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Discover Card customers started off the year doing better at paying their bill.
Discover Financial Services said in a regulatory filing Tuesday that it wrote off $90.3 million, or 5.75 percent of balances at an annualized rate, as uncollectible in January. That was down from $95.2 million, or 5.94 percent annualized, in December. Get the full story »
Consumers are expected to get better control on their mortgage and credit-card payments next year as the economy slowly improves.
Chicago-based credit reporting firm TransUnion predicts that delinquencies, or late payments, on the two biggest major forms of borrowing will drop sharply again in 2011, after substantial declines seen in the second half of this year. 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 »
American Express tells online customers that they’re 30-plus days past due when they’ve only missed their payment deadline by a few days, according to a study released Monday on late-payment policies of credit card companies. Get the full story »
Associated Press via NYTimes | Discover Financial Services said in a regulatory filing
Thursday that its loan losses slowed in March, as more customers were
timely on their credit card payments.
Get the full story: nytimes.com.
