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CARDNEWS FOR CONSUMERS
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(6/28/02)
Bill Paying
Next week's postal rate increase, coupled with razor sharp late fee policies, provides more reasons to switch from expensive snail mail to online bill payment. Furthermore, most online bill payment systems offer you the advantage of holding on to your hard earned dollars longer, since you can generally pay the bills at the last minute..
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(6/27/02)
Disrupted Plans
As passenger train service and some airlines teeter on bankruptcy there is growing concern that consumers may be left holding the bag with worthless tickets and rewards. The best defense is to use credit cards for travel expenses and not cash.
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(6/26/02)
AmEx Gas Card
American Express is setting out to pump up auto sales with a prepaid gas card. Opinion Research Corporation found that six out of ten car shoppers said a $50 gas card would most motivate them to take a new vehicle for a spin.
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(6/25/02)
Outlook 2002
This year was supposed to be a year of recovery after a lousy 2001, but the economy is sluggish at best. Mid way through 2002, employment is not growing and consumer spending is slowing, which means there may be rough road ahead for credit card issuers through the second half of this year.
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(6/24/02)
Triple Rebates
The newly launched BabyMint MasterCard, which offers a college savings program, has added a matching scholarship program to give cardholders a "triple rebate." The "Tuition Rewards" program matches or "doubles" the combined rebate earned through the "Credit Card Rebate" and the "Merchant Rebate."
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(6/21/02)
Cash Rebate VISA
Debit cards keep getting sweeter if you forget your PIN. A major bank introduced a new program that gives cardholders a cash rebate on all VISA Check Card purchases that do not involve a PIN.
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(6/20/02)
ATM Fees
Getting hit with a fee for using another bank's ATM is nearly inescapable today. Nearly 98% of large institutions levy surcharges, while 92% of medium-sized institutions and 84.5% of small banks currently impose ATM surcharges on non-customers.
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(6/19/02)
Debit Usage
Americans just love debit cards, as their usage of such cards soared by more than 39% last year. What is driving the surge of using VISA and MasterCard-branded debit cards to buy stuff is consumers' desire to eliminate check writing hassles at the cash register.
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(6/18/02)
California Heat
A new law is set to go into effect in California on July 1st that requires credit card issuers to show certain consumers the impact of making minimum payments. However, the big credit card players, some of who had a hand in creating the legislation, are now trying the block the new law. As a result, consumer groups are furious.
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(6/17/02)
Flag Cards
Nine months after 9/11 and the week of Flag Day 2002, card issuers are still tapping into the nation's patriotic fervor, wrapping their credit cards in the American flag. This month, Providian launched a series of cards featuring symbols of America, including its U.S. Flag VISA Platinum card.
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(6/14/02)
Daddy's Day
Nearly two-thirds of Americans, mostly females, will be shelling out less than $25 for a Father's Day gift this weekend. Historically dads have always gotten the short end of the stick. Last month, most American men spent an average on $45 for Mother's Day gift.
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(6/13/02)
Praying Off Debt
A Bishop in the Mount Carmel church in Norfolk, Virginia has called for the end of the evils of credit cards and has held "Debt Revivals" to destroy the credit card debts of its members. During the past year, more than 1,000 church members have cut up their cards and the church has collectively paid off more than $300,000 in individual members' card debt.
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(6/12/02)
Deadbeat Retreat
The number of American cardholders paying off credit card balances in full each month, often sarcastically referred to as "deadbeats," continues to decline after a steady increase in each of the past 20 years. This is good news for card issuers as more consumers accrue interest charges, rather than just milking credit card rewards programs.
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(6/11/02)
PIN Pong
Slowly, but surely, American consumers are getting drawn into the fight between debit card issuers and merchants. By using your VISA or MasterCard-branded debit card like a credit card you can rack up air miles as well as automatically participate in fantastic sweepstakes.
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(6/10/02)
Ghost Story
The U.S. Supreme Court has decided not to review the Second Circuit Court of Appeal's decision upholding a grant of class certification in the antitrust lawsuit brought against MasterCard and VISA by a group of U.S. merchants. The so-called Wal-Mart debit card lawsuit pertains to the retailer's right to refuse signature-only debit card transactions and could produce damages of up to $40 billion against VISA and MasterCard if successful.
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(6/7/02)
Disney Visa
Mickey Mouse is finally getting a credit card ! Early next year, Disney will parade its first VISA card into the market, offering a rewards program plus special Disney promotions. The Walt Disney Company confirmed this week it has signed a multi-year deal with Bank One to issue card, and another multi-year deal with VISA for a broad alliance.
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(6/6/02)
Card Cards
While store credit cards are being cannibalized by bank credit cards, car manufacturers are gearing up to launch their own proprietary credit cards. This summer, Saturn and Ford will hit their showrooms with take-one offers for cards that allow you to charge auto maintenance, among other stuff.
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(6/5/02)
Fat Cats
The big gap between what banks pay for money and what they charge for loans, including credit cards, has produced some fat and juicy profits. In the first three months of this year, the banking industry's return on assets, a basic yardstick of earnings performance, rose to 1.33%, the third-highest ever.
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(6/4/02)
Squeaky Wheel
When it comes to getting a late fee dropped it pays to squeak. Credit card issuers are notorious for slamming you with a late fee for being a few hours or one day late. However, consumers who call and complain about a payment that arrives a few days late are finding it worthwhile. A Wall Street Journal reporter purposely sent his credit card payments one day before the due date to see what would happen.
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(6/3/02)
Double Points
American Express launched its first-ever double points Membership Rewards promotion centered around the business-to-business category. Through July, AmEx is offering OPEN Small Business Network cardholders the option to earn double Membership Rewards points for both offline and online purchases made on an eligible, enrolled charge or credit card from the OPEN Network at participating merchants.
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