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(Daniel Acker/Bloomberg)
Discover Financial Services reported a $465 million quarterly profit on Tuesday and raised its quarterly dividend by 4 cents per share, as losses on bad loans fell.
The credit card lender and processing network earned 84 cents per share in its fiscal first quarter, ended February 28. That compared with a year-ago loss of $104 million, or 22 cents per share. Get the full story »
More than a million Bank of America credit card customers are being notified that they’ve received a reduction in their interest rates, thanks to a provision in the new credit card law. Get the full story »
(Reuters/Kevin Lamarque)
A private lending watchdog group said on Wednesday that sweeping rule changes imposed on credit card issuers last year by the U.S. Congress had increased transparency for borrowers without restricting the availability of credit.
When the law, known as the Credit Card Accountability, Responsibility and Disclosure Act of 2009, went into full effect last February, financial companies warned it would make it harder for consumers to get credit cards and more expensive for those who did. Get the full story »
The Supreme Court ruled Monday that JPMorgan Chase & Co under an old federal regulation did not have to provide written notice before raising credit card interest rates to account holders who defaulted on a payment. Get the full story »
(Andy Kropa/Getty Images)
The Kardashian sisters are seeking to cut ties with a venture that sold prepaid debit cards under their name after coming under attack for the card’s high fees.
The card, which launched last month, was aimed at young adults, the same group that watches the sisters’ hit cable TV show “Keeping Up With the Kardashians.”
An attorney for the sisters sent a letter Monday to parties affiliated with the card demanding they stop using the names and images of the three sisters. Get the full story »
Less than a year after the passage of new laws limiting banks’ ability to impose certain fees on credit and debit cards, Bank of America Corp., Discover Financial Services, J.P. Morgan Chase & Co. and other lenders are using different tactics to boost their fee income.
Some are raising minimum payments on certain customers’ accounts in order to increase late penalties. Others are ramping up credit-protection insurance programs and charging customers for coverage without permission. Still others are pushing aggressively into high-fee prepaid cards, which are exempt from most of the new rules. Get the full story »
Credit card issuers paid $83 million to colleges, alumni groups, fraternities and sororities in 2009, and the University of Illinois Alumni Association received the biggest payment, according to a new Federal Reserve report.
The U.S. credit card act passed in 2009 requires credit card companies to submit to the Fed annually a copy of any agreement between the issuer and the college and alumni group, including how much they pay for the right to market their cards. Get the full story »
Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations. Get the full story »
The Justice Department sued American Express on Monday for allegedly violating antitrust law over credit card acceptance rules, and settled with Visa and MasterCard on the same issue.
The Justice Department, in a filing with the U.S. District Court for the Eastern District of New York, said the case was focused on credit card companies’ efforts to stop merchants from steering customers to credit cards with lower fees imposed on the merchant.
In a proposed final judgment, Visa and MasterCard must allow merchants to offer discounts to customers who use cards that charge the stores less. Get the full story »
