Nearly half (48%) of Gen X and baby boomers agree credit cards now function as a survival tool and 43% agree lots of smart, hardworking people who are careful with spending also have a lot of credit card debt.
The NFC Forum announced the publication of the “NFC Reference Guide for Air Travel.” The new, comprehensive reference guide is available at no charge from the NFC Forum’s website. Potential uses of NFC technology for air travel that save time for passengers and streamline operations for airlines and other businesses include: NFC use for secure provision, storage, and reading of boarding passes on mobile devices; NFC on a mobile device to enable “tap-and-go” access to elite lounges; Airlines and airports using NFC to provide (and cancel) access to secured areas to staff via their mobile devices; NFC tags coded and embedded in luggage tags to quickly access baggage information and better track bags’ progress; Travelers tapping their NFC-enabled devices to enter a parking garage, pay at exit, or store parking details for later reference; NFC’s well-established payment applications for purchases in airport shops, and even on board the aircraft.
MoneyGram signed an agreement with OzForex foreign exchange service provider to power mobile and web money transfers to customers. The agreement now gives MoneyGram customers the ability to make money transfers to bank accounts overseas via PC, tablet, or mobile phone. It also enables customers to execute transfers on specific dates or at specific exchange rate targets, and the option to buy “bundled transfers” to lock in low, ongoing average transaction costs. The agreement with OzForex enables MoneyGram to provide a channel to customers who need to transfer large amounts directly to an overseas bank account, which will also continue to offer cash-to-cash transfer options to these residents via its network of more than 321,000 agents in 198 countries and territories.
ACI Worldwide will acquire Online Resources in an all cash transaction for $3.85 per share, per a recently inked definitive transaction agreement. With directors of both companies having approved the transaction, the integration of ACI Worldwide and Online Resources will make available to financial institutions the preeminent online and mobile banking, bill payment and presentment solutions. ACI Worldwide is recognized as the leader in the U.S. Large Bank Market for 2012 and a Company to Watch in 2013 by Aite Group. The addition of Online Resources’ payment and presentment capabilities will benefit customers by giving them the choice and flexibility to address a broader set of needs from a single integrated source and broaden ACI Worldwide’s customer base with the addition of 1,000 banks, credit unions, billers, credit card issuers, and other credit and payment service providers.
The American Bankers Association released a statement to the Senate on its position regarding consumer lending. In it, it referenced “The Dodd-Frank Act required regulators to establish a QRM category of loans that would be exempt from risk retention requirements once they are determined to be well-underwritten, low-risk, and high-quality. Unfortunately, the proposal set forth goes far beyond what Congress intended, mandating a minimum 20 percent down payment and severely narrow credit history requirements, restrictions that will shut the door to home ownership for many otherwise qualified buyers. ABA supports sound underwriting and responsible lending practices, and our members work diligently to make responsible credit available to qualified borrowers on fair and reasonable terms. The proposed QRM goes too far in restricting credit, which will harm borrowers and the nation’s fledgling economic recovery.”
Ink from Chase of Chase Card Services officially launched its “Jot” mobile application and online solution for small business owners on the go. It saves time allowing users to track, categorize and organize business expenses in real-time from their iPhone and Android. Jot will let Ink from Chase customers receive text alerts within seconds of making a purchase with their Ink card; immediately tag these purchases to custom categories on a mobile device or online; let employees to tag their business expenses; view all transactions on their account, including those of their employees, through their mobile device or online; adjust employees’ card spending limits through their mobile device; and download reports into accounting software. The multi-channel national advertising campaign to introduce Jot will appear across outlets such as ABC, NBC, CNN, Fox, Bloomberg BusinessWeek, Entrepreneur, Forbes, INC, the New York Times, Wall Street Journal and numerous social media channels and will continue through 2012.
Regarding regulation giving the federal government the ability to set the rates retailers pay for accepting debit products at the consumerâs expense, 83% are specifically oppose the amendment. Additionally, 60% believe retailers â not cardholders â should bear the fair cost of accepting credit and debit cards. The study, released by Visa, shows widespread skepticism toward this and other provisions put forth in a controversial amendment to the financial regulatory reform bill currently being negotiated in Congress. The amendment written by Senator Durbin proposes Americans who benefit from the security and convenience of electronic payments could find themselves forced to spend a minimum amount when they choose to pay for goods and services with a credit card, of which 68% of consumers are opposed and 55% are strongly opposed.
A new study has found that 82% of credit cards allow penalty interest
rate hikes that could last indefinitely. The Pew Charitable Trusts’
“Safe Credit Cards Project” is calling on Congress to add a
a “cure period” to curb penalty interest charges. The median allowable
penalty rate was 28% about double the average non-penalty rate. Pew says
Americans are on track to pay credit card penalty interest charges of
more than $7 billion annually. The Senate bill contains a “cure period”
that will ensure that cardholders have the opportunity to return to
their original interest rate after six months of on-time payments.
The Pew “Safe Credit Cards Project” studied all credit cards offered
online by the largest 12 issuers and included more than 400 credit cards.
Congress yesterday passed the “Credit Cardholders’ Bill of Rights Act of 2009” and it is on its way to President Obama for his signature by Memorial Day. The U.S. House voted 361 to 64 to send Obama
the stronger Senate version of the legislation. The U.S. Senate voted 90 to 5 on Tuesday to pass “H.R. 627.” Once Obama signs the bill, it will take nine months to go into effect. Speaker Nancy Pelosi said the “Credit Cardholders’ Bill of Rights” is historic legislation that protects American consumers against sky-high interest rates, excessive fees and other unfair practices of some credit card companies. U.S. Senator Mary Landrieu (D-LA) says that unfortunately, the “Credit CARD Act” does not apply protections to small business owners who have fallen victim to predatory credit card practices. The California-based Consumer Education Foundation noted that the legislation will not protect consumers against outrageous interest rates or other egregious practices and represents an astounding victory for the banking and credit card industry. The CEF says that under the Senate bill: There is no cap on credit card interest rates; companies can raise interest rates on future purchases at any time; issuers can unilaterally changes the terms of the credit card contract; and can still use fine print “arbitration” clauses to prevent consumers from suing them in court. To view the complete bill visit CardFlash Online (www.cardflash.com). (CF Library 5/20/09)
CA-based credit scoring company WECOSIGN has partnered with First
Data Corporation to process all of WECOSIGN’s credit information for
new applicants seeking apartments.
Applications for WECOSIGN’s service have increased by more than 100%
since the opening of their corporate office in July and has quickly
established itself as the nation’s leading company for people with poor
credit scores who need help gaining approval for apartment rental
The ACCEL/Exchange Network and its Education Exchange college grant program recently awarded $50,000 in college grants to 34 members of the high school graduating class of 2007. This year’s $5,000 grant recipients were Galen Danskin of Quaker Hill, Connecticut; Tony Poor of Panama City, Florida; and Lindsey Stavola of Melbourne, Florida. The $2,500 grant recipient was Jacob Hofer of Hagerstown, Indiana. From an initial pool of thousands of applicants, three $5,000 grants, one $2,500 grant, and 30 $1,000 grants were awarded based upon scholastic achievement, volunteerism and extracurricular activities, character and leadership, essay responses and financial need. ACCEL/Exchange is a comprehensive ATM and POS network that maintains industry-leading authorization rates and 24 x 7 network switch availability. The value inherent in ACCEL/Exchange has made it one of the fastest growing EFT networks in operation. ACCEL/Exchange transactions are currently enabled at 180,000 ATMs and most merchant locations nationwide.
The semi-finalists for “The Members Project” were announced last week by American Express. The program asked cardholders to submit, discuss and rate ideas to make a positive impact in the world. Project ideas ranged from local community-based projects throughout the USA to international aid projects in Africa and Asia. More than 7,000 project ideas submitted to “The Members Project.” In the next phase of “The Members Project,” American Express is calling for cardholders to register and vote for their favorite project ideas to narrow down the list to the idea about which cardholders are most passionate. For every cardholder that registers, American Express will contribute $1 toward the winning idea. American Express has committed at least $1 million and up to $5 million to bring the winning idea to life.