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News Library - May, 2006

Rate Squeeze May, 11, 2006

More pain is on the way for credit cardholders as the Fed yesterday raised short-term interest rates which triggered many banks within a matter of hours to raise their prime rate to 8%. The latest increase will show up in many credit card statements later ... more

3-2-1 VISA May, 10, 2006

Borders and Chase have jazzed up their VISA card program, now offering extra points and enabling "Borders Rewards" members to double-dip. The new "Borders 3-2-1 VISA" card awards cardholders three points for every dollar spent at Borders or Waldenbooks ... more

March Debt May, 9, 2006

Revolving consumer credit continued to hover at the $800 billion level in March after peaking in the prior two months at nearly $806 billion. On an annual basis, revolving consumer credit, mostly credit card debt, slipped by a rate of 0.2%. more

e-Payments May, 8, 2006

Electronic payments continue to grow, rising 56% from four years ago and more than 16% over the past twelve months. Nearly 14 billion automated clearing house (ACH) payments were made last year, which includes payroll direct deposit, Social Security benefits, ... more

NEW VISA/MC May, 5, 2006

With a merchant backlash breathing down their necks, VISA and MasterCard are remaking themselves into more open organizations by bringing in non-banking outsiders to oversee their business. Last week VISA USA's board of directors added four independent ... more

In-Flight Cards May, 4, 2006

The world's largest airline is rolling out in-flight credit card acceptance on all of its domestic and international flights by mid-June. This week, American Airlines began phasing in the program for onboard purchases. more

BP VISA May, 3, 2006

BP and Chase have pumped up their co-branded credit card program. The new "BP VISA" now offers a 5% rebate on BP purchases, 2% on most travel and dining purchases as well as 1% on all other card purchases. more

FSA/HSA Cards May, 2, 2006

The hassle of filing claims for payments from "Flexible Spending Accounts" and "Health Savings Accounts" may soon be cured as more companies opt for payments cards linked to such accounts. VISA, MasterCard and American Express all have FSA/HSA card programs. more

Choices May, 1, 2006

A new type of currency was introduced by a major airline to reward its co-branded VISA cardholders with more redemption options. The "United Mileage Plus VISA" from Chase has switched from awarding miles for card usage to earning "Choices." more