Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Writeoffs of uncollectible balances fell for Discover Card in July as did late payments, signaling that consumers are getting debt payments under control.
Discover Financial Services said in a regulatory filing Monday that its net charge-offs declined to $120.9 million, or 7.28 percent in July, from 8 percent in June. Get the full story »
Capital One and Bank of America are the most up-front about the interest rates, fees and rewards on their credit cards, according to a new study by credit card research Web site Cardhub.com.
Sure, most card applications spell out all the terms in the fine print, but most consumers lack the patience to read the tiny disclosures.
Capital One and Bank of America ranked highest among 10 issuers in clarity on their applications, with scores of 96.4 percent and 95 percent, respectively. Get the full story »
Credit card charge-offs and delinquencies improved at Capital One Financial Corp and Discover Financial Services in June as fewer Americans fell seriously behind on credit card payments. The companies said Thursday that their credit card delinquency rates in June fell to the lowest levels this year. Delinquencies are a sign of future losses. Get the full story »
From Courthouse News Service | Discover Financial Services is being sued in federal court in California over a payment protection plan. The suit says the credit-card company enrolled cardholders in the plan without their knowledge, resulting in unexpected fees.
Discover Financial Services said Thursday it agreed to allow consumers in Serbia use its payment network internationally by the end of the year. DinaCard is the system of national payment cards operated by a division of Serbia’s central bank. It has 2.5 million cards in distribution, according to a release by Discover.
Paying down credit-card debt appears to be on the upswing.
Consumers cut their outstanding revolving debt -– overwhelmingly credit cards -– by an annualized, seasonally adjusted rate of 10.5 percent in May, the Federal Reserve reported Thursday. That’s on the heels of an 11.8 percent drop in April. Revolving credit is a line of credit allowing consumers to pay all or part of an outstanding balance, and, as the balance is paid, it becomes available to spend again as credit. Get the full story »
From Bloomberg News | The U.S. government no longer has a stake in Riverwoods-based Discover Financial Services after the company bought back a warrant issued to the U.S. Treasury Department’s bank-bailout program for $172 million. The 10-year warrant conveyed the right to buy 20.5 million common shares and helped it gain access to $1.2 billion in federal rescue funds.
A new credit card rule that limits late fees will reduce annual earnings of Discover Financial Services by $80 million to $90 million a year, Chief Executive David Nelms said Thursday.
Under new Federal Reserve rules that kick in on Aug. 22, credit card companies can’t charge a late fee of more than $25, or $35 if a consumer has been late on one of their last six payments.
On its flagship Discover More card, late fees are currently $19 on balances up to $250 and $39 on balances of more than $250. Get the full story »
