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CARDNEWS FOR CONSUMERS
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(7/30/04)
Usher Card
R&B artist Usher Raymond IV has given his blessing to a new MasterCard targeted at unbanked Americans. The new "Usher Raymond IV Debit MasterCard" provides exclusive access to "The World of
Usher," which offers merchandise discounts and concert tickets.
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(7/29/04)
Hard Rock Cafe VISA
Getting into a Hard Rock Cafe might be easier with a new credit card linked to the "All Access" program. The new "Hard Rock Rewards VISA" offers priority seating and discounts on food and merchandise.
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(7/28/04)
Touch Payments
Some southerners are now wiggling their piggies to make purchases at the Piggly Wiggly. A pilot has been launched in South Carolina to test a finger-scanning payment system developed by San Francisco-based Pay By Touch.
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(7/27/04)
0% Offers
Even though we may have entered a period of rising interest rates, aggressive credit card offers are still alive and well, albeit a little less generous. The average 0% promotional interest rate period is running 10.4 months among the nation's top issuers, compared to 11.3 months one-year ago.
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(7/23/04)
Platinum Birthday
The first card to go platinum is no longer a teenager. The "American Express Platinum" card is celebrating its 20th anniversary this week. When the by-invitation-only card was launched in 1984 it set a new standard in cards issued to affluent Americans.
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(7/22/04)
SpeedPass RaceCase
ExxonMobil is dressing up its "SpeedPass" touchless payment gizmo by giving away a special car-shaped case that fits over the device. "SpeedPass" users who register and make four qualifying purchases between now and September 30th, will receive a free "#12 Ryan Newman" race car "Speedpass RaceCase."
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(7/21/04)
Stuff Happens
Bank of America has added a "Stuff Happens" card to its "CampusEdge" checking package for college students. The new card enables students to waive a fee if they make a mistake such as bouncing a check.
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(7/19/04)
BabyCenter Card
New and expectant parents can start bankrolling their kid's college savings plan via a new credit card. The "BabyCenter MasterCard" enables cardholders to earn rebates swept into an investment account.
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(7/16/04)
BellSouth Cards
BellSouth and Bank One have teamed to launch a co-branded MasterCard that offers double points to BellSouth customers who elect to have their BellSouth bill paid automatically with the card. The companies are also offering a "Platinum MasterCard" for business customers that includes a reward program offering 3% cash back on purchases made at restaurants, office supply stores, gas stations, building supply stores, and hardware/home improvement centers, plus 1% on all other purchases.
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(7/15/04)
MERRILL+ VISA
Merrill Lynch has launched a limited promotion to reward cardholders of its "MERRILL+ VISA" or "VISA Signature" with points if they finance or refinance their home through Merrill Lynch Credit Corporation. "MERRILL+ VISA" cardholders are eligible to earn up to 45,000 points and either a $250 or $500 credit toward closing costs when they complete a Merrill Lynch mortgage.
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(7/14/04)
Snob Appeal
The king of the affluent cardholder segment is slowly seeing their empire weaken. VISA's high-end "Signature" card, which is a combo of a credit card and a charge card, has racked up approximately $80 billion in transaction volume, more than American Express "Gold" and "Platinum" combined.
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(7/13/04)
May Debt
After three consecutive months of decline, Americans reversed course in May, adding $1.6 billion in revolving credit. At an annualized rate, consumer credit jumped nearly 3% during May perhaps impacted by a slowdown in consolidation financing via home mortgages.
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(7/12/04)
Platinum Value
"Platinum" credit cards are a dime a dozen these days, even offered to
less creditworthy consumers with low credit limits. In an effort to put
the luster back into "Platinum" some issuers are now adding other
descriptors to their "Platinum" cards such as "Double Platinum,",
"Ultimate Platinum," and "Platinum Plus."
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(7/8/04)
MGM MIRAGE VISA
Casinos are dealing more cards these days, especially credit cards. MGM MIRAGE plans to deal out its new VISA card next month, joining the recently launched "Trump Rewards VISA" and the "Caesars Entertainment MasterCard" launched late last year. Under the "MGM Mirage VISA" program to roll-out next month, cardholders earn rewards that can be used at any of the seven participating MGM MIRAGE resorts and casinos.
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(7/7/04)
DNC Anniversary
Since its launch one year ago the "National Do Not Call Registry" has registered about 62 million phone numbers in the USA. The FTC said last week that since October 2003, consumers submitted 428,764 complaints.
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(7/6/04)
Bankruptcy Factor
While personal bankruptcies are running about 3% lower than last year, there is still a significant impact on the card industry. In March, bankruptcies topped 150,000, a factor noted in MBNA's charge-off figures for May.
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(7/2/04)
Late Payers
Based on total dollars past-due, credit card delinquency declined in the first three months of this year, compared to the level set in the previous quarter, but remains above last year's ratio and well above historical figures.
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(7/1/04)
May Phishing
Phishers are still reeling in suckers using spoofed e-mails and fraudulent Web sites as bait, but they appear to running out of line. The number of phishing attacks on the financial services sector leveled off in May.
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