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» Credit Card News
Published 10/30/2009
Discover Card - Discover Financial Services has posted on their website information that the independent gasoline-convenience store retailer Hess will accept Discover® Zip® payment devices at more than 870 Hess Express locations by the end of the year. Zip payment devices can be issued by banks in several forms. There is the traditional bank card or key chain fob, and Discover’s mini-adhesive card that can be attached to personal items like a mobile phone, PDA or MP3 player. Purchases are made with a quick tap on a Zip reader found at the checkout. Cardholders get some additional security, because the card stays in the customer’s hand. Merchants and issuers can appreciate the point-of-sale efficiencies of the ZIP technology. According to Rick Lawlor, Vice President, Retail Sales and Marketing, Hess Corporation, "By accepting Discover® Zip®, customers will enjoy even greater speed, security and convenience when they visit a Hess or Hess Express location."
Chase Card Services - According to the information on the Chase website, they have launched a marketing and advertising campaign targeting Philadelphia to introduce the Chase SapphireSM rewards card for the affluent market. They will reach the area residents through daily news sources to try to interest them in the Chase Sapphire. Marketing the Chase Sapphire will be through a partnership with Philadelphia magazine, street teams, and radio and print advertisements and go through 2010."Philadelphians love experiences, especially those around dining, culture, travel, and sports," said Sean O'Reilly, general manager, Chase Card Services. The Chase Sapphire offers great service and points without any restrictions and is a good card for affluent customers who want to enjoy things in the Philadelphia area. The Chase Sapphire launched in August to address the needs of the top 15 percent of U.S. households by income and Philadelphia is the sixth largest U.S. city and has an affluent population.
MasterCard Card - MasterCard Worldwide announced that the Texas-based electricity provider, Reliant Energy now accepts MasterCard cards for bill payments. They are participating in the MasterCard Utility Industry Program. They will accept MasterCard payments from its commercial customers to be able to generate greater operational efficiencies, increase revenue, and improve customer satisfaction. Reliant's small and mid-size commercial customers had expressed an interest in using a MasterCard, so it was added as a payment card option. By paying their electricity bills with a payment card it can save time, money, and help to manage their businesses better. Their commercial customers can make one-time payments and recurring payments using a MasterCard card. Consumer preference for electronic payments to pay bills continues to grow and the trend for recurring payments. Paper-based payments decreased from 78 percent to 38 percent of all bill payments, according to a 2008 study by Hitachi Consulting. Electronic payments grew from 22 percent to 62 percent. According to MasterCard, about 43% of their credit cardholders and 54% of debit cardholders use or would consider recurring payments. Using MasterCard, Reliant Energy is providing its commercial customers with a convenient way to track their payments through monthly statements and earn rewards without the hassles of paying with a check. In 2006, MasterCard introduced its Utility Industry Program that targets incentives to utility providers to make it beneficial for utilities to accept MasterCard payment cards as a payment option to their customers.
AmericanExpress Card - American Express announced the launch of Money Manager, a new, free online personal finance service that helps Charge Cardmembers manage their finances and rewards accounts in one, easy-to-access and secure location on AmericanExpress.com. Charge Cardmembers now can link bank accounts, credit cards, investment accounts, mortgage loans, car loans, student loans and rewards points from more than 11,000 institutions all in one place through Money Manager so that they can spot ways to spend and save smarter. MasterCard Worldwide announced the launch of MasterCard Money Manager, a new, interactive financial management tool that enables MasterCard cardholders to quickly and efficiently monitor debit card spending for themselves and members of their household. Using the web-based tool, consumers have the ability to review signature and PIN-based MasterCard transactions by merchant category, and create customized categories, making it easy to identify spending patterns and compare actual spend to an allocated budget.
Visa Card - Visa Inc. announced the launch of an effort designed to better define Visa's role as a payments network and articulate the powerful ways that digital currency advances economic empowerment and business efficiencies globally. Currency of Progress will be introduced through a series of out-of-home, print, broadcast and digital advertisements in Washington, DC, as well as an impressive online experience (currencyofprogress.com). Currency of Progress uses real-life stories to demonstrate how the migration from cash and checks to electronic payments has helped individuals access their money more securely and conveniently, built stronger, more efficient businesses, and enabled governments to be more cost-effective and responsive to their citizens.
Citi Gas Credit Cards - Citibank has closed their oil branded, gas MasterCard credit card accounts, including the Shell gas card. There hasn't been a statement on the total number of credit cards that have been closed. As cardholders are learning, they don't always have input as to whether their credit card gets closed. A credit card company can close credit cards at any time, without advance notice and without explanation. In addition to not having use of the credit card, how else can a closure harm you? In many cases, closing a credit card negatively impacts your credit score, particularly if you still owe a balance on the credit card account. If your Citibank oil MasterCard has been closed, consider paying off the balance immediately to reduce the impact to your credit score.
» Credit Card Company Articles and Applications
Published 05/13/2009
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» Headline and Breaking Financial News
Published 09/4/2007
Debt Management Plan Advice
Organizations that advertise credit counseling often arrange for consumers to pay debts through a debt management plan (DMP). In a DMP, you deposit money each month with a credit counseling organization. The organization uses these deposits to pay your credit card bills, student loans, medical bills, or other unsecured debts according to a payment schedule they’ve worked out with you and your creditors. Creditors may agree to lower interest rates or waive certain fees if you are repaying through a DMP.
The FTC has found that some organizations that offer DMPs have deceived and defrauded consumers, and recommends that consumers check their bills to make sure that the organization fulfills its promises. If you are paying through a DMP, contact your creditors and confirm that they have accepted the proposed plan before you send any payments to the organization handling your DMP. Once the creditors have accepted the DMP, it is important to:
- make regular, timely payments.
- always read your monthly statements promptly to make sure your creditors are getting paid according to your plan.
- contact the organization responsible for your DMP if you will be unable to make a scheduled payment, or if you discover that creditors are not being paid.
You need to be aware that if payments to your DMP and creditors are not made on time, you could lose the progress you’ve made on paying down your debt, or the benefits of being in a DMP, including lower interest rates and fee waivers. Although creditors may have forgiven late payments that you made before you began the DMP, the creditors may be unwilling or unable to do so if payments are late after you have enrolled in a DMP. If you fall behind on your payments, you may not be able to have your accounts “re-aged” again (reported as current), even if you start a new DMP with a new counselor. That means your credit report will have “late” marks and you will rack up late fees, which, in turn, will lead to more debt that could take longer to pay off.
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