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April 2002
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(4/30/02)
Freddie Awards
The annual reward awards were handed out last week to some fairly consistent winners. Diners Club Rewards won the "Best Frequent Traveler Affinity Charge/Credit Card Program" (Americas) for the fifth consecutive year and Starwood Preferred Guest was voted "Program of the Year" in both America and Internationally for the third year in a row.
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(4/29/02)
Delinquency Soars
The shakeout from the recession is still being felt by credit card issuers as delinquency and charge-offs reach record levels. Card delinquency in March hit the highest level in nearly five years and charge-offs are running at rates not seen since the recession of 1990-91.
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(4/24/02)
Ultimate Card
The ultimate "high-roller" credit card now carries a bigger price tag but more perks. American Express this month jacked up the annual fee on its prestigious Centurion or "Black" card from $1,000 to $2,500. However AmEx added eight new travel and retail programs and enhanced some of the card's existing programs.
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(4/23/02)
Coin Week
Americans have more than $10 billion of loose change sitting in cookie jars, sock drawers, piggy banks, and under seat cushions. The company that brings you the mean green coin machines in supermarkets across the country says it collected more coins last year than the U.S. Mint produced.
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(4/22/02)
Visa Debit
VISA is now processing more Check Card transactions than credit card transactions. In fact, VISA Check Cards now represent 35.3% of VISA's total U.S. card volume, compared to 17% just five years ago.
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(4/19/02)
Latte Cards
Stored value cards are quickly taking hold in the gourmet coffee market. Seattle's Best Coffee announced this week the national introduction of the "Seattle's Best Card" and kicked off the program by handing out 10,000 cards in the greater Seattle area.
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(4/17/02)
Cashless Cokes
Linking up credit cards to vending machines is now spreading to hotels. The new Gaylord Palms Resort & Convention Center in Orlando, Florida enables guests to use their hotel room key-card to purchase beverages from any of the beverage vending machines located throughout the hotel.
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(4/16/02)
Score Power
Before the end of this year Americans will be able to access a credit score simulator that enables them to explore "what if" scenarios online and learn how certain habits and behaviors could affect their credit score over time.
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(4/15/02)
Smart Cards
Smart credit cards in the USA are approaching 20 million as the migration to new payment card technology is underway. Although smart credit cards make up only 3.5% of the 578 million bank credit cards now in circulation, the momentum is picking up.
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(4/12/02)
Platinum Mail
Three out of four credit card solicitations hitting mailboxes last year were offers for Platinum cards. Over the past five years Platinum payment cards in the USA have grown from two million to 126 million. During 2001, the 3.6 billion direct mail offers for Platinum cards generated more than 20 million applications and produced nearly five million new Platinum accounts or about 6.5 million new Platinum cardholders.
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(4/11/02)
Miles-to-Points
If you have lost your desire to fly and have accumulated tons of air miles, then you might want to consider converting them to points to buy stuff. But watch out, you might end up giving the miles away at a deep discount. United Airlines and American Airlines have set up a deal with Diners Club whereby you can convert miles-to-points and vice versa.
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(4/10/02)
Card Looks
Americans associate the "color" of credit card with its "value" and they like to select a "design" for their cards. However, more than 60% of consumers say they do not want a "personalized" card that might include their picture or a picture of their pet or car.
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(4/9/02)
OneSMART Card
With more than seventeen million smart credit cards now issued in the USA by VISA and American Express, MasterCard has decided to make a bigger push to advance the domestic smart card migration.
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(4/8/02)
Debt Sputter
During the first sixty days of this year, Americans added $2 billion to revolving debt, compared to $18 billion during the same period in 2001. The downtrend began in July 2001, after consumer revolving credit topped the $700 billion milestone.
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(4/5/02)
Financial Literacy
The overwhelming majority of American parents rate money management skills as "very important" for the children in comparison to other school classes. According to a national survey released this week by VISA U.S.A., 92% of parents across the U.S. believe students should be required to take a class in practical money skills.
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(4/4/02)
SkyPass VISA
The first credit card introduced in the U.S. market by an Asian carrier was launched this week. U.S. Bank and Korean Air unveiled the new co-branded SkyPass VISA which offers redemption options on Korean Air, KAL, AeroMexico, AirFrance, Delta, Czech Airlines and Alitalia.
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(4/3/02)
Card Smarts
Most teenagers plan to get a credit card before they get their first real job. A new survey shows that 58% of teens plan to get their first credit card before they graduate from college, but more than half may not understand how credit cards work.
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(4/2/02)
Lucky Discover
If you're a serious shopper then you might want to check out the VIP tent coming to a shopping mall near you. The Discover Card is launching a national tour this week to promote shopping and a new sweepstakes. The Discover Card Shops America with Lucky Magazine will include a 12-city national tour and a chance to win a $5,000 "Shopping Spree."
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