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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 »
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 »
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 »
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 »
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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 »
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.
Last 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.
