American Express Canada and Costco Wholesale introduce the no-fee “TrueEarnings Card” designed to offer consumers rich rewards on purchases made inside and outside of Costco. TrueEarnings Cardmembers can increase the amount of cash back they earn by charging everyday purchases to their Card. This robust and flexible rewards offering allows Cardmembers to earn a full 3% cash back at eligible restaurants, 2% cash back at eligible gas stations up to $3,000 annually and 1% thereafter and up to 1% cash back on daily purchases such as groceries. Cardmembers can then easily use their annual rebate toward goods, services or cash at Costco.American Express continues to be the only Credit Card accepted at Costco’s 77 warehouse locations across Canada. The introduction of the new TrueEarnings Card is the most recent milestone in the companies’ long-standing ten year partnership.Details
Santander Cards reveals that Britons incurred GBP122 million pounds in unnecessary foreign exchange fees when using their credit card
abroad last year. The massive sum was generated after Britons spent GBP1.5 billion on credit
cards overseas in 2009, an average of GBP600 per traveller. Nearly all
credit cards in the market impose a foreign exchange fee of around 2.75%
on purchases made abroad. The Santander Zero Credit Card is one of the only
cards on the market to offer fee-free foreign usage anywhere in the
world. One in five travelers use credit cards, however, the research revealed that 52% of travelers still pay with cash when abroad.
Credit cards are the second most popular
method of payment, followed by debit cards at 15% and traveller’s
cheques at 5%.
Acculynk has established the Internet PIN Debit Advisory Council with
partner EFT networks. The Advisory Council brings together Acculynkâs
partner EFT networks, including ACCEL/Exchange, Alaska Option, Credit
Union 24, PULSE and SHAZAM, to establish the processes, procedures,
rules and best practices around “PaySecure” for Internet PIN debit.
Introducing a software-only service for PIN debit payments on the
Internet, “PaySecure,”has been adopted by multiple EFT networks,
merchant acquirers, E-commerce merchants and issuers. Acculynk expects
to announce two additional EFT networks in the next 30-60 days.
CA-based Bluepoint Solutions remote deposit capture (RDC), image-based item processing and enterprise content management software for banks, signed four new client institutions. These include Kennebec Savings Bank, City and County Credit Union, South Carolina Federal Credit Union and Honda Federal Credit Union, all of which having selected at least one module from Bluepointâs “ImagePoint” solution suite. An end-to-end image-based check clearing solution designed to help financial institutions of all sizes better manage item processing, “ImagePoint” is composed of “ImagePoint Capture” for remote capture of items; “ImagePoint Hub” for aggregation and forward presentment of items; and “ImagePoint Foundation” for central item processing functions and image exchange.Details
TransUnion reports that card delinquency increased 1.21% in the fourth
Average credit card borrower debt drifted downward nationally by 3.18%
to $5,434 from the previous
quarter’s $5,612, and down 5.15% compared to the fourth quarter
of 2008 ($5,729). The highest state average credit card debt remains in
Alaska at $7,328, followed by Tennessee at $6,823 and Alabama at $6,332.
The lowest average credit card debt was found in Iowa ($4,139), followed
by North Dakota ($4,318) and West Virginia ($4,448).
Unlike last quarter, no state showed an increase in average credit card
debt from the prior quarter. The steepest decreases in average credit
card debt over the previous quarter occurred in Nevada (-6.23%),
Alaska (-4.8%) and Rhode Island (-4.4%).
Guard Dog has announced the latest additions to its executive management. These include Cari Templin as VP, Client Relations, Priscilla Lynn VP, Corporate Communications and Shawn Andreas VP, Marketing, all to serve on the companyâs Board. Templin has assisted the Company in senior management roles focusing on client relations, customer service, retention, quality control and compliance. Lynnâs entrepreneurial background spans two decades operating her public relations consulting firm throughout the USA and US Virgin Islands for such clients as Exxon, Genworth Financial, Sears, and the Discover Card division of Discovery Bank. Andreas served several Fortune 500 companies in various marketing and management roles and specializes in brand awareness, corporate partnership programs and networking.Details
Paybefore has chosen the “InsurCard” Visa Prepaid Card, which is issued by Bancorp Bank Payment Solutions in collaboration with InsurCard, as a Paybefore Awards winner in the Best Business/Corporate-Funded Program: B2B. The Paybefore Awards recognizes excellence in the prepaid industry, which are presented annually by Prepaid Media and awarded “InsurCard” based on the conclusions of a panel of five industry experts. The InsurCard offers great benefits for an injured worker or a displaced homeowner because they can begin using the funds immediately anywhere that Visa debit cards are accepted.Details
Paybefore has recognized MasterCard-branded prepaid programs as top
programs in the Paybefore
Award categories. The Paybefore Awards are the most prestigious
recognition of excellence in the prepaid card segment, acknowledging
best-in-class prepaid programs from around the world. This recognition
of numerous MasterCard programs demonstrates MasterCardâs leadership in
prepaid as a strategic global partner. MasterCard
combines a set of global prepaid product solutions, processing and
advisory services that is unique in the industry, making it a strong
business partner for companies looking to successfully participate in
the prepaid market. MasterCard prepaid card solutions are being used
today to enable global financial inclusion and provide consumers an
additional payment choice; deliver cost savings and efficiencies to
business and public sector agencies; enhance channels for merchant
profitability; and complement existing retail bank strategies by
delivering innovation on emerging payments opportunities.
The Western Union Company will present at
the Goldman Sachs Technology and Internet Conference on Tuesday, February 23,
2010 in San Francisco. The presentation
will include comments from Scott Scheirman, Chief Financial Officer, and Stewart
Stockdale, President of the Americas and Executive Vice President of Global
Cards and Global Key Accounts. The archived webcast will be available
approximately one hour after the conclusion of the presentation.
Transaction Wireless (TW) mobile commerce, payment and marketing co has been selected as the business-to-business (B2B) virtual gift card solution provider for SpaFinder spa media and marketing company. This will allow SpaFinder to sell virtual gift cards in bulk quantities to its corporate clients worldwide, whom will be able to distribute the new electronic cards via email using TWâs “wGiftCard” technology. This agreement marks TWâs first international rollout of its virtual gift card solution, which will initially launch in North America and the U.K. and then be available in France, Italy, Spain and Germany in the coming months.Details
Spending by international visitors on Visa cards at the Vancouver 2010 Olympic Winter Games and in British Columbia reached $9.8million through just over
100,000 transactions on the sixth day of the Olympic Winter Games, February 17. Year-over-year, this was an increase of more than 91% and dwarfs the $6.9million
spent on day two, February 13. For the first six days of the Games, from February 12th to the 18th, international Visa cardholder spending in British Columbia
reached US$38.3 million, an increase of 65% since the year ago period, while the number of transactions totaled approximately 370,000, an increase of 42% over
since the year ago period. Accommodation, travel, entertainment and retail sales accounted for more
than 95% of the expenditures.
TOP 10 DAY#6 SPENDERS
TOP 10 DAY#6 SPENDERS
Hong Kong $221,000
CashStar digital gifting and incentives company has partnered with National Gift Card Corporation (NGC) discounted gift card distributor to deliver digital gift cards to thousands of the latter’s corporate customers. Offering discounted retail gift cards for corporate, incentives, motivation, recognition and performance programs, NGC markets and distributes hundreds of nationally recognized retailer gift cards to its corporate clients. With this new partnership, NGC will utilize CashStarâs eCorporate Incentives platform, the industryâs first B2B digital gifting solution, to deliver digital gift cards to its customers. This allows NGC to deliver highly-personalized digital gift cards through an easy-to-use Web interface simply by importing recipients, entering personalized messages and selecting card designs and values.Details