News from DailyFinance:
In some respects, Discover Financial Services (NYS: DFS) has been a victim of its own suite of products. Unlike traditional credit card leaders Visa (NYS: V) and MasterCard (NYS: MA) that have company descriptions that appear to be copied and pasted from each others’ investor-relations’ pages, Discover has its fingers in several financial pies.
Some key differences
Visa and MasterCard partner with financial-services companies to enable the use of their credit, debit, and prepaid banking services for customers, a model that’s clearly worked well. But Discover does away with the middleman and goes straight to the consumer, providing direct [...] Continue Reading…
News from LoanSafe:
(Source: Kim So-hyun Asia News Network (MCT) — Korean credit card firms are working to build their own international networks hoping to reduce dependence on Visa and MasterCard.
Local credit cardholders and issuers pay tens of billions of won every year as royalties and commission to the multinational credit card giants. Visa and MasterCard have a combined market share of about 92 percent in Korea.
Visa or MasterCard-branded credit cardholders pay 1 percent of the amount they spend abroad as commission to the duopoly. Koreans spent some US$ 8.62 billion, or about 10.12 trillion won, overseas by [...] Continue Reading…
News from Fox News:
NEW YORK – When a major bank’s credit rating is cut, it deals a psychological blow — to customers, the public and financial markets.
So Thursday’s downgrading of 15 of the world’s largest banks is almost sure to cause wide concern. Most deposits are perfectly safe, but the downgrades could hurt people in more subtle ways: Banks may jack up fees and might be reluctant to lend, which could affect mortgages, credit cards and even the job market.
“It is normal that the first thing that people worry about is whether their money is safe,” said Jim Nadler, [...] Continue Reading…
News from Businessweek:
Delinquent U.S. homeowners who received a loan modification have a better record of repaying auto and credit-card debt than troubled borrowers who received no mortgage help, TransUnion Corp. (TRUN) (TRUN) said.
Homeowners whose payments were reduced had a 6.1 percent delinquency rate on auto loans compared with an 11 percent rate for borrowers who didn’t get a mortgage modification, according to a study by the Chicago-based credit-rating company. The delinquency rate on credit-card payments was 14 percent for homeowners with a modification, compared with 17 percent for those who didn’t get assistance.
The difference shows how modifications, while failing [...] Continue Reading…
News from CBS News:(MoneyWatch) Some 50 million U.S. households have credit card debt, according to CreditCards.com. About two-thirds of Americans own a credit card, and about half of these folks carry a balance. But consumers’ reliance on credit cards appears to be at a turning point. Some reports suggest that more people are steadily paying down their debts or are even deciding to forgo credit cards altogether. Despite the existence new consumer protections for credit-card users, distrust of card issuers and their gimmicks also remains high. Then there’s the other reason — after a confidence-shaking recession, many people are wary of [...] Continue Reading…
News from Sun-Sentinel:
| single page
By Ed Perkins Tribune Media Services
My longstanding recommendation that you rely primarily on plastic for travel money — credit cards for big-ticket items, debit (ATM) cards for cash — remains as valid as ever. In some cases, you can avoid fees and losses entirely; in others you pay something but lose less than any other way. For foreign travel, especially, you can’t beat plastic.Credit cards are actually improving f……………. continues on Sun-Sentinel
>>> Read the full article
Apple iPhone 4 4s [...] Continue Reading…
News from Debtmerica Relief:
Wednesday, 20 June 2012 13:00
One of the nation’s largest lenders and payment processors found that consumers took on more credit card debt but fell behind on payments less often between March and May.In that three-month period, Discover Financial Services saw both the dollar value of purchases on its branded credit cards and the number of transactions it processed rise 5 percent, according to a report from the Associated Press. Consumers put some $ 26.1 billion on their cards during that time, and balances consequently grew 4 percent to a total of $ 46.6 [...] Continue Reading…
News from Allentown Morning Call:With the economy still gasping for air, big banks remain popular targets for consumer outrage. People are ticked off at paying new fees. They’re frustrated at being unable to modify their mortgages.For the first time, the public can get a limited glimpse into what people are complaining about, and how banks are responding.
On Tuesday, the Consumer Financial Protection Bureau started publishing details of the credit card complaints it is receiving — at http://www.consumerfinance.gov.
» The latest on traffic, delays and road construction delivered to your mobile phone. Text TRAFFIC to 52270! Message and data rates apply. [...] Continue Reading…
News from Fox Business:
Dear Bankruptcy Adviser,My husband filed bankruptcy personally and from his business. He had a credit card with both our names that he used for business. It was included in the bankruptcy, and he ordered a discharge. It shows on both of our credit reports as a charge-off. We’ve now received a letter, three years later, directed to only me from an attorney filing to take me to court to repay the debt. It turns out the credit card company that had both of our names now shows just my name on it. Can they force us [...] Continue Reading…
News from Reuters:
By Alwyn Scott and Rick Rothacker
Tue Jun 19, 2012 10:28pm EDT
(Reuters) – Consumers shopping for a credit card can see for the first time, starting on Tuesday, how many complaints issuers have received before picking their plastic.
The U.S. Consumer Financial Protection Bureau unveiled a complaint database on its web site in one of the agency’s more high-profile moves since it was created under the Dodd-Frank financial reform act.
While the initial release of figures was limited, covering less than a month, it created a ranking among credit card issuers that could leave some uncomfortable. Capital One Financial Corp [...] Continue Reading…