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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: credit card

credit card stories: 88 news summaries

41 - 60 of 88 Stories | << Prev 1 2 3 4 5 Next >>

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Fed Close to OK'ing Credit Card Relief

Thursday vote may
ban surprise interest rate hikes, fees

Dec 14, 08 7:27 PM CST
(Newser) - The Federal Reserve is poised to hand credit card companies a long-awaited blow this week, Reuters reports. A vote on Thursday is expected to approve 1,000 pages of consumer protections, including bans on surprise rate hikes and fees. Companies say the changes will force higher rates, but with Democrats... More »

MORE ABOUT:
Federal Reserve • credit card • financial crisis

Send That Online Pal an
Off-Line Drink

'Give Real' allows users to give credits
for bars, restaurants

Dec 10, 08 4:21 PM CST
(Newser) - For those who are sick of shelling out to send Facebook friends cupcake icons and virtual champagne bottles for occasions, the startup Give Real has the answer. Through their site (or via a Facebook app), you can buy a friend credits redeemable at nearly any bar or restaurant in America.... More »

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technology • Facebook • restaurant • drinks • credit card • bars • gift card

 As Economy 
 Tanks, Will 
 Plastic Fade? 

Debit, layaways tempt as consumers watch wallets

Dec 7, 08 10:43 AM CST
(Newser) - Will today’s wallet-watching leave a permanent dent in America’s beloved plastic? Likely to write off $45 billion this year, with billions more at stake, credit-card lenders are tightening rules and raising fees, the New York Times reports. “People are going to have to live within their means,... More »

MORE ABOUT:
credit card • consumer debt • consumer credit • financial crisis • layaway

Consumers May See 45% Cut in Available Credit

Lower credit-card limits are coming just as job losses soar

Dec 1, 08 6:00 AM CST
(Newser) - Americans already struggling with tight credit are in for another blow: banks may cut available credit card lines up to 45% over the next 18 months, reducing available credit by some $2 trillion, reports Reuters. Home equity and credit card limits already are lower than in the second quarter, an... More »

MORE ABOUT:
Bank of America • credit card • JPMorgan Chase • consumer credit • financial crisis

 Cash Makes a Comeback 

But cash isn't king for retailers, who'll likely see bigger drop in sales

Nov 24, 08 2:15 AM CST
(Newser) - Americans are reverting to cash for purchases in increasing numbers, according to top retailers Wal-Mart, Target and JC Penney. The shift away from credit is expected to further reduce spending by consumers—who will be limited to cash-on-hand purchases—not just during the holiday season, but during what could be... More »

MORE ABOUT:
consumer spending • credit card • Target • Wal-Mart • Great Depression • budgets • cash • consumers • J.C. Penney • CreditRatings.com

 Ways to Cut 
 Your Bills 
 Down to Size 

Usual belt-tightening suspects abound: Eat at home, cut out luxuries, get a second job

Nov 18, 08 7:41 PM CST
(Newser) - Spendthrift Americans from all rungs of the income ladder are taking a page from Scrooge these days, adopting new, cash-lite strategies to get through hard times, USA Today notes. They're managing to save by:
  • Hocking whatever's collecting dust in their closets: The average household has $3,200 worth
... More »

MORE ABOUT:
consumer confidence • credit card • savings • coupons • financial crisis

ANALYSIS

 Crisis Looms for Credit Cards 

Soaring defaults could fell normally resilient industry

Nov 14, 08 3:10 PM CST
(Newser) - Credit cards may be the next industry to be pummeled by the financial crisis, Time reports. The charge-off rate—money that lenders don't think they'll collect—is set to hit 10% in 2009. That's double the rate of the last decade and amounts to $96 billion in unpaid debt. Typically... More »

MORE ABOUT:
credit card • interest rate • credit • credit crisis • revenue • default • savings • financial crisis

Citi to Lay Off 10,000,
Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

Nov 14, 08 7:13 AM CST
(Newser) - Citigroup, seeking profitability after suffering net losses of $20 billion over the past year, is laying off at least 10,000 employees worldwide and raising rates on some credit card holders, the Wall Street Journal reports. Officials were told to trim employee compensation budgets by 25%, allowing managers to minimize... More »

MORE ABOUT:
Citigroup • credit card • credit crisis • job cuts • Vikram Pandit • investment banks • credit card accounts • financial crisis

 Feds Block Online Gambling 

New rule stops banks, credit card companies from processing bets

Nov 13, 08 2:08 AM CST
(Newser) - The Treasury Department and Federal Reserve will effectively outlaw most forms of online gambling with new rules that bar banks and credit card companies from processing transactions related to internet betting. The banking and gaming industry and House Financial Services Chairman Barney Frank oppose the new rules, reports the Wall ... More »

MORE ABOUT:
Federal Reserve • Henry Paulson • fantasy sports • credit card • Treasury Department • Barney Frank • Internet gambling • electronic transfers • interstate lotteries

Wal-Mart May Launch Own Credit Card

Retailer in talks; low rates, few fees could rattle lending industry

Nov 6, 08 7:42 PM CST
(Newser) - Wal-Mart sees an opening in the consumer credit market and is trying to start up its own credit-card operation, BusinessWeek reports. The retail giant is in talks with a veteran financial services firm to launch a card with low interest rates and few fees. It's not clear how far... More »

MORE ABOUT:
recession • credit card • Wal-Mart • consumer credit

Diamond-Inlaid Mastercard? 'I Like!'

Company readies
lavish gold card for
rich Kazakhstanis

Nov 1, 08 7:50 PM CDT
(Newser) - MasterCard hopes that a worldwide recession won't stop shoppers from toting around a gold-encrusted, diamond-inlaid credit card, the Financial Times reports. Later this month, the company will issue VIP customers in Kazakhstan the "Diamond" card—which comes with a personal manager, is trimmed with gold, has a 0.... More »

MORE ABOUT:
ultra rich • Dubai • diamond • Kazakhstan • credit card • gold • MasterCard

As Debit Cards Catch Credit, Banks Cash In

Consumers see way to limit spending; banks adjust fee tactics

Oct 30, 08 2:10 PM CDT
(Newser) - Credit is no longer the king of cards, Business Week reports. As banks get stingy with credit and consumers look for ways to reel in their "charge it" ways, more and more are turning to debit cards—so many, in fact, that Visa projects debit spending could exceed credit... More »

MORE ABOUT:
debt • credit card • consumer debt • consumer credit • debit cards • financial crisis

 AmEx Will Lay Off 7K 

Pay increases, hiring halted to prop up credit-card giant's savings

Oct 30, 08 12:26 PM CDT
(Newser) - Noting that even wealthy Americans are struggling financially, American Express announced today it will cut 10% of its workforce, halt executive pay increases, and freeze new hires. The creditor to the elite will charge $440 million against fourth-quarter results to cover restructuring after 7,000 jobs are cut across all... More »

MORE ABOUT:
layoffs • American Express • credit card • credit card loans • financial crisis

Lenders Yank Credit Cards
as Economy Sours

Plastic crisis comes hot on the heels of mortgage crisis

Oct 29, 08 4:33 AM CDT
(Newser) - The flattening economy is putting the squeeze on credit card lending just when consumers can least afford it, the New York Times reports. Lenders are putting the brakes on new credit card offers and reining in lines of spending for existing holders, even those with good credit records. The flood... More »

MORE ABOUT:
American Express • credit card • Visa • MasterCard • lending practices • consumer credit • financial crisis

 China Embraces Credit Cards 

Untapped market prompts banks to aggressively market plastic

Oct 22, 08 1:36 PM CDT
(Newser) - Banks are moving to tap China’s lucrative market for credit cards, issuing millions in new plastic in recent years, the Los Angeles Times reports. There are about 100 million credit cards today in China, up from 3 million in 2003. And the market is still tiny, by American standards:... More »

MORE ABOUT:
China • credit card • credit • loan • default • shoppers • banks

 AmEx Sees Red as 
 Cardholders Struggle 

Credit card company is seeing more cards fall delinquent as economy worsens

Oct 20, 08 7:58 AM CDT
(Newser) - American Express—expected today to report earnings skidded more than 30% from the third quarter a year ago—isn't quite the industry gem it once was, reports the Wall Street Journal. The company, long a top performer who catered to affluent customers, has seen a surge in delinquencies as the... More »

MORE ABOUT:
American Express • credit card • credit market • financial crisis • Kenneth Chenault

Indian Debt Collectors See US' Dark Side

Outsourced call centers get ring-side seat for economic crash

Oct 14, 08 9:49 AM CDT
(Newser) - Most Indian call center employees develop a fairly utopian view of the US, which seems a land of brand-name splendor and plenty. Not so at Aegis BPO Services, a call center specializing in debt collection, where employees are getting an up-close and personal look at the credit crunch. “It’... More »

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India • outsourcing • credit card • credit crisis • call center • debt collection

 Dear Mom, Dad: 
 Please Send Bailout 

Parents face tough choices as debt-ridden kids struggle to find work

Oct 8, 08 8:45 AM CDT
(Newser) - The families of many debt-laden college graduates are pondering bailouts of their own as the job market sours, the Wall Street Journal reports. With the average student loan now $22,000, parents of some struggling grads face a tough choice—to let their kids learn a lesson about credit the... More »

MORE ABOUT:
parenting • student loans • debt • credit card • college loans • student debt • college graduates

Feds Nab
11 Cybercrime Masterminds

40 million credit and debit card numbers stolen across US

Aug 5, 08 3:49 PM CDT
(Newser) - An international crew of hackers who reportedly stole more than 40 million credit and debit card numbers from nine US companies were indicted today in what Attorney General Michael Mukasey is calling "the single largest and most complex identity theft case that's ever charged in this country." The... More »

MORE ABOUT:
credit card • hackers • cybercrime • Barnes & Noble • computers • federal authorities • debit cards • OfficeMax • Boston Market

 Cybercrime Getting Organized 

Hackers, identity thieves working more like mafia; profits increasing

Jul 16, 08 5:20 PM CDT
(Newser) - There’s serious money to be made in cybercrime, and its perpetrators are beginning to reflect that fact, Ars Technica reports. Lone hackers have been replaced with hierarchical organizations that divide the criminal risks inherent in stealing and reselling (usually financial) information. The cybercrime "firms" are growing steadily as... More »

MORE ABOUT:
organized crime • hacker • Mafia • credit card • savings account • cybercrime • hacking

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