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American Express Cracks Down on Credit

American Express recently acknowledged that they are cracking down on their customers in light of the present financial climate. They are now proactively factoring in such credit issues as where purchases… 

Capital One Reports Increased Charge-offs

I just read an interesting article about Capital One on Forbes.com. The credit card issuer had a rough day on Wall Street on Wednesday (10-15-08). They reported that their charge-offs, otherwise known… 

Discover Settles Anti-Trust Suit with Visa and MasterCard

It was reported on Monday by credit card giants Visa and MasterCard that they would pay Discover Financial Services Inc. (the parent company of Discover Card) a combined total of 2.75 billion dollars to… 

American Express Plans to Lay Off 7000 Employees

We all knew that the current credit crisis extended well past the mortgage industry, and we are starting to see the beginning of what looks to be a very rocky ride in the credit card industry. Just yesterday… 

Citigroup Announces 50,000 Job Cut

Citigroup is the latest giant from the financial world to announce job cuts. In an effort to reduce expenses, the company said it will be reducing its workforce by 50,000 employees in 2009. The cost-cutting… 

New Credit Card Regulations Approved

The Federal Reserve approved broad new regulations that are designed to protect consumers and limit the ability of credit card issuers to raise interest rates on account holders that carry balances. The… 

Credit Cards Getting Canceled For Lack Of Use

Here is an interesting twist on the current credit crisis – credit card issuers are now canceling cards that go unused over an extended period of time. In an effort to mitigate their risk exposure,… 

Credit Card Companies On Campus

I just came across an interesting story in the business section of the New York Times. It’s about the chummy relationship colleges and universities have with credit card companies. If you get a chance… 

Bad News For Capital One

It was a double whammy for Capital One today. While they were reporting a rise in credit card delinquencies, stock in Capital One Financial Corp, the parent company of credit card giant Capital One, saw… 

Bank of America Receives More Government Aid

As the credit crisis deepens, Bank of America was just granted an additional $20 billion to help prop up their real estate and credit card portfolios. Bank of America just reported a stunning $2.39 billion… 

More Credit Card Reforms Proposed

Beleaguered credit card account holders may have some more relief coming in the form of the “Credit Cardholders Bill of Rights”. The Credit Cardholders Bill of Rights is a bill in congress… 

Capital One Reports 4th Quarter Loss

Shares in Capital One Financial Corp. (parent company of credit card giant Capital One) reported a 4th quarter net loss of $1.4 billion. That represents a $3.74 loss per share. Share prices sold off in… 

Citi Cuts Its Travel Rewards Program

The Chicago Sun Times published an article today about how Citi cards will be scaling back their travel rewards program. Beginning March 1st, Citi’s Thank You rewards program will convert from a… 

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