average … Continue reading
The prepaid debit card industry has grown tremendously in the last few years and consumers are expected to load $672 billion on these cards in 2013. What is the hype behind prepaid cards? Why do consumers love them so much? In this … Continue reading
For the most part, it takes credit to make credit. You can't get a loan or credit card without having some form of credit to prove that you are trustworthy. This frustrating cycle can be difficult to overcome when you … Continue reading
The Fair Isaac Corporation, better known as FICO, recently acquired Infoglide of Austin. Infoglide is a software company that specializes in fraud detection for businesses and government agencies. Its client list includes members of the banking, healthcare, insurance, and retail … Continue reading
Ever get tired of seeing countless fees on your credit card bills? Individually, these fees may not seem like that big of a deal. A couple dollars here, a few cents there. When you start to add them up though, … Continue reading
American Express has recently been scrutinized for lacking FDIC insurance on its prepaid cards. The company instead chose to work through a surety program, which gave its customers different levels of protection based on the states they live in. Amex … Continue reading
With the slow diminishment of cash in the modern world, many Americans find it difficult to pay for parking in busy cities. In response to this quarter-lacking quandary, Ocean City officials have opted to install parking meters that now accept … Continue reading
American Express is making two major changes with the Bluebird prepaid card sold at Walmart. These cards will now be backed by the Federal Deposit Insurance Corporation. In addition, consumers will have the ability to write checks and to make … Continue reading
Discover Financial is best known for its work in the credit card industry, leaving most to assume the company is a one-trick pony. While the company does generate 80% of its revenue from credit cards, new business ventures have allowed … Continue reading
A recent study from Sallie Mae and Ipsos titled "How America Pays 2012" reveals that student credit card ownership is on the decline. Just 35% of students owned a credit card in 2012 compared to 42% in 2010. The data revealed … Continue reading
Frequent Metro users in Washington D.C. should be pleased to know that the company may soon offer a chance to pay for tickets with credit cards. Rather than using the dated and often faulty SmarTrip system, riders will be able … Continue reading
After this week's confirmation hearings, Republican senators continue to block the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. However, a Senate panel has scheduled a meeting for March 19 to vote on Cordray, as well as … Continue reading
New data from the Federal Reserve shows that consumer credit rose for the sixth consecutive month in January, fueled almost entirely by auto and student loans. The $16.2 billion increase, which equates to an annual rate of 7 percent, is … Continue reading
Richard Cordray, the current director of the Consumer Financial Protection Bureau, will face the Senate Banking Committee on Tuesday, March 12, on his re-nomination to head the agency. Cordray was nominated by President Obama in January but his confirmation has … Continue reading
Bank of America is trying to attract new customers by offering a cash rewards to people who pay down their credit card balance each month. The Better Balance Rewards card gives cardholders $25 per quarter for paying more than their … Continue reading
Many people facing financial trouble turn to payday loans, believing their problems may be alleviated. But new research indicates these loans are creating more headaches for already-troubled consumers. A new report from The Pew Charitable Trusts show that 12 million Americans … Continue reading
Visa has lifted the ban that prohibits its retail partners from offering special deals to customers that paid with a specific bank's credit or debit card, according to the American Banker. New Visa CEO Charles Scharf was behind the change … Continue reading
Citigroup is buying Capital One's portfolio of Best Buy branded credit cards, allowing Capital One to end its Best Buy agreement early. The cards have loan balances of about $7 billion. The financial details were not released. The sale is … Continue reading
When considering a new credit card, many people are enamored by the attractive rewards that many cards offer. But rewards cards are only profitable if you pay your balance off in full on time each month. If you carry a balance from … Continue reading
The future growth of the credit card market may be impeded by some current trends with young adults. Young adults, aged 18 to 35, are not as likely to use credit cards as their parents. According to a recently released … Continue reading
Twitter is entering the growing mobile e-commerce market by expanding its relationship with American Express. Amex Sync will allow American Express cardholders to make purchases on Twitter through tweets that include special hashtags. The first offer will be for discounted … Continue reading
The city of Oakland will introduce an identification card that also serves as a reloadable prepaid debit card. Oakland claims to be the first city to have a card with both these features. The card was primarily designed for illegal residents who … Continue reading
Visa net profit increased 25 percent in the last three months of 2012, up from $1.03 billion a year ago to $1.29 billion. Consumers used their credit and debit cards more often during holiday shopping. Visa, the world's largest payment … Continue reading
The California Supreme Court ruled that online merchants like Apple can require consumers to give personal information, such as home address and phone number, for verification when they make credit card purchases. The court was divided 4-3 as it ruled … Continue reading
MasterCard, the world's second-largest credit and debit card network, reported fourth-quarter revenue of $1.9 billion, an increase of 9.7% from a year earlier. Card use increased as consumers continue to switch from cash and checks. Purchase volume increased 13% from … Continue reading
The FTC receives more complaints from consumers about debt collectors and debt buyers than any other industry. So the FTC studied this industry over the past three years, trying to understand the process of buying and selling debt as well … Continue reading
A new study shows more consumers are paying their bills through their mobile devices. The Fiserv study also found that there is a correlation between how consumers pay their bills and how they use the internet. Mobile apps still make … Continue reading
The latest report from Equifax shows that credit card issuers appeared to loosen credit standards during the first nine months of 2012. The National Consumer Trends Report by Equifax shows that new credit card accounts opened in the first three … Continue reading
Credit card companies are fighting hard for the best customers and now they are competing in a somewhat unusual way: not charging late fees. A handful of cards are differentiating themselves from other issuers by foregoing the collection of a … Continue reading
Fitch Ratings, one of the big three ratings firms, said Tuesday a fight over the debt ceiling could lead to a downgrade in the U.S. credit rating. Fitch said in a statement that a "failure to raise the debt ceiling … Continue reading
More Capital One credit card customers paid their bills on time last month. The issuer's delinquency rate--the percentage of accounts 30 or more days overdue--on U.S. cards declined in December, from 3.71 percent in November to 3.61 percent in December. The … Continue reading
Yesterday, American Express announced it would be slashing 5,400 jobs, primarily from its travel services business. This amounts to 8.5 percent of its 63,500 employees. American Express is the number one credit card issuer in terms of purchases. But AmEx … Continue reading
Anyone receiving Social Security or other federal benefits has until March 1 to switch to electronic payments or prepaid debit cards. In a cost saving measure, the government started a program in May 2011 to eventually eliminate the paper checks … Continue reading
Outstanding consumer credit increased by $16.1 billion in November, the second straight month of significant gains, according to the latest Consumer Credit Report from the Federal Reserve. This also represented the fourth straight month of increases in consumer credit. Consumer credit increased … Continue reading
You have heard of people threatening to give their right arm for a coveted sports ticket, but what about cutting up their credit cards? That scheme worked for a loyal Notre Dame fan and helped him secure two tickets to … Continue reading
For the near future, it is cash-only transactions at the Vatican. Debit and credit card payments were halted on December 31 amid concerns that the Holy See had not completely complied with the European Union safeguards against money laundering. The … Continue reading
Wells Fargo may once again charge overdraft fees based on its practice of posting customers' same-day debit card transactions in a high-to-low order. The U.S. Court of Appeals in San Francisco overturned a lower court ruling that ordered Wells Fargo … Continue reading
As 2012 comes to a close, it is a perfect time to conduct a year-end credit card analysis. Analyze your credit cards and make sure you're starting out the New Year in good financial shape. Identify Your Cards Compile a … Continue reading
A new study gives more evidence about American's growing love affair with gift cards. Approximately 85 percent of Americans will purchase a gift card in 2012 according to CEB TowerGroup research. Sales will exceed $110 billion, and spillage--the amount of … Continue reading
Holiday shoppers are frantically running around, picking up last-minute gifts for their friends and family. Consumers spend a great deal of money trying to meet the needs of their loved ones. To see how much we spend, take a look … Continue reading
Visa's new Chief Executive Officer, Charles Scharf, will receive $950,000 per year in salary as well as $19 million in restricted stock and stock options, according to the regulatory filing. The 47-year-old Scharf took over the CEO post for the world's largest … Continue reading
The Consumer Financial Protection Bureau announced yesterday that it will begin sharing data from consumer complaints with state regulatory agencies. This makes filing complaints easier for consumers. With one compliant, multiple government agencies can work on solving the problem for … Continue reading
Consumer added more debt again in October according to the latest monthly report from the Federal Reserve. Consumer credit rose by a seasonally adjusted $14.2 billion, a larger increase than economists had predicted. This is the third straight monthly increase. An … Continue reading
