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News Library - March, 2004

Zero% 2005 March, 31, 2004

The zero percent APR for bank credit cards is still alive and well, even though there are rumblings that the Feds may jack-up short-term rates by the end of 2004. Fleet is now offering a 0% interest rate on new purchases through June 2005 on its "Platinum ... more

Super Fun March, 30, 2004

A Comedian and Kryptonian have come together to entertain visitors with chronicles of their daily exploits via an American Express Web site. Jerry Seinfeld and Superman star in a four-minute webisode, entitled "A Uniform Used to Mean Something." more

e-Checks March, 29, 2004

For the first time, the number of ACH debits originated by commercial financial institutions exceeded the number of ACH credits, thanks to the rapid growth of consumer e-checks. Collectively, more than 1.3 billion e-check payments were made last year, a 154% ... more

Laptops for Balances March, 26, 2004

A Minneapolis bank has come up with a novel way to pull in balances to its new credit card. Universal Savings Bank is offering brand new laptop computers in exchange for transferring a balance of at least $5,000 from other credit cards. more

Delinquency Spike March, 25, 2004

Credit card delinquency, based on the number of accounts 30+ days past due, hit an all-time high of 4.43% in the fourth quarter. Based on total dollars outstanding, bank card delinquencies rose to 4.92%, compared to the previous quarter's 4.66%, but below the ... more

Spam Spoof March, 24, 2004

Nearly 300 email fraud and phishing attacks were launched last month including 58 on Citibank and 42 on PayPal. Phishing attacks involve the mass distribution of spoofed email messages with return addresses, links, and branding which appear to come from ... more

Free-Loaders March, 23, 2004

The number of Americans paying-off credit card balances in-full each month has edged down for the third consecutive year. After peaking at 44.4% in 2000, the number of free-loaders, who avoid paying credit card interest charges, has slipped to 38.3%, about ... more

Grace Periods March, 22, 2004

The time between the monthly closing date and payment due date, or the grace period, has been steadily shrinking over the past decade from 27.8 days to 20.6 days. The "grace period" is also jokingly referred to as the time during which you pray to come up ... more

Over-Limit Fees March, 19, 2004

Fees for exceeding the credit limit increased at a slightly faster pace than late fees last year. During 2003, the average over-limit fee increased 4.8%, compared to 4.6% for late payment fees, ending the year with an average fee of $29.23. more

Debit Backlash March, 18, 2004

Americans love their debit cards and are unhappy when merchants refuse to take them. Nearly 90% of consumers say they would you take their business elsewhere if a merchant refused to accept their VISA or MasterCard-branded debit card. more