CardTrak.com - Most Trusted Source of Credit Cards Since 1986

CARDNEWS FOR CONSUMERS
(6/30/04) Rate Changes Most cardholders across America will see higher credit card interest rates within the next several weeks thanks to today's Federal Reserve action which will likely boost the prime rate to 4.25%. Four of the nation's top ten issuers use the last business day of the month, and one issuer uses the first day of the month, to determine rates for the next billing period, potentially affecting up to 180 million cardholders or 28% of the U.S. market by the end of July. -(READ MORE)
(6/29/04) New Environment Tomorrow will mark a turning point in credit card pricing if the Feds decide to bump up short-term interest rates by 25 bps (0.25%) or 50 bps (0.50%). It is likely there will be two rate increases before the fall election followed by three or four monthly increases in the first half of 2005. -(READ MORE)	(6/28/04) Rate Hike If the Feds raise short-term interest rates by 25 basis points this week and continue with subsequent hikes, then credit cards interest rates are likely to rise 19 basis points within two months, and perhaps increase by 96 basis points within nine months, based on historical patterns. -(READ MORE)
(6/25/04) Diners Club Plus Diners Club, which is in the process of migrating to the MasterCard network in the USA by year's end, is adding a line of credit to its personal card programs. As an incentive, the new "Club Plus Account" will award two bonus points for every $1 transferred from the charge card balance to the line of credit by the end of July. -(READ MORE)	(6/24/04) MC & Wal-Mart MasterCard and Wal-Mart have hammered out a new agreement, enabling Wal-Mart customers to resume using MasterCard signature debit cards at all store locations, effective immediately. In December, Wal-Mart announced it would end acceptance of MasterCard signature debit cards effective February 1st, but would continue to accept VISA signature cards. -(READ MORE)
(6/23/04) Book Worm Card If you belong to a book club there is a very good chance you'll soon be hearing about the new "Reader's Reward VISA." Providian and Bookspan have rolled-out the new co-branded credit card for members of Bookspan's more than 35 book clubs. -(READ MORE)	(6/22/04) Choice Privileges VISA The fastest way to free hotel stays has just gotten better with the launch of the "Choice Privileges VISA Platinum" credit card. The new no annual fee card, created by Bank of America and Choice Hotels, enables cardholders to earn bonus points at almost 3,000 Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion and MainStay Suites brand hotels throughout the U.S., as well as points for everyday spending. -(READ MORE)
(6/21/04) Watch Payments JCB, a leading international credit card provider and the largest credit card issuer in Japan, launched a 2-month on-site trial of its new wristwatch 'Offica'. The Offica Watch, developed in cooperation with Casio, contains employee ID information, allows the wearer access to areas within the corporate office and permits payment for goods and services in company facilities without using cash. -(READ MORE)	(6/18/04) Phishing Tackle A major education campaign to help consumers cut the line on phishing scams was launched this week. VISA USA, the Better Business Bureau, Call For Action, the Federal Trade Commission, and the Treasury Department have partnered to tackle the nasty scam whereby fraudsters attempt to convince consumers to reveal personal information through fake Web sites or emails. -(READ MORE)
(6/17/04) Bi-National Cards Citigroup announced the introduction of a new bi-national program for Banamex USA credit card customers in the U.S. who want to share their credit lines with family and friends in Mexico. -(READ MORE)	(6/15/04) Over-Limit Fees The over-limit gotcha now has more teeth as Chase recently announced it will impose a fee if your balance exceeds the credit line anytime during the billing cycle, as opposed to the general practice of hitting you if account remains over-limit on the closing day of the billing cycle. Over-limit fees, largely non-existent 15 years ago, have increased 17% over the past three years, with the average fee among top issuers currently at $33.50. -(READ MORE)
(6/10/04) April PayOff Americans blew a big hole in revolving credit during April, slashing about $3.2 billion off the total, the biggest one-month drop in eighteen months. The sharp decline could indicate consumer desire to pare down debt before rate increases hit later this year. -(READ MORE)	(6/9/04) Stockback VISA The first consumer stock ownership credit card program has been re-launched with nearly 500 merchant partners, an up to 2% rebate for all purchases, and new investment options. -(READ MORE)
(6/7/04) Card Mail While the sheer volume of credit card offers in mailboxes increased nearly 8% in the first three months of this year, Americans are not responding. Of the 1,284.7 million solicitations mailed in the first quarter, only 0.4% responded to the offers, compared to 0.9% one-year ago. -(READ MORE)	(6/4/04) Purchase Perceptions A new study has found that, perceptually, credit cards are viewed as the exact opposite to cash. They are most closely associated with security and well suited for large purchases. -(READ MORE)
(6/2/04) Citi Phishing Citibank got hammered last month with a record number of unique phishing attacks, comprising more than half of the total attacks in the financial services sector, and surpassing eBay as the prime target. Citi experienced 475 unique attacks during April, compared to 98 in March, 58 in February, and only 34 during January. -(READ MORE)	(6/1/04) Q1 Bankruptcy During the first three months of this year, there were 407,572 consumer and business bankruptcy filings, which was down slightly from 1Q/03's 412,968 filings. However, year-to-date consumer and business bankruptcy filings were up 2.7%. -(READ MORE)