All Entries Tagged With: "Credit Card"
Consumer Credit in U.S. Dropped $1.3 Billion in June
U.S. consumer credit declined in June for the fifth consecutive months. The U.S. credit decreased $1.3 billion, less than economic expert projected, following a revised $5.3 billion drop in May, the Federal Reserve announced Friday in Washington. The revised $5.3 billion drop in May drop was smaller compared to the initial $9.2 billion decrease. Credit [...]
Discover Student Loans Celebrates its 3rd Year Anniversary and Reduced Interest Rate to 3.75%
Discover Student Loans are currently celebrating its third year anniversary in financing college tuition and fees. The company decided to celebrates its anniversary by reducing its lowest eligible interest rate to 3.75% to aid families pay for the increased college education costs. “We are committed to providing students and families with a simple and affordable [...]
Credit Cards to be Replaced by Smartphones
In today’s technology you can do almost all things using a single device. Smartphones have already replaced various technologies. Now you don’t need to bring your camera to take pictures, or use your lap/desktop to surf the net, or your MP3 players to listen to music, soon smartphones will replace another product, credit cards. According [...]
Low Income Consumers Prefer to Use MasterCard Debit Cards
A lot of information show up that suggests credit unions that lower income members may take a deeper hit from the upcoming restrictions on debit card interchange than credit union’s with fewer lower income members. MasterCard Worldwide released a publication that indicates that low income cardholders and people with low credit score use their debit [...]
Credit Union’s Loans and Credit Quality Slightly Increased, CUNA Said
According to Credit Union National Association’s survey out of 400 credit unions the outstanding loans rate slightly increased in the month of June, savings balances declined and share accounts slightly grows and developed. Outstanding loans slightly rose from 0.2 percent in May u to 0.3 in June. However, there were $582 billion in loans made [...]
Chase, Capital One, Discover, and Citigroup Boost Profit from Declining U.S Credit Card Delinquencies
Fitch Ratings reported last Thursday that five top banks, Citigroup, Bank of America, JPMorgan Chase, Capital One, and Discover, benefited lower credit card delinquency rates during the second quarter of the year. According to Fitch Ratings report, credit card payments which were 60 days or more late dropped in to 3.86% in the month of [...]
Wells Fargo Eradicate Penalty Interest Rates for Late Payers
The Wells Fargo management team, headquartered in San Francisco, California, publicized that the bank will eliminate the penalty interest rates on credit cards which are imposed when customers are 2 months or more late on their payments, according to Associated Press reports. The bank will be notify their customers regarding the change in their August [...]
Capital One and Chase Offers Credit Card Rewards
The banks competition is getting more intense within the rewards and cash-back credit card business. Some banks and cards offers airline miles while others provide gas and groceries rebates. The Capital One® VentureSM Rewards Credit Card pays customers who owned and used their in buying merchandise or in other daily necessities. The credit card company [...]
Independent Consultants to Review Credit Union Sector
The Central Bank and Financial Regulator have already announced its plans for an independent review of the Ireland’s 419 credit unions. The Financial Regulator has appointed consultants Grant Thornton to carry out the review. The review was requested by Finance Minister Brian Lenihan. The first phase will look at the financial position of credit unions, [...]
Credit Cards Transfer Wealth from Poor to Rich Consumers
Credit card fees and rewards programs aggravate income inequality by acting as a transfer of money from poor and give it those who have the most, according to a Federal Reserve Bank of Boston study released Monday. The three researchers, Scott Schuh, Oz Shy, and Joana Stavins, argue that reducing card rewards and merchant fees [...]
