Squeezed by credit card issuers

Credit Card companies use all sorts of tactics to wrestle every penny out of customers. Here’s what you need to know.
When 53-year-old Don Cressman was struggling financially, he charged a bit more than usual on his card, but carefully watched his balance to make sure he didn’t go over his limit. When he opened his credit [...]

Senate letter for detailed credit card fee info

Several U.S. senators want Visa, Inc. and MasterCard, Inc., the dominant electronic payment companies, to break down detailed costs associated with transactions called interchange fees, according to letters obtained by Reuters on Tuesday.
In letters to the two companies, the senators demanded information about methodologies and specific data used to establish interchange fees. The letters are [...]

American Express slides

AmEx’s stock, a component of the Dow industrials, dropped 3.4% to $56.56, and had down as much as 3.8% at its intraday low of $56.34, which was the lowest price seen since Oct. 22.
Capital One had said in a filing with the U.S. Securities and Exchange Commission on Tuesday that it anticipated 2008 charge-offs of [...]

GoUrban offers prepaid credit card

An e-commerce Web site catering to black consumers is offering a branded, prepaid credit card in an effort trying to reach out to people who don’t use traditional financial institutions.
Denver-based www.GoUrban.net announced Tuesday it reached agreement with card issuer MetaBank, payment technology company ESafe Cards Inc. and MasterCard to begin offering the prepaid card with [...]

Rising Reliance On Credit Cards Could Reflect Subprime Fallout

Rising credit card borrowing may be a sign of consumer distress spreading from the subprime mortgage market to other types of lending, some economists say.
While defaults among home buyers have spiked, the number of credit card loans in delinquency has been running steady.

Macy’s switching inactive store cards to Mastercard

Macy’s Inc., the nation’s second-largest department-store chain, is switching 3.5 million inactive namesake credit cards to Citibank MasterCards that can be used to make purchases anywhere.
Macy’s mailed letters in July to holders of accounts that haven’t been used in two years, explaining that cards would be sent in September unless people said they didn’t want [...]

Airlines add credit card perks

Affinity credit cards are big business for airlines, and many carriers have upped the ante to entice travelers with special sign-up promotions.Credit card companies are offering bonus miles and credits, some are waiving the annual fee for the first year, and others are offering discount tickets.
Many mileage programs require activity at least once every 18 [...]