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(3/31/03) Charging Fast Food Americans charged more than $6 billion worth of fast food to their credit cards last year compared to $3.7 billion in 2001. Since 2000, fast food sales on credit card have more than tripled even though slightly less than 15% of quick service restaurants currently accept cards. -(READ MORE)
(3/28/03) Card Delinquents The number of adult delinquents has hit an all-time record. Credit card delinquency, based on the number of accounts 30+ days past due, hit a high of 4.07% in the final three months of 2002. Based on total dollars outstanding, bank card delinquencies rose to 4.63%, compared to the previous quarter's 4.45%, but slightly lower than the fourth quarter of 2001. -(READ MORE)	(3/27/03) Sears Sale Sears is having the sale of the century and its not Craftsman tools, DieHard batteries, Kenmore appliances, or Lands End clothing. Sears is looking to sell its credit card business to raise cash to get back to what it does best, namely, sell stuff. Sears started its credit card business more than 40 years ago to help drive retail sales. -(READ MORE)
(3/26/03) Credit Card Top 10 A few of the nation's top issuers changed ranks during 2002. Providian and Direct Merchants slipped as the entire sub-prime credit card business fell on hard times due to the weak economy. However, the "Sears MasterCard" program became the 10th largest VISA and MasterCard program in the USA last year. -(READ MORE)	(3/24/03) RBC Smart VISA The first smart VISA card in Canada has been launched by RBC Royal Bank. RBC is upgrading its "Gold Avion VISA" to the English "Platinum Avion VISA" or the French "Platinum Voyages VISA", and adding microchips to both platinum cards. It is the second nationally available smart payment card to be launched in Canada. -(READ MORE)
(3/21/03) Bankruptcy Reform It's deja vu all over again as the U.S. House of Representatives this week passed bankruptcy reform legislation for the seventh time. In a vote of 315-113 the House passed H.R. 975 late Wednesday. The House also agreed to three significant amendments including an amendment to increase the look-back period on fraudulent transfers from one to two years. -(READ MORE)	(3/20/03) Debit Cards 2002 VISA and MasterCard-branded debit cards generated nearly half a trillion dollars in activity last year in the USA, an 18% increase over the previous year. The number of VISA and MasterCard debit cards hit 174.9 million at the end of 2002, an 11% increase over 2001. -(READ MORE)
(3/19/03) Credit Card APRs Over the past two years the prime rate has been chopped in half but interest rates on bank credit cards have declined less than 8%. In March 2001, the average credit card interest rate was 16.16%, and the prime rate was 8.50%. -(READ MORE)	(3/18/03) Credit-to-Gift Card A southeast bank has launched a VISA credit card offering rewards in the form of a "VISA Gift" card. The new "AmSouth VISA Rewards Card" rewards cardholders with points equal to 1% of card purchases. -(READ MORE)
(3/14/03) Gas Credit Cards You can slice 5% to 10% off the prices at the gas pump by using a special VISA or MasterCard, but hurry as some of these deals end soon. The "Chase Freedom Card," the "MBNA/AAA Platinum Plus Diamond Advantage VISA," and the "Shell MasterCard from Citi" carry a lot of octane in the wake of stiff competition in the credit card business. -(READ MORE)	(3/13/03) Credit Card Debt At the end of 2002, American households owed an average balance of $8,940 on all credit cards, up 36% since 1997, and a whopping 173% increase over the past decade. Of the $8,940 that was owed, Americans paid finance charges on an average balance of $7,286. -(READ MORE)
(3/12/03) Credit Card Volume Charge volume on bank credit cards (VISA, MasterCard, Discover, and American Express) increased 8.5% last year, compared to 7.0% in 2001. VISA maintains a 43% share of credit card volume, and a 75% share of debit card volume in the USA. -(READ MORE)	(3/11/03) Card Debt American consumers ended last year with $660.9 billion in bank credit card debt, an 8.8% increase over the previous year. The growth was driven by MasterCard's 14.5% gain in credit card outstandings last year, as the country's second largest payment card network overtook VISA as the largest provider of bank credit cards. -(READ MORE)
(3/10/03) Debit Rights A surprising 42% of Americans believe that retailers should have the right to require the use of a PIN with a debit card purchase. Since many banks hit consumers with a transaction fee for using a PIN with a purchase, and since some banks offer special rewards for not using a PIN, the finding is truly baffling. -(READ MORE)	(3/07/03) Card Shutdown Spiegel's First Consumers National Bank is notifying cardholders that their VISA and MasterCards cannot be used for purchases after today. However, Spiegel's store credit cards, including the Eddie Bauer, Spiegel Catalog, and Newport News cards are unaffected by the action. -(READ MORE)
(3/06/03) Cruise Cards Royal Caribbean has docked up with MBNA to launch a new platinum VISA card. The new cruise card will go stern-to-stern with Carnival's MasterCard issued by Capital One. The new "Royal Caribbean Platinum Plus VISA" offers one point for every dollar charged, and double points for booking a Royal Caribbean cruise, or making purchases onboard any Royal Caribbean ship. -(READ MORE)	(3/05/03) Disney VISA You can get a real "Mickey Mouse" credit card thanks to a deal stuck last year between Disney, Bank One and VISA. This week, the three companies debuted the new "Disney VISA Credit Card from Bank One." The card's key feature is its "Disney Dream Reward Dollars" program. -(READ MORE)
(3/04/03) Bankruptcy Reform The House Judiciary Committee is holding a hearing today on bankruptcy reform as Chairman James Sensenbrenner (R-Wis.) has introduced a new version of the legislation. This will be the first hearing on bankruptcy reform this year, since the House voted down the legislation last year. -(READ MORE)	(3/03/03) Library of Books Target Stores donated $200,000 to school libraries as a result of its "Library of Books" contest conducted for "Target VISA" cardholders. Twenty winning cardholders, selected at random, won a $200 Target gift card and selected a school of their choice to receive a $10,000 gift for its library. -(READ MORE)