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American Express Feels Credit Crunch

With defaults on rise, company taking hefty fourth-quarter charge

(Newser) - With consumer spending slowing and credit defaults on the rise, American Express said today it will take a fourth-quarter charge of $275 million to build up its charge-card reserves, the Wall Street Journal reports. The company, which cited housing turmoil as a contributing factor, also predicted earnings to come in...

Americans Falling Behind on Credit Cards

Amount overdue on US accounts surged 26% in October

(Newser) - It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in...

Credit Card Execs Grilled Over Rate Hikes

Lawmaker threatens legislation to stop sudden increases

(Newser) - Lawmakers grilled credit card execs today over the practice of hiking interest rates on customers who pay on time, the AP reports. Senator Carl Levin called it unfair, but Bank of America and Discovery execs said that factors like credit scores also affect rates. "It's important criteria for how...

Washington Takes Aim at Credit Cards

Lawmakers vow to tackle rate hikes, reform arcane fee system

(Newser) - Dem lawmakers vow to finally rein in credit card companies after years of consumer complaints, the Washington Post reports. They want lenders to scrap random rate hikes and inscrutable fees, and plan to tackle it in a hearing next week; one rep has already drawn up legislation. But industry lobbyists...

PayPal Swiping Credit Card Market
PayPal Swiping
Credit Card Market
Nov 21, 2007 1:05 PM CST

PayPal Swiping Credit Card Market

Fraud-wary consumers turn to alternative payment methods

(Newser) - With identity theft jumping 50% since 2003, more people are turning from credit cards to Internet-based payment services like PayPal and Google Checkout for online purchases and, increasingly, everyday transactions, Business Week reports. Roughly 30% of US online shoppers used an alternative payment service last year. "Consumers are afraid...

Visa Heads for Biggest IPO in US in Years

Offering expected early next year could surpass $10B

(Newser) - Visa is moving ahead on a massive initial public stock offering expected early next year. Papers filed yesterday show that shares could be valued at $10 billion, which would make it the second-largest public offering in US history, the Wall Street Journal reports. The biggest is the $10.62 billion...

TJX Data Breach Exposed 94M Credit Cards

Still no arrests after up to $83M is spent with stolen numbers

(Newser) - Cyber thieves have pinched 94 million credit cards from a discount retailer—double the last estimate—and spent up to $83 million as far as Hong Kong and Sweden, the AP reports. Banks are now suing the retailer, TJX Cos., to recover their losses. But those losses keep growing: "...

Swipe at Your Own Risk
Swipe at Your Own Risk
Oct 7, 2007 5:27 PM CDT

Swipe at Your Own Risk

Retailers often don't protect data, and it's going to cost them $25,000 fines

(Newser) - Think your credit card bill is high? Some businesses may soon have to pay Visa $25,000  for not protecting your credit-card data. Merchants are required to meet standards to keep computer systems safe from hackers. But only 44% of the 327 largest merchants have validated their compliance, reports the...

College Kids Addicted to Credit Cards

Banks, advocates battle over credit card plugs on campus

(Newser) - College students are preferring plastic to low-rent living, a trend that has banks and consumer advocates battling over credit card plugs on campus. Critics say students are susceptible to easy money marketing and rack up too much debt. Banks blame students for not reading the fine print. With Dems in...

Your Credit's Good With God
Your Credit's Good With God
Aug 27, 2007 1:41 AM CDT

Your Credit's Good With God

Boston church now accepting parishioners' plastic for collection plate

(Newser) - Franciscan friars have another deep question to ask their congregation: Paper or plastic? The brothers of St. Anthony's Shrine in Boston have installed a wireless kiosk allowing their flock to make contributions with credit or debit cards. The service is provided by SecureGive.com, created by a Georgia minister and...

Plastic May Pose Next Big Threat to Economy

Experts expect credit card trouble to track mortgage woes

(Newser) - The subprime mortgage crisis may spark another financial disaster: bad credit card debt. When rates hit 50-year lows, many owners borrowed against their homes to pay off high-interest credit cards. Now, with rates increasing, many may not be able to pay down both their mortgages and their credit cards, the...

Will That Be Credit, Debit, or Cellphone?

Next-gen tech gives cash-free shoppers more options

(Newser) - Shoppers in the not-too-distant future may have a new option when they get to the checkout line: their cell phones. Many retailers are warming up to the idea of consumers using "contactless" payment methods—cellphones or cards with a built-in wireless chips that can process transactions with a simple...

Credit Cards Take a Swipe at Identity Theft

The secret agent take on fraud: passwords that self-destruct

(Newser) - Hello, Mission Impossible: Credit cards may soon feature tiny LCD screens that display a temporary password at the push of a button. The password, valid for only 30 seconds, is meant to deter online fraud and identity theft.

Consumer Financial Savvy Peaks at 53
Consumer Financial
Savvy Peaks at 53
Mar 22, 2007 11:57 AM CDT

Consumer Financial Savvy Peaks at 53

Data shows the age of 53 is sweet spot for financial savvy

(Newser) - Middle aged consumers make better decisions—and fewer mistakes—than their younger and older counterparts.  A study of  thousands of credit card and home and car loan documents shows that they are the most  likely to get the lowest interest rate available  and the least likely to pay unnecessary...

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