Analyst upgrades MasterCard on improving economy, says consumer spending unlikely to get worseSeptember 9th, 2009 Analyst upgrades MasterCard on improving economyNEW YORK — A Citi Investment Research analyst upgraded MasterCard Inc. Wednesday, writing in a note to investors that a negative adjustment in consumer spending is largely over.
HSBC agrees to nationwide deal to help blind and deaf dispute credit card chargesSeptember 1st, 2009 Deal helps disabled dispute credit card chargesALBANY, N.Y. — New York Attorney General Andrew Cuomo says HSBC bank's credit card division is agreeing to a new national standard to serve customers who are blind or deaf.
Correction: Q&A on credit card reformsAugust 21st, 2009 Correction: Q&A on credit card reformsNEW YORK — In an Aug. 19 story about credit card reforms, The Associated Press erroneously reported that cardholders will face fewer surprises about credit limit changes under the new rules.
Rate of losses on JPMorgan Chase credit cards declines in July, delinquencies improveAugust 17th, 2009 JPMorgan Chase credit card losses down in JulyNEW YORK — JPMorgan Chase & Co. said Monday that the rate of losses on its credit card loans eased up in July.
Charming Shoppes to sell private label credit card program to Alliance Data for about $110MAugust 13th, 2009 Charming to sell private label credit card programBENSALEM, Pa. — Apparel retailer Charming Shoppes Inc.
American Express, Discover will stop charging fees to customers who exceed credit limitsAugust 12th, 2009 Amex, Discover to end fees going over credit limitNEW YORK — American Express and Discover customers will soon be free of fees for charging over their credit limits. The two companies said separately Tuesday they will soon end the charges that have generated widespread criticism from consumers.
Taking credit card companies to court: Regulations would ban arbitration clausesJuly 23rd, 2009 Credit cardholders could have more say in courtNEW YORK — When handling consumer disputes, credit card companies have a critical tool for keeping down legal costs: The option to avoid court and go to arbitration. Unbeknownst to many consumers, card agreements typically include an arbitration clause that waives a card holder's right to sue.
New study shows consumer loan delinquencies edges up to record high of 3.23 pct in early 2009July 7th, 2009 Consumer loan delinquencies continue to riseNEW YORK — Consumer loan delinquencies edged up to another record high in the first quarter, according to data released Tuesday by the American Bankers Association. A continued rise in unemployment has been the main culprit for the continued rise in delinquencies, the trade association said.
Obama signs credit card reform billMay 23rd, 2009 WASHINGTON - US President Barack Obama Friday signed into law a legislation that makes it more difficult for credit card providers to raise fees and interest rates. The credit card reform bill received overwhelming support in Congress this week before landing on Obama's desk for his signature.
IIT student sent to 14-day police remand in GujaratMay 9th, 2009 AHMEDABAD - A court sent Ashish Ravindranathan, an Indian Institute of Technology (IIT) student, to a 14-day police remand here Saturday after he was nabbed for allegedly duping 50 credit card holders. Ashish, a second semester student at IIT-Bombay's extension centre in Gandhinagar, was arrested by the city crime branch officials Friday night for allegedly duping credit card holders of Rs.650,000.
Obama urges credit-card industry to end unfair practicesApril 24th, 2009 WASHINGTON - US President Barack Obama Thursday met leaders of the credit-card industry, urging them to end unfair practices that are raising costs on indebted consumers, while US lawmakers are considering a wider crackdown on the sector. Obama said he hoped to create a new system that 'eliminates some of the abuses' including sudden interest-rate hikes and late-payment fees, which have added to unmanageable debts for some US consumers.
Obama embraces crackdown on credit-card lending, will host industry executives at White HouseApril 23rd, 2009 Obama to host credit-card CEOs, pledges new rulesWASHINGTON — President Barack Obama, appealing to mainstream consumers, is pushing for more legal protection for the millions of Americans who use credit cards. Obama was meeting with leaders of the credit-card industry Thursday, and he's already backing tougher legislation.
Dallas school district hosts online auction of items purchased by its own credit card abusersApril 22nd, 2009 School district hosts credit-card abuse auctionDALLAS — The Dallas Independent School District is conducting an online auction this month of items confiscated from employees who fraudulently used the district's credit cards. The Dallas Morning News reported Tuesday that the 72 auction items were turned over to the district by the FBI.
Three arrested in Noida for stealing credit cardMarch 9th, 2009 NOIDA - Three men were arrested here for stealing a credit card and then using it to buy goods to be re-sold, police said here Sunday. The Noida police arrested Robin Verma, Sanjeev Nehra and Anil Nehra near Shopprix Mall while they were trying to sell items purchased on the stolen credit card.
American consumer borrowing drops by $6.6 bnFebruary 6th, 2009 WASHINGTON - Borrowing by American consumers tumbled for the third month in a row, falling by $6.6 billion to $2.562 trillion as the faltering US economy continues to pressure households to curb spending. Figures released by Federal Reserve, the US central bank, Friday suggest nearly twice the expected drop in December marked a decline from a downwardly revised $2.569 trillion in November.
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