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CARDNEWS FOR CONSUMERS
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(1/31/03)
Blue Access
Two years after launching a "Code Blue" for its smart credit card, American Express officially launched the first real application for its "Blue" card. The new "ID Keeper" application stores multiple Web sites, online IDs, and passwords.
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(1/30/03)
"Do Not Call"
Telephones in the USA will be getting quieter this year as new Federal Trade Commission "Telemarketing Sales Rules" take effect on March 31st. However, new rules on Caller-ID and the new "do not call" registry will not go into effect until seven months after Congress approves funding for the program.
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(1/29/03)
Shell MasterCard
Citibank has taken over the "Shell MasterCard" program and is gassing-up up the rebate feature. The new "Shell MasterCard from Citi" is doubling the card's regular 5% rebate on Shell gas purchases as part of an introductory program for those that apply for the new card by March 31st. New cardholders will receive a 10% rebate on each Shell gasoline purchase made within the first 60 days of the card's activation.
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(1/28/03)
Super Gas Card
Chase has launched a high octane credit card that offers rebates on all gasoline purchases at any gas station, plus a smaller rebate on all other purchases. The new "Chase Freedom Card" offers an automatic 3% rebate on all gasoline purchases, regardless of the brand, and a 1% rebate on all other purchases.
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(1/27/03)
MBNA Change
Cardholders have successfully pressured the second largest issuer in the USA to change its ways. Earlier this month, MBNA sent out cardholder statements which deleted the "New Balance Total" from the tear-off payment coupon. MBNA cardholders who pay-off their total balance each month were forced to look elsewhere on the statement to determine the correct payment to make.
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(1/24/03)
ID Theft
The incidence of identity theft in the USA is troubling and growing. New data from the Federal Trade Commission show that ID theft makes up 43% of all consumer fraud complaints. The FTC says fraud complaints filed in 2002 hit 380,000 compared to 220,000 in 2001.
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(1/23/03)
CreditLess Cards
Regulators are going after credit card programs offered to credit challenged consumers that end up producing little, if any, available credit. This week the Office of the Comptroller of the Currency has forced First National Bank in Brookings, South Dakota, to pay $6 million in restitution to credit card customers harmed by its marketing practices.
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(1/22/03)
Little Cards
The payment card business is shrinking! Bank of America announced this week it is phasing in a mini card version of its "VISA Check Card." Last October, BofA introduced the mini credit card to its credit card customers.
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(1/21/03)
VISA Fans
As the nation gets cranked for this week's Super Bowl XXXVII, VISA has named this season's crop of extreme football fans. Among fans being recognized this year for the VISA Hall of Fans is Oakland Raiders fan Charles "Darth Raider" Ybarra and Tampa Bay Buccaneers fan Tim Young.
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(1/16/03)
Debit Battle
The National Retail Federation, Food Marketing Institute, International Mass Retailers Association have teamed to issue an appeal to consumers to stop using debit cards like credit cards. The retailers say consumers should be careful when they use debit cards so that they don't get "fooled" into making a choice that ends up adding, what is, in effect a "hidden tax of roughly two percent on every purchase."
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(1/15/03)
More Miles - Less Seats?
Bankrupt United Airlines has launched a "More Miles" program offering "United Mileage Plus VISA" cardholders double miles for all purchases at restaurants and home-improvement stores. While struggling airlines shove miles at consumers, trying to redeem them for free seats can still be a challenge.
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(1/14/03)
Debt or Diet?
When it comes between losing weight or shedding debt for 2003, more and more Americans are opting for fiscal fitness over physical fitness. Two surveys released this month show nearly one third of consumers have made debt reduction a goal for the new year.
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(1/13/03)
Debit Fight
As big merchants like Wal-Mart try to drive "off-line" or "signature-based" debit card use out of their stores, small businesses and consumers are beginning to balk at the notion of giving up a payment option. Major retailers insist that using your VISA or MasterCard-branded debit card like a credit card is slower, less safe, and cost merchants much more than "on-line" PIN debit, cash or checks.
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(1/10/03)
Turkey Data
The late Thanksgiving holiday may have skewed U.S. consumer revolving credit data for November. It appears that Americans knocked-off $1.6 billion in revolving credit, mostly credit card debt, during November, marking the first contraction for 2002.
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(1/09/03)
Biometrics Ok?
Are you comfortable giving your fingerprints to a merchant to process a credit or debit card transaction? A new study says 85% of Americans now find it acceptable for merchants to use a biometric scan to verify the identity of someone making a credit card purchase, and 78% say a biometric scan is also okay for withdrawing funds from an ATM.
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(1/08/03)
Card Spam
A new survey has found that email messages offering mortgages, loans or credit cards rank as the second most annoying kind of unsolicited email. While many people are annoyed by many different kinds of spam, messages selling pornography (91%), loan products (79%), investments (68%), and real estate (61%) annoy the largest number of people.
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(1/07/03)
Continental Biz Card
As most of the nation's airlines have launched business card versions of their respective co-branded credit cards, another airline has taken off with a business rewards version. Chase and Continental Airlines have teamed to roll-out the "Continental Business Credit Card from Chase."
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(1/06/03)
Greedy Issuers
A new study has found that 70% of Americans believe credit card companies are "too greedy." Two-thirds said that "the government lets credit card companies get away with murder," and over half felt that credit card companies try to manipulate both current and new customers.
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(1/03/03)
Managing Finances 2003
A new survey shows that half of all Americans have made a New Year's resolution regarding better management of their personal finances. The compares to 40% who resolve to lose weight, quitting a bad habit (37%), and advancing at work or in a career (31%).
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