Inside these posts: Credit Cards

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.


American Express revenue up 13% in 4Q

American Express Co. said fourth-quarter revenue grew 13 percent from a year earlier, as consumer spending increased and the company earned more from fees.

The credit card lender and payment network Monday reported $7.3 billion of quarterly revenue net of interest expense, up from $6.5 billion a year earlier. Get the full story »

Sears gets boost from Dillard’s move to form REIT

Shares of department-store operators climbed Thursday as investors made bets on which retailers may follow Dillard’s Inc.  in its plan to form a real-estate investment trust.

Dillard’s said in a regulatory filing late Wednesday it believes the formation of a REIT may enhance its ability to access debt or preferred stock and improve its liquidity. The retailer said it plans to transfer interests in certain properties to the REIT and will then lease back the properties. Get the full story »

Study: Lower credit scores in minority communities

Consumers living in minority communities were more likely to have non-prime credit scores, while individuals in mostly-white neighborhoods were more likely to have prime credit scores, according to a report released Tuesday by Woodstock Institute.

The Chicago-based non-profit research group into fair lending issues found that 20.3 percent of Illinois residents had credit scores below 620, a common cutoff point to be considered for prime interest rates. Get the full story »

Analyst: Amex payment data out of sync

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 »

Battle brews over who will head Wall Street reform

The Consumer Finance Protection Bureau has no director, but infrastructure for the powerful agency that will regulate mortgages, credit cards and other consumer products already is being developed, says one of the Washington insiders under consideration to head the bureau.

“Treasury isn’t sitting and waiting for the confirmation process,” Michael Barr, assistant U.S. treasury secretary, said during a wide-ranging conversation Tuesday morning with the Chicago Tribune’s editorial board. Get the full story »

Smartphones as an alternative to credit cards?

(AFP/Getty Images)

AT&T Inc and Verizon Wireless are planning a partnership to displace credit and debit cards by letting consumers pay with the contactless wave of a smartphone, Bloomberg News reported, citing three people with direct knowledge of the plan.

The new venture may pose a competitive threat to payment networks such as Visa Inc and MasterCard Inc, the report said.

The partnership, which also includes T-Mobile USA, may work with Discover Financial Services and Barclays Plc to test a system at stores in Atlanta and three other U.S. cities, the people told the agency. Get the full story »

Discover sued over payment protection plan

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.

Quinn signs law limiting payday loan interest rates

Payday loan companies will face limits on how much interest they can charge under legislation Gov. Pat Quinn signed into law this afternoon.

Under the new rules, interest rates would be capped at 99 percent for consumer installment loans of $4,000 and less and at 36 percent for loans that are $4,000 or more. Previously, there were no limits on how much loan companies could charge in interest, and some borrowers were smacked with rates as high as 700 to 1,000 percent, according to Quinn’s office.

“Access to credit is the key to economic life not only for business, but for every single person,” Quinn said. “The word ‘credit’ in Latin means ‘to believe,’ it doesn’t mean ‘to gouge.’ So it’s important to those who offer credit to follow some basic rules in the market place that protect consumers from being gouged.”

Citibank controversy: a new $60 annual fee

CitiBankLast month, the Chicago Tribune’s Problem Solver Jon Yates warned readers that credit card companies might be increasing their rates and fees before the CARD Act kicks in on Feb. 22. On Feb. 13, Citibank sent select customers a letter telling them about a
new $60 annual fee that goes into effect on Apr. 1.

Get the full story: Citibank’s new $60 annual fee.