|
February 2002
|
(2/28/02)
Card Crams
It's bad enough getting a telemarketing call from your credit card company
just as you sit down to a nice, hot, steak dinner. However what really drives
you nuts is being charged for products and services offered by the
telemarketers, that you did not knowingly agree to purchase. This week Citibank signed an agreement with the attorneys general in 27 states to protect its customers from alleged unfair and deceptive practices by telemarketing firms that solicited business using Citibank's customer lists and encrypted credit card numbers.
-READ MORE |
(2/27/02)
Fraud Alerts
Consumers are getting access to more weapons to fight credit card fraud.
Online access to current account information is a big plus, but before long,
cardholders may receive notices of suspicious card activity via their mobile
phone or PDA. This week Toronto-based 724 Solutions and HNC Software have agreed to integrate their software to offer wireless alerting technology for fraud detection services.
-READ MORE |
(2/26/02)
TV Applications
Australians are doing it, and you may be able to do it in the USA soon.
MasterCard and Australian telecommunications giant Optus created an ad
campaign using a two-way TV platform that enabled viewers to click on a MasterCard TV
commercial to enter a sweepstakes.
-READ MORE |
(2/25/02)
Card Scam
The Federal Trade Commission has reached court settlements with two companies
for allegedly telemarketing worthless credit card protection insurance to
consumers nationwide.
-READ MORE |
(2/22/02)
Debt Crunch
About three-fourths of Americans say credit card debts are making their home lives unhappy as 45% have a debt-to-income ratio of 50% or more. Also 57% of adults are tightening their purse strings, with 66% willing to take a second job, and more than 70% cutting back on dining out and vacations.
-READ MORE |
(2/20/02)
State Deadbeats
More than one out of ten personal bankruptcy filings were made last year by Californians, but the rate of increase is only 40% of the national average. Meanwhile, Ohio has emerged as one of the most populous states with the largest increase in consumer deadbeats, as bankruptcy filings increased 31.5%.
-READ MORE |
(2/19/02)
Merchant Alert
The Federal Trade Commission shut-down a Texas firm that allegedly engaged in unfair and deceptive practices related to the marketing of payment card merchant accounts to small businesses nationwide. In its complaint, the FTC stated that Certified Merchant Services misrepresented the terms of merchant account agreements, allowing them fraudulently to debit previously undisclosed fees from the merchants' bank accounts.
-READ MORE |
(2/15/02)
Card Commando
What does it take to slay the competition on the credit card issuer playing
field? For starters you'll need to cough up more than $1.1 billion in annual
marketing expenses. You will also need state-of-the-art information technology
capable of harvesting terabyte farms of consumer data.
-READ MORE |
(2/14/02)
More $35 Fees
The march to move late fees above $29 picked up more steam this week as the
nation's foremost, super-prime credit card specialist has decided to hike late
fees to $35. MBNA is going one step further by also jacking-up over-limit fees
to $35.
-READ MORE |
(2/13/02)
NextCard Folds
One of the most progressive credit cards ever launched bit the dust this
week.San Francisco-based NextCard, the first Internet-centric VISA card, started
unraveling in October when banking regulators questioned the way the issuer
classified certain losses.
-READ MORE |
(2/13/02)
Benny MasterCard
Hooking up payment cards to other stuff seems to be the new wave. This
week a Connecticut firm launched a special purpose stored-value MasterCard
linked up to health care flexible spending accounts (or FSAs). Evolution Health’s new
‘Benny Card’ enables employees to make their co-pay or other qualified expense
in real-time by automatically deducting the transaction from the FSA account.
-READ MORE |
(2/8/02)
$35 Late Fees
Discover has joined Citibank and Fleet in the trend to boost late payment
fees on credit cards beyond the $29 barrier. Late payment fees increased 5.5% last
year and have soared 134% since 1994.
-READ MORE |
(2/8/02)
Debt Cut
Consumers defied business analysts in December by slicing more than $7
billion off revolving debt. The decline was the sharpest one month drop in more than a
decade and bucked typical holiday trends.
-READ MORE |
(2/7/02)
Card Settlement
A major issuer of credit cards to consumers with blemished credit has
agreed to clean up its act. Direct Merchants Bank (also know as Metris Companies) is
settling lawsuits filed in Minnesota, Arizona, and California by agreeing that
all payments received by 5 p.m. Eastern time will be credited to the
cardholder’s account the same day.
-READ MORE |
(2/6/02)
ID Theft Form
The #1 consumer fraud complaint received by the Federal Trade Commission is
identity theft and it is one of the most frustrating experiences for
Americans.
This week the FTC unveiled a new form that simplifies the process of notifying
companies that your good name has been ripped off.
-READ MORE |
(2/5/02)
Translink
Smart cards are now in use by San Francisco Bay Area commuters. The
Metropolitan Transportation Commission and a half-dozen transit operators
kicked off 'Phase I' of a six-month pilot program of the 'TransLink'
electronic fare payment system. Last week, the MTC and the TransLink Customer Service
Center mailed out 'TransLink' smart cards to approximately 4,300 program
volunteers.
-READ MORE |
