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CARDNEWS FOR CONSUMERS
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(12/23/02)
Shift Happens
VISA, MasterCard, and Discover, all posted gains in U.S. credit card market share during the third quarter at the expense of American Express. Card activity at AmEx, the king of business cards, has slowed in the wake of a sluggish economy, to an annual growth rate of 7%, compared to the industry average of nearly 14%.
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(12/20/02)
Skewed Scores
Inaccurate information in your credit bureau file may be costing you a bundle in higher interest rates. A new consumer study of the three major credit bureaus found that 29% of Americans have credit scores with a range of at least 50 points, while 4% of the consumers have score ranges of at least 100 points.
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(12/19/02)
Bankruptcy Boom
The magnitude of bankruptcy in the U.S. over the past year is mind-boggling as both big corporations and little people hit the door. This week's filing by Conseco Finance, last week's filing by United Airlines, and the record number of personal bankruptcy filings, demonstrate the non-discriminatory nature of the 2001-02 recession.
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(12/18/02)
Xmas Crush
While holiday retail sales are up modestly this year, there may be a last-minute surge during the final week. A recent survey found nearly one in four Americans will be rushing to complete their gift shopping during the last week.
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(12/17/02)
Mascot Contest
Only four days remain before the nation's sixth largest issuer of bank credit cards and ESPN begin to determine the "National Mascot of the Year" for college football. Capital One's online poll will end this Friday evening as fans conclude voting among twelve mascot finalists.
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(12/16/02)
PayPass
MasterCard has launched a new card product that enables consumers to simply "tap" or "wave" their payment card on a specially equipped merchant terminal that then transmits payment details wirelessly, eliminating the need to swipe the card through a reader.The new contactless "MasterCard PayPass" card is targeted for use at quick serve restaurants, casual restaurants, gas stations and movie theaters.
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(12/13/02)
FICO Gift
With a fickle economy, what could be more thoughtful this holiday season than to give someone their "credit score." The company that writes the programs to quantify consumers' credit worthiness, announced this week it will now offer the option of gifting credit scores to family and friends.
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(12/12/02)
Cash Rewards VISA
The proliferation of cash reward credit cards continues as U.S. Bank introduces the "U.S. Bank Cash Rewards VISA Credit Card." The card offers a rebate tiered so customers earn a 0.25% rebate on the first $1,000 spent, 0.50% on the next $1,000, 0.75% on the next $1,000 and a full one percent on the balance.
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(12/11/02)
Late Fees Slow
For the first time in more than ten years late fees have stopped climbing.
During November, fees for late payments remained flat at $30.04.
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(12/10/02)
Universal Card
The ultimate entertainment rewards MasterCard has been launched by Chase. The new "Universal Entertainment MasterCard from Chase" offers cardholders the opportunity to redeem reward points for unique Hollywood experiences, including tickets to celebrity events, spending a day on a television or movie set, backstage concert passes, and walking the red carpet at a movie premiere.
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(12/9/02)
United Miles
The bankruptcy of United Airlines is raising concern among frequent flyers over the status of their air miles. United has been assuring its frequent flyers it will keep flying and will continue to award/redeem air miles despite the bankruptcy filing.
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(12/6/02)
Card Jack
Payment card acceptance within the quick-service restaurant industry is spreading quickly and may capture as much as $10 billion in sales this year. San Diego-based Jack in the Box, the first fast-food firm to take credit cards, is expanding its credit card acceptance to more than 1,860 quick-serve restaurants in 17 states.
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(12/4/02)
Geezer Cards
More than 75% of American "Geezers" have at least one credit card, with 23% holding two cards, and 20.7% who pack four or more credit cards. More than one third of seniors (aged 60+) say they do not know what identity theft is or where to find financial information online.
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(12/3/02)
Card Purchases
It comes as no surprise that Americans use debit cards for the small stuff and credit cards for the big stuff. Based on data through the end of September, U.S. consumers made an average purchase of nearly $82.00 on their credit card while the average debit card purchase runs about $38.00.
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(12/2/02)
Bud Card
The "King of Beers" has launched a special American Express payment card promotion to encourage the use of designated drivers during the current holiday season. More than 1,000 "Budweiser Designated Driver Thank-You Cards" will be awarded instantly or after the holidays.
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