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Prior to 2012, our news stories were provided by several different authors and contributors. These authors are now featured individually on our blog.

AMEX Couponless Deals Contend w/ Groupon

New American Express service offers daily deals to cardholders…

There’s some serious competition in the “deal-of-the day” arena with American Express hoping to become a legitimate contender. By offering cardholders incentives to pay with their card on money saving discounts, Groupon and LivingSocial may have a battle. And unlike the competition, the AMEX deals will not require a coupon for discounts from leading national retailers and travel providers, including Dunkin’ Donuts, Sports Authority, Westin, Travelocity and more. In addition, merchants will need no special training to redeem the discounts. More

Anti-Steering Settlement for Visa and MasterCard

Customers can now be rewarded for their choice of payment…

Until just recently, retailers were forbidden from rewarding their customers based on the customer’s choice of payment. Retailers could not suggest a less costly alternative or post a sign stating their preferred form of payment. In short, merchants were restrained from fostering competition among credit card networks at the point of sale. But a recent settlement by U.S. District Court Judge Nicholas Garaufis (Brooklyn, NY) between the Justice Department and MasterCard and Visa has changed all that. More

Bank of America Tops Safety Scorecard for 5th Year

Bank of America rewarded for fighting identity theft and fraud…

Javelin Strategy & Research released their annual Credit Card Issuer’s Safety Scorecard – and once again it was great news for Bank of America. For the fifth consecutive year out of seven years of the analysis, the bank rose to the top of the list for credit card safety for fighting identity theft and fixing fraudulent transactions. Rounding out the rest of the top five (in order of ranking) were Discover, U.S. Bank, USAA and Capital One. More

HSBC Looking for Buyer of Credit Card Unit

Although profitable, the HSBC credit card unit could be terminated…

With no buyers coming forward so far, HSBC chief executive Stuart Gulliver announced that the credit card unit of HSBC Holdings, one of the top 10 financial organizations in the U.S. providing MasterCard and Visa credit cards, could be terminated. The $33 billion portfolio is just one of five key areas the company serves – personal and consumer finance, commercial and private banking and corporate investment banking and financial markets. More

The Effects of the FICO® 8 Credit Score

Changes to the FICO credit score that you should know about…

Most lenders use the Fair Isaac & Company credit score (FICO) to determine consumer credit risk. While the goal of any credit scoring model is to gauge potential risk of default, FICO continues to make adjustments to their formula to best meet those ends in an every changing financial industry. The latest formula, FICO 8, debuted in 2009 as an enhanced protocol to better predict credit risk by keeping pace with changing consumer credit behavior. More

Impact of the Credit CARD Act – Two Years Later

Predicted negative impacts of the legislaton never materialized…

Consumers are starting to reap benefits two years after the CARD Act took effect, according to the Pew Health Group’s Safe Credit Cards Project, a review of credit card offers by the nation’s 12 largest banks and largest credit card issuers. These institutions represent 90% of all outstanding credit card debt in the United States. The purpose of the latest report was to see how the credit card industry has changed since the passage of the Act and used data collected from March 2010 through January 2011. More

Surge in Credit Card Direct Mail Solicitations

After a slowdown in 2009, credit card solicitations are surging…

Direct mail industry sources report that credit card companies, after keeping a low profile for more than a year, are actively looking for new customers. Marketing campaigns by three major credit card issuers, Chase, Citi and American Express, surged from a mere 551 million offers in 2009 to an impressive 1.4 billion in 2010, according to the research firm Mintel Comperemedia. Another source, Synovate’s Mail Monitor, reports worldwide credit card solicitations at 2.73 billion, a 96% increase over 2009. More

Upbeat Outlook for Credit Card Companies

Bank executives feel optimistic about the credit card industry…

The future looks optimistic for the first time in several years for credit card companies. Even with the Federal Reserve focusing their attention on regulating credit card fees and penalties charged to consumers, banks have technology to thank for the positive outlook. Increases in smart phone payment services, e-commerce and a steady drop in credit defaults have given the industry new, long-term revenue prospects and reason for the upbeat opinion on the future of credit cards. More

Discover Card Leads the Way in Brand Loyalty

Discover gets highest rating in brand loyalty for 13th year…

Outperforming Visa, MasterCard and American Express, Discover continues to grow with a profit of $261 million. Although profits are one indication of success, Discover’s claim to fame, according to the 2011 Brand Keys “Customer Loyalty Engagement Index”, is their customer service and their rating as the highest loyalty brand. More

Checking Account Fees a Surprise to Consumers

Many consumers are unaware of new fees and disclosures…

Looking  to recoup losses due to federal regulations, more banks are revisiting the idea of adding fees and penalties to checking accounts. Nine out of ten Americans could be affected, with many under the false impression that the terms of their checking account cannot be changed. In the past year, banks have hiked monthly fees, imposed tougher minimum balance requirements and even taken away rewards programs. As a result, people may be shocked to realize how much their account is costing them. More