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CARDNEWS FOR CONSUMERS
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(5/28/04)
Sony Card Event
The "Sony VISA" card will come alive next month for gizmo and music lovers. Bank One and Sony have organized a two-day experience in New York City including a mind-blowing display of entertainment thingamajigs and two concerts in the park.
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(5/27/04)
Card Webisode
Always on the cutting-edge, American Express recently released its second webisode featuring Jerry Seinfeld and Superman. The new "Hindsight is 20/20" promotes AmEx's "Roadside Assistance" service.
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(5/26/04)
Cash Advance Fees
Going to a bank or hitting an ATM for a cash advance using your credit card has always been a bad deal, since you have to pay a special fee based on the amount advanced, a higher interest rate than what you pay for purchases, and interest charges start immediately. But the deal has gotten worse as the fee for taking a small advance has increased 250%, and the fee for larger advances has soared by 900%, over the past fifteen years.
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(5/25/04)
Outrageous Fees
A new survey confirms that many banks are immediately charging late fees on payments not received on the due date and high punitive interest rates after just one or two late payments or a change in credit performance with other creditors. San Francisco-based Consumer Action says that anti-consumer policies employed by credit card companies force cardholders to slide deeper into debt.
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(5/24/04)
Late Fees
All of the nation's top ten bank credit card issuers, including American Express and Discover, have raised late fees during the last three years by an average of 23%. During this same period, the number of VISA and MasterCard accounts past-due has soared 50%, from 12.3 million to 18.5 million.
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(5/21/04)
Penalty APRS
Interest rates charged to cardholders who miss payments, exceed credit limits, or otherwise default in some other manner, have increased from an average of 23.26% in April 2001 to an average of 25.88% for last month. Since many of these rates are variable, any future increases in the prime rate will drive these rates even higher, in some cases above 30%.
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(5/19/04)
Checks Fading
Check transaction volume experienced its steepest drop of the past four years, more than doubling the 2002 rate of decline. The latest government report indicates that check transaction volume declined by 4.7% in 2003 to 39.5 billion checks.
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(5/18/04)
Triple Crown
VISA is bracing for a $5 million pay-out on June 5th should "Smarty Jones" win the Belmont Stakes and become the 12th horse in history to win the "Triple Crown." VISA has been holding the bonus for eight years as part of its "VISA Triple Crown Challenge Bonus."
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(5/17/04)
Payment Preference
A new study has found that PIN debit purchasers are the most satisfied with their chosen payment method, followed closely by credit card users and signature debit users. According to the recent research, when consumers choose debit over other payment methods, it is chiefly because they believe it is faster and easier.
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(5/14/04)
Wal-Mart Unbanking
After beating up on the debit card business last year, the nation's 800-pound retailing gorilla has set its sights on the check cashing and money transfer business. This week Wal-Mart announced it is offering a cut rate of $3.00 to cash a check, after announcing last week it will charge a flat rate of $9.46 to transfer money to Mexico.
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(5/13/04)
Debt Rebound
After an anemic February, Americans picked up the pace in March as revolving credit grew at the same 4.1% annualized rate as one-year ago. Consumers added $2.6 billion to revolving credit during March compared to a mere $200 million in February.
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(5/12/04)
Mortgage Equity Card
The second rewards credit card linked a home mortgage was introduced this week by GMAC Mortgage and MBNA America Bank. The new "Equity Rewards Platinum Plus MasterCard" comes on the heels of Citibank's "Home Rebate Platinum Select MasterCard" launched in mid-April.
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(5/11/04)
Cruise Deal
If you book a summer cruise through Travelocity using a MasterCard within the next two weeks you can receive up to $400 back. Now through May 25th, customers using their MasterCard card for payment on qualifying sailings for cruises departing June 1st through September 30th, will receive up to $200 cash back in the form of a "Prepaid MasterCard Gift Card."
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(5/6/04)
Spending Spree
VISA USA this week launched a sweepstakes offering cardholders the chance to win a ten-day world shopping tour, worth $150,000, to three select cities of his or her choice.
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(5/5/04)
Top Loyalty Card
The owner of the St. Regis, The Luxury Collection, Westin, Sheraton, W Hotels and Four Points by Sheraton, hotel chains has once again been voted "Program of the Year" in both America and Internationally. "Starwood Preferred Guest," which came to life in early 1999, also took top honors as the "Best Website" in the "16th Annual Freddie Awards."
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