bofa Archives • Page 23 of 58 • CardFlash®

Moody’s Upgrades BofA $57.8B Credit Card Securities

5, Country, Priority, UNITED STATESBy Robert McKinley 04/01/2010

Moody’s confirms and upgrades ratings on Bank of America’s credit card securities with approximately $57.8 billion of asset-backed securities affected.
These rating actions are driven by the March 31, 2010 execution of amendments to further enhance BAC’s outstanding credit card securities.
Essentially, subordination beneath BACCT’s Class A, B, and C notes would change to approximately 31.75%, 22% and 13% from 22%, 15% and 9%.
Similarly, for Master Trust II transactions, the rated Class A and B bonds will have 31% and 25% subordination, up from 22% and 15%, respectively. Collateral performance, especially with respect to charge-offs and delinquencies, has started to demonstrate early signs of stabilization.
Even so, Moody’s expects the gross charge-off rate will remain elevated for some time and has revised its expected range to 12% -15% from 11% – 14%.

Bank Of America Ends Debit Card Overdraft Charges

5, Country, Priority, UNITED STATESBy Robert McKinley 03/11/2010

Bank of America has announced that beginning this
summer it will only authorize single debit card transactions at the
POS if a customer has enough money in their account at the time.
This change will help customers by reducing the likelihood they may
inadvertently overdraw their account, thus eliminating unexpected
overdraft fees on these transactions. The Bank
is reducing the likelihood cardholders will overdraw their accounts and
eliminate overdraft fees for greater control; is allowing customers to
link their checking account to a savings or other accounts through
Overdraft Protection or to simply take out cash at an ATM for greater
choice; and clearly spelling out for customers how these changes are
enhancing the control they have asked for while providing options that
allow them to choose the solution that best meets their needs.

Bottomline To Process Travel Commissions Using PayMode

5, Country, Priority, UNITED STATESBy Robert McKinley 02/25/2010

Payment solution provider Bottomline Technologies will acquire
the travel commission payments service of Bank of America.
Bottomline will serve these travel clients through the “PayMode” electronic network for payment and invoice automation.
Bank of America will continue to provide
commission service to clients until their transition to PayMode. Clients
will receive the same levels of customer service and functionality
theyâre accustomed to, as well as gaining robust remittance reporting,
enhanced delivery capabilities, and the ability to pay other suppliers
within PayModeâs network of more than 90,000 members.
The BofA clients will upgrade to PayMode, the worldâs
fastest-growing business-to-business payment network, later this year.
This acquisition builds on the strategic work Bank of America and
Bottomline have forged to leverage the strengths and technologies of
each.

BofA Subsidiary Launches Card Transfer Promo

5, Country, Priority, UNITED STATESBy Robert McKinley 02/19/2010

MBNA Ireland Credit Cards is offering all Halifax customers 0% APR for
10 months on balance transfers, for anyone who will have to switch from
their current Halifax credit card. Normally reserved for new customers,
existing Halifax customers can benefit from MBNAâs 0% APR on balance
transfers, money transfers and credit card checks for 10 months, with a
rate of 14.9% APR (variable) thereafter and on card purchases. Those who
switch are given an instant decision on the application; total control
with an online account; on-line security and no annual fee for use in
over 20 million places around the world.

BofA Merrill Lynch to Deploy PropertyBridge Card Payment

5, Country, Priority, UNITED STATESBy Robert McKinley 02/05/2010

PropertyBridge, a MoneyGram International subsidiary and provider of electronic payment services to the multi-family housing industry, will offers its payments platform to Bank of America Merrill Lynch property management clients. Providing banking, lending and payment processing services to more than 40 of the top 50 property management companies in the U.S. , Bank of America is targeting the one-third of Americans whom rent their housing, representing 18 million apartments with approximately $146 billion spent annually on residential rent. With these agreements, Bank of America Merrill Lynch automate rent payments in an industry still heavily reliant on paper checks with credit cards, check scanning, ACH, and electronic check acceptance.

Bank of America Cards Sees $3.4B in 4Q/09 Revenue

5, Country, Priority, UNITED STATESBy Robert McKinley 01/22/2010

Bank of America global credit cards posted a $194 million loss in the
fourth quarter compared to a $1billion loss in the previous quarter and
a $9million loss in 4Q/08. Fourth quarter global cards revenues totaled
$3.4 billion while charge-offs for the quarter rose 3.71%. The managed
efficiency ratio increased for the quarter to 68.86% since the year ago
figure of 47.58%. The provision for credit losses increased to $30
billion from $20 billion for the year ago period due to higher net
losses driven by economic conditions and higher bankruptcies. The
increase in losses was partially offset by reductions in the reserves as
a result of improving delinquencies. For complete details on Bank of
America’s 4Q/09 performance, visit CardData (www.carddata.com).

BOFA CREDIT CARD NET INCOME
(Global Cards; Excludes Business Cards)
3Q/08: (-$167 million)
4Q/08: (-$9 million)
1Q/09: (-$1874 million)
2Q/09: (-$1617 million)
3Q/09: (-$1036 million)
4Q/09: (-$194 million)
Source: CardData (www.carddata.com)

Credit Card ABS Strong Regardless of Safeguards

5, Country, Priority, UNITED STATESBy Robert McKinley 01/21/2010

Credit card ABS ratings performance would have been quite stable even without various safeguards implemented by bank issuers to ward off downgrades in response to the economic slowdown. Card issuers such as Bank of America (BofA), Chase and Citibank, for example, chose to mitigate credit declines by implementing discount options and additional subordinate tranches to strengthen credit enhancement on existing credit card ABS. Fitch Ratings is projecting both chargeoffs and defaults to continue testing record highs throughout this year as unemployment continues to rise, but ratings on senior credit card ABS tranches to remain stable and could absorb chargeoff rates of 30%-45%.

CardTrak.com Names Ten Best New Cards of 2009

5, Country, Priority, UNITED STATESBy Robert McKinley 12/23/2009

With new credit card rules in place the top issuers launched more consumer and business friendly products in 2009. Among the best new card products of the year is a truly “green” card and a debit card with discounts for teens. CardTrak.com has compiled a list of the ten best new cards of 2009. And the winners are: 1. Gconomy Visa; 2. Chase Ink; 3. BofA Basic Visa; 4. Citi Forward; 5. Chase Sapphire; 6. AmEx Gold Premier Rewards; 7. Discover Current; 8. U.S. FlexPerks Visa; 9. Priceline Visa; and 10.BBVA Compass ClearPoints. The “Gconomy Visa” offers points for each purchase, donates a portion of every purchase to a “green” schools program, and rewards households for recycling. The Chase “Ink” card is a new business card portfolio that includes four distinct cards and marks the issuer’s first introduction of a pay-in-full charge card. The “BankAmericard Basic Visa” has simplified rates and terms offering the same APR for purchases, balance transfers and cash advances. The “Citi Forward” credit card lowers the purchase interest rate by a quarter percent when cardholders use credit wisely and rewards them with points has emerged each billing period for paying on time and staying under the credit line has emerged. The Chase “Sapphire” is targeted at the upper 15% of U.S. households in income and offers no preset limit, offers personalized customer service and is linked Chase’s “Ultimate Rewards” program. The American Express “Premier Rewards Gold Card” offers the opportunity to earn triple “Membership Rewards” points on airfare purchases, double points on gas and grocery purchases, and one point for all other purchases. The Discover “Current” card isa debit card for teens that offers members-only in-store coupons and online discounts at hundreds of merchants. U.S. Bank “FlexPerks Travel Rewards” earns double points for spending on gas, groceries or airline purchases – whichever is highest for the customer during the month as well as double points on most cell phone related charges. Barclays launched the “priceline.com Visa” enables cardholders to use their points as soon as they post to the account (typically within two days). Sunbelt-based BBVA Compass introduced the “BBVA Compass ClearPoints” credit card that features clear, simple and transparent terms and conditions, as well as pricing terms that will never change.
For more details visit CardTrak.com.

Top Issuer Charge-Offs Head Higher in Nov

5, Country, Priority, UNITED STATESBy Robert McKinley 12/18/2009

Charge-offs among the four top V/MC issuers rose by an average of 23 basis points in November, compared to the prior month. Chase posted a 79 basis points jump to 8.81% and Capital One reported a 56 basis points increase sequentially. However, Citi charge-offs declined slightly to 10.29% and BofA charge-offs declined from 13.22% in October to 13.00% in November. American Express reported its charge-off ratio dropped from a peak of 10.1% in April to 8.4% for September, 7.8% in October and 7.6% for November. Capital One reported its charge-off ratio rose to 9.60% for November from 9.04% in October. Discover said its managed net charge-off rate increased to 8.43% for the fourth quarter, up 295 basis points and four basis points from the prior year and the prior quarter, respectively. For complete details on the latest metrics visit CardData (www.carddata.com)

BofA to End Credit Card Mandatory Arbitration

5, Country, Priority, UNITED STATESBy Robert McKinley 12/16/2009

A four-year old lawsuit over the use of mandatory arbitration to settle credit card and debt collection disputes is heading toward an end. This week, Bank of America reached a tentative settlement to drop the arbitration clause and class action ban from its consumer and small business credit card agreements for at least 3.5 years beginning in 2010. BofA will also immediately stop enforcing the existing arbitration clauses against cardholders. A prior tentative settlement was announced with Chase in November. In June, the case was amended to add the National Arbitration Forum as a defendant. The lawsuit had accused BofA, Cap One, Chase, Citi, Discover, HSBC and others of having secretly met or consulted some 30 times for the purpose of requiring cardholders to arbitrate all disputes with credit card companies in violation of the antitrust laws.

BofA Issues a Credit Card Clarity Commitment

5, Country, Priority, UNITED STATESBy Robert McKinley 11/30/2009

Bank of America is mailing out a one-page summary of customers’ rates, fees, and payment information tomorrow to 40 million current cardholders. The “Credit Card Clarity Commitment” is part of a number of initiatives by BofA to simplify loan information for consumers. The bank recently launched the “BankAmericard Basic,” which has one rate for all transactions and no over limit fees. Earlier this year, BofA unveiled a “Clarity Commitment” with a simple one-page loan summary for mortgage and home equity customers; introduced new options for checking account customers to limit overdraft fees; and recently debuted an easy-to-navigate Web site, bankofamerica.com/solutions, that provides tools and resources to help consumers manage their finances.

Credit Card Loans Slip 9% Since Credit Crunch

5, Country, Priority, UNITED STATESBy Robert McKinley 10/27/2009

Managed bank credit card outstandings among the nation’s six largest
issuers declined 9% on average over the past year. The peer group, which
controls more than two-thirds of the U.S. market, had $574 billion in
EOP outstandings for the third quarter, according to CardData.com.
American Express reported the largest decline of 18% as it continues to
refocus on charge cards. Excluding the WaMu portfolio, Chase
outstandings declined 9% to $144 billion. Citi reported the smallest
decline of only 1% to $83.2 billion. Discover is down a mere 2% from
3Q/08 to $48.1 billion. Among Visa and MasterCard issuers, Capital One
dropped 11% to $61.9 billion and BofA slipped 10% to $164.5 billion.
BofA data are for global cards. According to the Federal Reserve, U.S.
consumer revolving credit dipped below $900 billion in August, posting
its 12th consecutive monthly decline. Revolving credit peaked at $975.2
billion in the third quarter of last year. For more details on third
quarter credit card performance visit CardData (www.carddata.com).

MANAGED OUTSTANDINGS
($ billions)
Chase* $144 $159 -9%
BofA $164 $183 -10%
Citi $83 $84 -1%
Cap One $62 $69 -11%
AmEx $52 $64 -18%
Disc $48 $49 -2%
*excludes WaMu segment
Source: CardData (www.carddata.com)

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