Profit Machine

The FDIC reports that the top 25 banking companies grew their earnings significantly in the first quarter amid a significant resurgence in U.S. economic activity. Leading credit card issuers, Capital One and MBNA, also posted very strong earnings. Return on assets of the 25 largest banking companies increased by 43 basis points in the quarter…

Dibz Card

A new prepaid, stored value teen card will hit the market next month. The Dibz Card will be promoted through sponsoring and partnering with extreme sports events and athletes under the slogan “I Got Dibz!”. The card will also function as a calling card. While conventional credit card transactions are attached directly to the identity…

IRS Falloff

Using credit cards to pay federal income taxes took a nose dive this filing season, thanks to the soft economy. The Internal Revenue Service said that tax payments via credit cards declined 19.3% between 2001 and 2002. During the 2002 tax filing season, the IRS received 215,200 credit card transactions for a total of $574.4…

Tiger Card

The most famous golfer in the world is getting ready to tee off a credit card this month. American Express is preparing to launch the new Tiger Woods Credit Card in Canada. This is the first time Woods has given his name directly to an American Express product even though he has been a spokesman…

Debit Float

Most debit cards do not offer a float like credit cards do, but this is about to change as Ohio-based Charter One Financial launches a delayed-debit MasterCard. The new SmartBusiness OneCard gives Charter One small business customers the option of having their funds debited monthly or semimonthly. Charter One customers can also monitor their SmartBusiness…

Upromise Birthday

The Upromise college savings program celebrates its first anniversary this month after signing up more than one million members so far. The program includes the Citibank Upromise MasterCard which offers a 1% rebate on all card purchases, in addition to bonus rebates earned through other Upromise participants. Under the Upromise program, families can multiply Upromise…

Citi.You MasterCard

After tinkering with its new smart credit card for six months, Citibank is finally unleashing its new Citi.You MasterCard. The card offers the novel ability to customize the card with a name chosen by the cardholder as well as some other special features. However, the card has two advantages and two disadvantages. The “no pre-set…

BabyMint MasterCard

A college savings program is being beefed-up this month with a new MasterCard feature. Atlanta-based BabyMint, Inc. and MBNA have teamed to launch the BabyMint MasterCard. The new card offers a 1% cash-back rebate, no annual fee, and no limit to the amount of rebates earned. Through the BabyMint program, consumers receive up to a…

Touch Payments

Instead of letting your “fingers do the shopping” let “your fingers do the paying.” Starting today, a Seattle supermarket will enable customers to make purchases in the store from their existing financial accounts with a simple touch of a finger at the checkout lane. The Pay By Touch service was developed by Indivos Corporation and…

Freddie Awards

The annual reward awards were handed out last week to some fairly consistent winners. Diners Club Rewards won the “Best Frequent Traveler Affinity Charge/Credit Card Program” (Americas) for the fifth consecutive year and Starwood Preferred Guest was voted “Program of the Year” in both America and Internationally for the third year in a row. The…