EnterCard has launched a new credit card for the Swedish consumer market. The new “re:member EnterCard” enables consumers to borrow in a flexible and controlled manner and giving them more liberty to rule their own private economy. Cardholders have the option to customize their cards from a menu of benefits.Details
U.K. credit card issuers have been cutting their default fees. The OFT says the majority have done so by almost half. In April, the OFT stated that credit card default charges had been generally set at a significantly higher level than was considered fair and set a GBP 12 threshold for OFT intervention unless there were exceptional business factors. The OFT says a fair credit card default charge should not exceed a reasonable estimate of certain limited administrative costs which the credit card issuer reasonably expects to incur as a result of default. However, many card issuers have stated that they do
not agree with the OFT’s view of the law and that they believe that
their default charges were fair.
First Data International reports it has processed one million cards in Italy on its “VisionPLUS” platform. FinecoBank, an affiliate of Capitalia, has issued cards processed on First Data’s platform since 2000. First Data acquired FinecoBank’s credit card processing operations in 2005. Capitalia, the fourth largest banking group in the country, is now driving the expansion. With Italian operations in Milan, First Data offers issuing processing as well as a full portfolio of associated value-added services to Italian and international banks.Details
Discount air carrier, easyJet, has signed up with UATP to become a merchant effective immediately. easyJet offers low-fare daily flights to most of Europe’s leisure and business destinations, selling direct to passengers with one of the world’s youngest fleets. UATP accounts are actively issued by 15 member airlines and accepted as a form of payment for corporate business travel by more than 200 airlines worldwide. Airlines currently issuing UATP accounts include Aer Lingus, Air New Zealand, Alitalia, American Airlines, Austrian Airlines, British Airways, Continental Airlines, Delta Air Lines, Japan Airlines, KLM Royal Dutch Airlines, Lufthansa German Airlines, Qantas Airways, Ltd., Scandinavian Airlines System, United Airlines and US Airways.Details
TRM has signed Mitchell’s and Butler and Whitbread to extensions of their current ATM contracts with TRM. Also, TRM recently won the
ATM supply contract for Mitchell’s and Butler’s Hollywood Bowl estate,
comprised of 25 large, premier, ten-pin bowling sites in the United
Kingdom. TRM operates approximately 171 ATMs at Mitchell’s and Butler sites. Whitbread extended their current agreement with TRM,
their sole supplier of ATM cash machines, for another three-year term. The agreement encompasses the entire Whitbread Portfolio including key brands such as Beefeater Restaurants, Brewers Fayre Restaurants and Premier Travel Inns Hotels.
GE Money has named Mike Cutter to president and CEO of GE Money — Australia & New Zealand. Cutter succeeds Thomas Gentile, who was recently appointed as SVP Global Marketing for GE Money. A 16-year GE veteran, Cutter has previously held a number of senior roles within GE Money, including VP Marketing for Australia and New Zealand; VP Global Risk Management; and most recently Managing Director of GE Money Direct, where he was responsible for the Company’s network of 134 branches and its direct marketing efforts.Details
Nationwide Building Society is installing NCR’s ATMs with “Intelligent Deposit.” It is the first deployment of the Personas 76 in the United Kingdom. The roll-out of 170 of these new units is currently underway. NCR’s newest “Intelligent Deposit” technology has been piloted in 10 Nationwide branches over the last three months. Nationwide Building Society says it is investing GBP 300 million in improving access to its services for members. Nationwide, which provides financial services through its 870 UK retail outlets, is the largest mutual building society in the world.Details
Online forex trading provider Interbank FX has launched two VISA cards for foreign currency traders. The new “Interbank FX Platinum VISA Rewards Card” offers traders points-for-dollars-spent and 50 reward points for every round turn standard foreign exchange lot traded. The reward points can be redeemed at more than 100 airlines, hotels and resorts worldwide. The credit card is only open to U.S. residents at this time. The “Platinum VISA Debit Card” enables Interbank FX account holders to move money from their margin accounts into their debit account. The “Platinum VISA Rewards” card will be available mid
October while the “Platinum VISA Debit Card” will be available late October. Interbank FX has customers in over 120 countries.
The National Association of Consumer Bankruptcy Attorneys continues to attack the new bankruptcy laws. Yesterday the group reports that the U.S. Bankruptcy Court for the Northern District of New York issued a decision saying that those going through bankruptcy may not tithe to their church or make other charitable donations until they have paid off credit card companies and other creditors. Before the new law went into effect, bankruptcy court judges were required to permit debtors to tithe a portion of their income on a regular basis. In his August 28, 2006 opinion U.S. Bankruptcy Judge Robert Littlefield ruled that the 2005 bankruptcy law change effectively closes the door for debtors who are above the median income from deducting charitable contributions as an expense unless they can establish the contributions fall under the IRS guidelines. Littlefield said the court does not agree with the awkward, bifurcated Congressional framework which makes charitable giving easier for some debtors and not others. Littlefield says whether tithing is or is not reasonable for a debtor in bankruptcy is for Washington to decide. However, consistency and logic would demand the same treatment of all debtors … until Congress amends the Act, the court’s hands are tied.Details
Personal credit confidence among Britons has dropped by three points in the third quarter. Also, the number of borrowers who are uncomfortable with their level of borrowing has risen by two percentage points over the third quarter to 15%. The latest “Personal Credit Index” from Experian’s “CreditExpert” online credit monitoring service found that 15% of British holiday makers admit to borrowing money to pay for their holidays this summer. A third of those who used a credit card to pay for their summer holiday say they don’t expect to repay the borrowed amount at their next statement. Some 14% estimate it will take them four to six months to pay off their holiday credit card bill. The research for Experian was conducted by Ipsos MORI.Details
After raising more than $10 million last year from a group of investors that included VISA International, Paris-based INSIDE Contactless has closed a new round of funding of $25 million. The new funding will accelerate the development of its payment and near field communication businesses as well as expand its presence in Asia and the U.S. The round of funding was led by Granite Global Ventures. The other new investor for this round was EuroUs Venture. Current investors who contributed to half of the total amount of this round led by Sofinnova Partners, now the largest shareholder, include Vertex Venture Capital, Vertex Management, GIMV, and Siparex Ventures.In 2005, INSIDE raised $10.6 million from Sofinnova, Vertex Venture Capital, GIMV, Siparex Ventures, and VISA International.Details
NY-based SafePay Solutions has launched its own SafePay-branded “Prepaid VISA” card. SafePay members can use the Prepaid Visa(R) cards to shop at millions of locations worldwide! They can make purchases in stores, shops, online, by phone–anywhere the Visa(R) logo is accepted. SafePay Solutions has one of the highest levels of security, convenience, and speed of any online payment system.Details