Thinning Wallets

A new survey shows that more consumers are shedding payment products compared to two years ago. Nearly half of those trimming their wallets have canceled or reduced their usage of standard credit cards. The “PaymentDynamics 2007 Preferred Payments Study” by TransUnion and Edgar, Dunn & Company reveals that 20% of consumers said they shed payment…

Fashion Rewards

Nordstrom has launched a new rewards program that blends the Company’s current points system with more benefits based on customers’ spending levels using any Nordstrom credit or debit card. The new “Nordstrom Fashion Rewards” offers the points program to customers but will also feature new rewards such as complimentary in-store services and access to red…

New Secured Card

Chicago-based Banco Popular has introduced two new MasterCard products for the U.S. market. The “Banco Popular Platinum MasterCard” offers a 0% intro APR for balance transfers, plus the “Popular Rewards” loyalty program. Cardholders earn one point per dollar spent on all eligible purchases and can also earn points on balance transfers. The “Banco Popular Classic…

Building Balances

Monthly payment rates, the amount cardholders pay on their outstanding balances each month, continues to spiral down, falling below 18.50% for the first time since July 2005. The payment rate peaked in October of last year, reaching almost 21%. The higher payment rates were driven by new minimum payment standards that took effect last year.…

Financial Guru

VISA USA has teamed with the financial gal associated with “The Oprah Winfrey how” and “The Today Show.” Best-selling personal finance education author Jean Chatzky will now work with VISA’s “Practical Money Skills for Life” and “What’s My Score” programs. VISA says Chatsky will help the card network develop new financial education curriculum and interactive…

Citi Money Guide

Dara Duguay, the former Executive Director of the Washington, DC-based Jump$tart Coalition for Personal Financial Literacy who joined Citibank three years ago, has edited a new personal financial guide for the banking giant. The new “Citi Commonsense Money Guide for Real People” is available from Rodale Publishing for $25.95. The book offers easy-to-understand solutions to…

Contactless Bandwagon

Payment cards that enable you to “wave to pay” instead of “swipe to pay” are spreading like wildfire in the USA. This week VISA announced that its contactless payment feature will henceforth be known as “VISA payWave” and Discover is ready to announced the roll-out of its “ZIP” contactless payment solution. They will join “MasterCard…

Wallet Share

A new study has found that more consumers prefer debit cards than any other type of payment for point-of-sale purchases. This is the first time in the study’s history that debit cards exceeded all other payment devices as the overall preferred payment product. The “PaymentDynamics 2007 Preferred Payments Study” from TransUnion and Edgar, Dunn &…

DeadBeets

The number of Americans who pay-off their credit card balances each month declined for the third consecutive year in 2006. Recently the payment card industry has been reporting a decline in the monthly payment rate after nearly four years of firm increases. During 2005, 38.7% of U.S. cardholders paid-off their balance each month, compared to…

Late Payment Fees

For the first time in more than 20 years the average late payment fee for bank credit cards declined in March to $35.01 compared to $35.07 for the prior month. Most of the top issuers charged a late fee of $39, however the fee is now assessed based on the outstanding balance which has helped…