1991 COMMENTARY
Credit Cards Bushwhacked
- President Bush attacks credit card rates. Congress attempts a rate cap measure. VISA lifts moratorium on non-bank issuers. Growth of non-banks is reviewed. (Dec 91)
Plentiful Pickins
- Bargain cards explode: Bank of NY, Wachovia, Bank One Wisconsin, First Chicago and Citicorp Choice. Brief history of rate competition. Secured business cards. (Nov 91)
The Variable Rate Mirage
- How American Express negates effect of dropping prime rate on Optima card. Arkansas Federal improves card offers with credit higher limits. Consumer Fresh Start Association is formed. The FAFCO Gold Card offer. Congress mulls disclosure changes and AmeriTech intros the Complete Card. (Oct 91)
Rates Continue to Slide
- Discount rate drops. Signs of cardholder switching as big players setup retention units. Bargain cards pop-up throughout the country. Discussion on surveys used to track card rates and apparent discrepancies. (Sep 91)
The Not-So-Bad News
- Delinquency and bankruptcy drag on card profits however higher balances compensate. Bankruptcy and credit cards. Comparing secured cards. (Aug 91)
The Green Flag Drops
- Ford Motor rolls out new VISA and MasterCard through its affiliate: Associates National Bank. AFBA offers bargain card. AT&T adjusts price. American Express now offers Membership Miles and lemon protection for cardholders. AT&T announces Roadside Assistance and Wallet Security. (Jul 91)
The Heat is On
- New round of rate competition erupts as Wachovia intros prime +2.9% card. Also pricing changes by Chemical Bank, First USA, National Westminster and Commerce Bank. American Express, Sears, Ford Motor and General Motors lay plans to beef-up or roll-out bank credit cards. Secured card update. (Jun 91)
The Scam Man Can
- VISA and MasterCard sue Listworld, Inc and a group of related firms for fraudulent telemarketing and trademark infringement. Another firm surfaces with a questionable postcard offer for a low rate VISA and MasterCard. (May 91)
Bells & Whistles
- VISA and MasterCard sue Listworld, Inc and a group of related firms for fraudulent telemarketing and trademark infringement. Another firm surfaces with a questionable postcard offer for a low rate VISA and MasterCard. (Apr 91)
FCC Launches Pre-Emptive Strike
- First Chicago closes current accounts after reviewing credit bureau reports. Cardholder tips to prevent a surprise account termination. Suggestions on how many cards to carry. Federal court clears way for the Sear's Prime Option VISA. (Mar 91)
The Magic Word in Credit Cards
- The success of cards free of an annual fee stirs other issuers to reduce or waive annual fee. Examples of fee waivers. How cardholders can qualify for reduced or waived fees. (Feb 91)
900 Ways to Rip-Off Consumers
- Expose of 900 telephone numbers offering credit card services; American Express changes interest rate formula for the OPTIMA card raising the rate for purchases and cash advances. (Jan 91)
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