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News Library - May, 2004

Sony Card Event May, 28, 2004

The "Sony VISA" card will come alive next month for gizmo and music lovers. Bank One and Sony have organized a two-day experience in New York City including a mind-blowing display of entertainment thingamajigs and two concerts in the park. more

Card Webisode May, 27, 2004

Always on the cutting-edge, American Express recently released its second webisode featuring Jerry Seinfeld and Superman. The new "Hindsight is 20/20" promotes AmEx's "Roadside Assistance" service. more

Cash Advance Fees May, 26, 2004

Going to a bank or hitting an ATM for a cash advance using your credit card has always been a bad deal, since you have to pay a special fee based on the amount advanced, a higher interest rate than what you pay for purchases, and interest charges start ... more

Outrageous Fees May, 25, 2004

A new survey confirms that many banks are immediately charging late fees on payments not received on the due date and high punitive interest rates after just one or two late payments or a change in credit performance with other creditors. San Francisco-based ... more

Late Fees May, 24, 2004

All of the nation's top ten bank credit card issuers, including American Express and Discover, have raised late fees during the last three years by an average of 23%. During this same period, the number of VISA and MasterCard accounts past-due has soared 50%, ... more

Penalty APRS May, 21, 2004

Interest rates charged to cardholders who miss payments, exceed credit limits, or otherwise default in some other manner, have increased from an average of 23.26% in April 2001 to an average of 26.16% for last month. Since many of these rates are variable, ... more

Checks Fading May, 19, 2004

Check transaction volume experienced its steepest drop of the past four years, more than doubling the 2002 rate of decline. The latest government report indicates that check transaction volume declined by 4.7% in 2003 to 39.5 billion checks. more

Triple Crown May, 18, 2004

VISA is bracing for a $5 million pay-out on June 5th should "Smarty Jones" win the Belmont Stakes and become the 12th horse in history to win the "Triple Crown." VISA has been holding the bonus for eight years as part of its "VISA Triple Crown Challenge ... more

Payment Preference May, 17, 2004

A new study has found that PIN debit purchasers are the most satisfied with their chosen payment method, followed closely by credit card users and signature debit users. According to the recent research, when consumers choose debit over other payment methods, ... more

Wal-Mart Unbanking May, 14, 2004

After beating up on the debit card business last year, the nation's 800-pound retailing gorilla has set its sights on the check cashing and money transfer business. This week Wal-Mart announced it is offering a cut rate of $3.00 to cash a check, after ... more