tag:blogger.com,1999:blog-25607798105561227022024-03-14T11:49:09.135-07:00Credit card ProvidersLoishttp://www.blogger.com/profile/01285075118413568996noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-2560779810556122702.post-52734013490520963382008-08-30T22:49:00.000-07:002008-08-30T22:50:24.603-07:00Survey of Credit Card PlansEvery six months the Federal Reserve System surveys the terms of credit card plans offered by financial institutions and publishes a report of the findings. The report includes information from the largest credit card issuers in the country as well as other financial institutions that wish to participate in the survey. The credit terms shown in the accompanying list are as of January 31, 2008, and are subject to change. You should contact issuers for current rates and to learn about other credit card plans.<br /><br /><p class="h2"> Codes Used in the List of Plans </p> <p> <b>Availability</b><br /> Refers to availability of card to consumers<br /> <br /> N = Nationally<br /> R = Only in selected states<br /> State abbreviation = Only in state specified </p> <p> <b>Type of pricing</b><br /> <br /> F = Fixed<br /> V = Variable<br /> T = Tiered, with different periodic rates for different levels of outstanding balance. Rate shown applies to the lowest of the balance tiers. </p> <p> <b>Index</b><br /> The interest rate on variable-rate plans is based on an index. The codes shown in the list of plans correspond to the following indexes:<br /> <br /> 1 = Prime rate<br /> 2 = One-month Treasury bill rate<br /> 3 = Three-month Treasury bill rate<br /> 4 = Six-month Treasury bill rate<br /> 5 = One-year Treasury bill rate<br /> 6 = Federal funds rate<br /> 7 = Cost of funds to card issuer<br /> 8 = Federal Reserve discount rate<br /> 9 = Other<br /> 0 = Not applicable </p> <p> <b>Other features</b><br /> Credit card issuers may add enhancements or other features to the plan without charging extra fees. These enhancements may include cash rebates, purchase protections, warranty guarantees, travel accident or automobile rental insurance, discounts on goods and services, and incentives for use such as frequent flyer miles.<br /> <br /> 1 = Rebates on purchases<br /> 2 = Extension of manufacturer’s warranty<br /> 3 = Purchase protection/security<br /> 4 = Travel accident insurance<br /> 5 = Travel-related discounts<br /> 6 = Automobile rental insurance<br /> 7 = Non-travel-related goods and services<br /> 8 = Credit card registration<br /> 9 = Reduced introductory interest rate available<br /> 10 = Other, not specified<br /> N.R. = Not reported </p> <p><a name="survey"></a> <span class="survey">Survey Report by Name of Financial Institution</span><br /> <a href="http://www.federalreserve.gov/Pubs/shop/surveyapr.htm#survey">Sorted by Annual Percentage Rate</a> | <a href="http://www.federalreserve.gov/Pubs/shop/surveyfee.htm#survey">Sorted by Annual Fee</a> </p> <table border="1" cellpadding="3" width="600"><tbody><tr valign="bottom"> <th class="color" scope="col">Institution</th> <th class="color" scope="col">Availability and Credit Card Plan</th> <th class="color" scope="col">Annual Percentage Rate</th> <th class="color" scope="col">Type of Pricing</th> <th class="color" scope="col">Index</th> <th class="color" scope="col">Grace Period (days)</th> <th class="color" scope="col">Annual Fee</th> <th class="color" scope="col">Other Features</th> <th class="color" scope="col">Telephone</th> </tr> <tr valign="bottom"> <td>1ST SUMMIT BANK</td> <td>PA- VISA</td> <td>10.5</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 15</td> <td>1,3,4,5,6,10,</td> <td>(888) 262-4010</td> </tr> <tr valign="bottom"> <td>5STAR BANK (A COLORADO INDUSTRIAL BANK)</td> <td>N- 5STAR VISA PLATINUM</td> <td>11.4</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>9,</td> <td>(888) 277-0444</td> </tr> <tr valign="bottom"> <td>ADIRONDACK TRUST COMPANY, THE</td> <td>NY- VISA</td> <td>15.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 15</td> <td>4,6,</td> <td>(518) 584-5844</td> </tr> <tr valign="bottom"> <td>AMALGAMATED BANK OF CHICAGO</td> <td>N- AMALGAMATED BANK OF CHICAGO - MASTER</td> <td>12.8</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,5,10,</td> <td>(800) 365-6464</td> </tr> <tr valign="bottom"> <td>AMERICAN EXPRESS BANK, FSB</td> <td>N- AMERICAN EXPRESS GOLD</td> <td>17.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 85</td> <td>N.R.</td> <td>(800) 257-0770</td> </tr> <tr valign="bottom"> <td>AMERICAN EXPRESS CENTURION BANK</td> <td>N- BLUE FROM AMERICAN EXPRESS</td> <td>12.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>2,3,4,5,6,9,10,</td> <td>(800) 528-4800</td> </tr> <tr valign="bottom"> <td>AMERICAN SAVINGS BANK, F.S.B.</td> <td>HI- CLASSIC VISA</td> <td>16.3</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 24</td> <td>4,6,</td> <td>(808) 272-2566</td> </tr> <tr valign="bottom"> <td>AMERICAN STATE BANK</td> <td>TX- AMERICAN STATE BANK VISA</td> <td>9.90</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(325) 794-1000</td> </tr> <tr valign="bottom"> <td>ANB FINANCIAL NATIONAL ASSOCIATION</td> <td>N- ESCAPES / ANB</td> <td>8.25</td> <td>F</td> <td> 0</td> <td> 28</td> <td> 0</td> <td>N.R.</td> <td>(888) 226-5262</td> </tr> <tr valign="bottom"> <td>APPALACHIAN COMMUNITY BANK</td> <td>N- VISA CLASSIC</td> <td>11.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 12</td> <td>1,4,5,8,10,</td> <td>(706) 276-8000</td> </tr> <tr valign="bottom"> <td>ARVEST BANK</td> <td>R- VISA</td> <td>18.4</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,6,8,</td> <td>(800) 356-8085</td> </tr> <tr valign="bottom"> <td>BANCORPSOUTH BANK</td> <td>R- MASTERCARD</td> <td>10.2</td> <td>V</td> <td> 1</td> <td> 30</td> <td> 0</td> <td>N.R.</td> <td>(800) 844-2723</td> </tr> <tr valign="bottom"> <td>BANK OF CANTON, THE</td> <td>MA- VISA CLASSIC</td> <td>9.96</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,5,6,8,10,</td> <td>(888) 828-1690</td> </tr> <tr valign="bottom"> <td>BANK OF KENTUCKY, INCORPORATED, THE</td> <td>R- VISA GOLD</td> <td>12.3</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,9,</td> <td>(859) 372-5170</td> </tr> <tr valign="bottom"> <td>BANK OF LOUISIANA</td> <td>N- VISA AND MASTERCARD</td> <td>9.90</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(504) 889-9421</td> </tr> <tr valign="bottom"> <td>BANK, THE</td> <td>NJ- VISA</td> <td>14.3</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,3,4,6,</td> <td>(800) 833-9295</td> </tr> <tr valign="bottom"> <td>BANKERS' BANK OF KANSAS, NATIONAL ASSOCIATION</td> <td>KS- VISA</td> <td>15.7</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,6,</td> <td>(800) 675-6284</td> </tr> <tr valign="bottom"> <td>BAR HARBOR BANK AND TRUST COMPANY</td> <td>ME- VISA CLASSIC CARD</td> <td>14.5</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>10,</td> <td>(888) 853-7100</td> </tr> <tr valign="bottom"> <td>BARCLAYS BANK DELAWARE</td> <td>N- US AIRWAYS MASTERCARD</td> <td>18.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 79</td> <td>4,5,6,9,</td> <td>(866) 419-0881</td> </tr> <tr valign="bottom"> <td>BB&T BANKCARD CORPORATION</td> <td>R- VISA</td> <td>11.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>3,4,5,6,9,</td> <td>(800) 476-4228</td> </tr> <tr valign="bottom"> <td>BMW BANK OF NORTH AMERICA</td> <td>N- VISA</td> <td>13.5</td> <td>V</td> <td> 1</td> <td> 22</td> <td> 0</td> <td>1,2,3,4,6,10,</td> <td>(888) 269-2273</td> </tr> <tr valign="bottom"> <td>BOONE COUNTY NATIONAL BANK OF COLUMBIA, THE</td> <td>R- MASTERCARD/VISA</td> <td>17.4</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>1,4,5,7,9,</td> <td>(573) 634-1148</td> </tr> <tr valign="bottom"> <td>BRANCH BANKING AND TRUST COMPANY</td> <td>R- VISA</td> <td>11.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>3,4,5,6,9,</td> <td>(800) 476-4228</td> </tr> <tr valign="bottom"> <td>CAPITAL ONE BANK (USA), NATIONAL ASSOCIATION</td> <td>N- MASTERCARD</td> <td>18.9</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 45</td> <td>9,</td> <td>(800) 955-7070</td> </tr> <tr valign="bottom"> <td>CENTRAL BANK & TRUST COMPANY</td> <td>KY- VISA</td> <td>18.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 20</td> <td>N.R.</td> <td>(800) 637-6884</td> </tr> <tr valign="bottom"> <td>CENTRAL TRUST BANK, THE</td> <td>R- MASTERCARD / VISA</td> <td>17.4</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>1,4,5,7,9,</td> <td>(573) 634-1148</td> </tr> <tr valign="bottom"> <td>CHASE BANK USA, NATIONAL ASSOCIATION</td> <td>N- MASTERCARD</td> <td>8.99</td> <td>F</td> <td> 0</td> <td> 20</td> <td> 0</td> <td>N.R.</td> <td>(888) 684-7370</td> </tr> <tr valign="bottom"> <td>CHEMUNG CANAL TRUST COMPANY</td> <td>NY- VISA BUSINESS CARD</td> <td>11.4</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 25</td> <td>3,4,6,</td> <td>(607) 737-3761</td> </tr> <tr valign="bottom"> <td>CITIBANK (BANAMEX USA)</td> <td>N- MASTERCARD PLATINUM</td> <td>12.0</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,10,</td> <td>(800) 222-1234</td> </tr> <tr valign="bottom"> <td>CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION</td> <td>N- MASTERCARD</td> <td>13.5</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>9,</td> <td>(800) 950-5114</td> </tr> <tr valign="bottom"> <td>CITIZENS FIRST BANK</td> <td>FL- VISA PLATINUM</td> <td>12.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>2,4,6,10,</td> <td>(352) 259-3274</td> </tr> <tr valign="bottom"> <td>CITY NATIONAL BANK</td> <td>R- VISA BUSINESS</td> <td>16.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 50</td> <td>2,3,4,6,</td> <td>(800) 221-5920</td> </tr> <tr valign="bottom"> <td>CITY NATIONAL BANK OF TAYLOR, THE</td> <td>TX- VISA AND MASTERCARD</td> <td>13.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,6,</td> <td>(800) 848-8472</td> </tr> <tr valign="bottom"> <td>CNB BANK</td> <td>N- VISA</td> <td>14.9</td> <td>F</td> <td> 0</td> <td> 30</td> <td> 15</td> <td>3,4,5,6,8,10,</td> <td>(800) 492-3221</td> </tr> <tr valign="bottom"> <td>COLUMBIA RIVER BANK</td> <td>R- VISA CLASSIC</td> <td>18.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,5,8,10,</td> <td>(541) 298-6607</td> </tr> <tr valign="bottom"> <td>COLUMBUS BANK AND TRUST COMPANY</td> <td>N- PLATINUM</td> <td>15.4</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 543-8227</td> </tr> <tr valign="bottom"> <td>COMMERCE BANK, NATIONAL ASSOCIATION</td> <td>R- VISA</td> <td>9.99</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>3,6,9,10,</td> <td>(800) 937-2000</td> </tr> <tr valign="bottom"> <td>COMMERCE BANK, NATIONAL ASSOCIATION</td> <td>R- SPECIAL CONNECTIONS</td> <td>16.5</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,6,</td> <td>(800) 645-2103</td> </tr> <tr valign="bottom"> <td>COMMUNITY BANK & TRUST COMPANY</td> <td>PA- VISA</td> <td>12.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>10,</td> <td>(800) 820-4642</td> </tr> <tr valign="bottom"> <td>COMMUNITY FIRST BANK</td> <td>AR- MASTERCARD</td> <td>8.99</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 50</td> <td>10,</td> <td>(870) 391-8000</td> </tr> <tr valign="bottom"> <td>COMPASS BANK</td> <td>R- VISA</td> <td>18.2</td> <td>V</td> <td> 9</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 239-5175</td> </tr> <tr valign="bottom"> <td>COPPERMARK BANK</td> <td>R- MASTERCARD</td> <td>16.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 15</td> <td>N.R.</td> <td>(800) 593-1557</td> </tr> <tr valign="bottom"> <td>COREFIRST BANK & TRUST</td> <td>KS- VISA CLASSIC</td> <td>14.9</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,9,</td> <td>(785) 267-8900</td> </tr> <tr valign="bottom"> <td>CREDIT ONE BANK, NATIONAL ASSOCIATION</td> <td>N- VISA</td> <td>23.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 69</td> <td>N.R.</td> <td>(877) 825-3242</td> </tr> <tr valign="bottom"> <td>D. L. EVANS BANK</td> <td>N- VISA GOLD</td> <td>12.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 20</td> <td>2,3,4,5,6,8,10,</td> <td>(508) 678-2529</td> </tr> <tr valign="bottom"> <td>DELAWARE NATIONAL BANK</td> <td>R- VISA</td> <td>14.3</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,3,4,6,</td> <td>(800) 833-9295</td> </tr> <tr valign="bottom"> <td>DISCOVER BANK</td> <td>N- DISCOVER MORE CARD (PLATINUM)</td> <td>15.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>1,4,6,7,9,</td> <td>(800) 347-2683</td> </tr> <tr valign="bottom"> <td>DOLLAR BANK, A FEDERAL SAVINGS BANK</td> <td>R- VALUED CUSTOMER VISA</td> <td>14.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>1,6,9,</td> <td>(800) 447-2823</td> </tr> <tr valign="bottom"> <td>FAIRFIELD FEDERAL SAVINGS AND LOAN ASSOCIATION OF LANCASTER</td> <td>OH- FAIRFIELD FEDERAL VISA GOLD</td> <td>10.5</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 12</td> <td>10,</td> <td>(800) 650-0987</td> </tr> <tr valign="bottom"> <td>FIA CARD SERVICES, N.A.</td> <td>N- BANK OF AMERICA PLATINUM PLUS VISA</td> <td>13.0</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>3,4,6,10,</td> <td>(800) 932-2775</td> </tr> <tr valign="bottom"> <td>FIFTH THIRD BANK</td> <td>R- PLATINUM MASTERCARD</td> <td>9.24</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>3,4,8,9,10,</td> <td>(877) 579-5353</td> </tr> <tr valign="bottom"> <td>FIRST BANK & TRUST EAST TEXAS</td> <td>TX- VISA CLASSIC</td> <td>13.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(888) 608-7787</td> </tr> <tr valign="bottom"> <td>FIRST COMMAND BANK</td> <td>N- VISA PLATINUM</td> <td>7.50</td> <td>V</td> <td> 1</td> <td> 30</td> <td> 0</td> <td>2,4,6,</td> <td>(888) 763-7600</td> </tr> <tr valign="bottom"> <td>FIRST COMMERCIAL BANK</td> <td>AL- VISA PLATINUM</td> <td>9.90</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>6,9,</td> <td>(800) 543-8227</td> </tr> <tr valign="bottom"> <td>FIRST COMMUNITY BANK</td> <td>N- MASTERCARD</td> <td>14.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 50</td> <td>4,5,6,8,</td> <td>(505) 241-7373</td> </tr> <tr valign="bottom"> <td>FIRST COUNTY BANK</td> <td>CT- VISA CLASSIC</td> <td>14.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 25</td> <td>N.R.</td> <td>(203) 462-4260</td> </tr> <tr valign="bottom"> <td>FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION</td> <td>N- VISA</td> <td>11.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 768-3248</td> </tr> <tr valign="bottom"> <td>FIRST FINANCIAL BANK, NATIONAL ASSOCIATION</td> <td>R- MASTERCARD CLASSIC</td> <td>12.5</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 221-8890</td> </tr> <tr valign="bottom"> <td>FIRST FINANCIAL BANK, NATIONAL ASSOCIATION</td> <td>R- VISA CLASSIC</td> <td>15.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 15</td> <td>4,6,</td> <td>(800) 511-0045</td> </tr> <tr valign="bottom"> <td>FIRST HAWAIIAN BANK</td> <td>HI- MASTERCARD STANDARD</td> <td>16.5</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 25</td> <td>1,6,10,</td> <td>(800) 342-2778</td> </tr> <tr valign="bottom"> <td>FIRST INTERSTATE BANK</td> <td>R- VISA SCORECARD</td> <td>19.3</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 35</td> <td>4,5,6,7,8,9,10,</td> <td>(888) 791-4071</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK & TRUST</td> <td>FL- MASTERCARD</td> <td>14.9</td> <td>F</td> <td> 0</td> <td> 30</td> <td> 20</td> <td>N.R.</td> <td>(850) 796-2020</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK ALASKA</td> <td>AK- MASTERCARD</td> <td>13.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,</td> <td>(907) 777-4523</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK AND TRUST COMPANY</td> <td>WY- VISA CLASSIC</td> <td>13.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,</td> <td>(800) 377-6906</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK OF FAIRFIELD, THE</td> <td>MT- VISA CLASSIC</td> <td>15.6</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>5,7,</td> <td>(406) 467-2531</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK OF IPSWICH, THE</td> <td>N- MASTERCARD</td> <td>13.0</td> <td>V</td> <td> 1</td> <td> 0</td> <td> 35</td> <td>N.R.</td> <td>(800) 944-2726</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK OF LITCHFIELD, THE</td> <td>CT- VISA CARD</td> <td>10.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(888) 567-1814</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK OF OMAHA</td> <td>N- VISA</td> <td>13.0</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>1,2,3,4,6,7,9,</td> <td>(888) 530-3626</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK OF ST. LOUIS</td> <td>R- MASTERCARD / VISA</td> <td>17.4</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>1,4,5,7,9,</td> <td>(573) 634-1148</td> </tr> <tr valign="bottom"> <td>FIRST NATIONAL BANK OF THE MID-CITIES</td> <td>N- MASTERCARD REGULAR AND GOLD</td> <td>13.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(817) 553-2500</td> </tr> <tr valign="bottom"> <td>FIRST SECURITY BANK</td> <td>AR- VISA</td> <td>9.99</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>1,3,4,6,</td> <td>(479) 527-7078</td> </tr> <tr valign="bottom"> <td>FIRST STATE BANK</td> <td>NM- MASTERCARD CLASSIC</td> <td>15.2</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,</td> <td>(800) 423-7503</td> </tr> <tr valign="bottom"> <td>FIRST TENNESSEE BANK NATIONAL ASSOCIATION MEMPHIS</td> <td>R- VISA</td> <td>7.90</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,6,9,</td> <td>(800) 234-2840</td> </tr> <tr valign="bottom"> <td>FIRST-CITIZENS BANK & TRUST COMPANY</td> <td>R- VISA GOLD</td> <td>8.00</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,10,</td> <td>(540) 561-4707</td> </tr> <tr valign="bottom"> <td>FIRST-KNOX NATIONAL BANK OF MOUNT VERNON, THE</td> <td>OH- VISA CLASSIC</td> <td>16.7</td> <td>V</td> <td> 1</td> <td> 30</td> <td> 0</td> <td>4,</td> <td>(740) 399-5500</td> </tr> <tr valign="bottom"> <td>FIRSTBANK OF COLORADO</td> <td>R- VISA</td> <td>14.4</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,4,6,</td> <td>(800) 964-3444</td> </tr> <tr valign="bottom"> <td>FIRSTMERIT BANK, N.A.</td> <td>R- VISA PLATINUM</td> <td>8.50</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,4,6,9,</td> <td>(888) 554-4362</td> </tr> <tr valign="bottom"> <td>FNB BANK, NATIONAL ASSOCIATION</td> <td>PA- VISA</td> <td>14.3</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,3,4,6,</td> <td>(800) 833-9295</td> </tr> <tr valign="bottom"> <td>FRANKLIN TEMPLETON BANK & TRUST F.S.B.</td> <td>N- PLATINUM MASTERCARD</td> <td>9.99</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,3,4,6,10,</td> <td>(800) 238-2761</td> </tr> <tr valign="bottom"> <td>GE MONEY BANK</td> <td>N- DISCOVER CARD</td> <td>16.1</td> <td>V</td> <td> 1</td> <td> 0</td> <td> 0</td> <td>N.R.</td> <td>(800) 417-8321</td> </tr> <tr valign="bottom"> <td>GREENVILLE NATIONAL BANK</td> <td>OH- GREENVILLE NATIONAL BANK VISA</td> <td>17.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(937) 548-1114</td> </tr> <tr valign="bottom"> <td>HEARTLAND BANK</td> <td>OH- MASTERCARD</td> <td>13.9</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 18</td> <td>4,10,</td> <td>(800) 697-0049</td> </tr> <tr valign="bottom"> <td>HILLS BANK AND TRUST COMPANY</td> <td>IA- VISA PLATINUM</td> <td>8.00</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,</td> <td>(800) 445-5725</td> </tr> <tr valign="bottom"> <td>HOME FEDERAL BANK OF TENNESSEE, FSB</td> <td>TN- VISA CLASSIC</td> <td>12.8</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 15</td> <td>6,</td> <td>(865) 544-3954</td> </tr> <tr valign="bottom"> <td>HSBC BANK USA, NATIONAL ASSOCIATION</td> <td>N- MASTERCARD</td> <td>14.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>3,4,5,9,10,</td> <td>(877) 700-4722</td> </tr> <tr valign="bottom"> <td>HUNTINGTON STATE BANK</td> <td>TX- VISA</td> <td>13.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(936) 639-5566</td> </tr> <tr valign="bottom"> <td>IDAHO INDEPENDENT BANK</td> <td>N- VISA</td> <td>12.9</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 15</td> <td>3,4,5,6,7,</td> <td>(208) 947-1168</td> </tr> <tr valign="bottom"> <td>INFIBANK, N.A.</td> <td>N- VISA</td> <td>13.0</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>1,2,3,4,6,7,9,</td> <td>(877) 875-8078</td> </tr> <tr valign="bottom"> <td>INTRUST BANK, NATIONAL ASSOCIATION</td> <td>N- VISA PLATINUM</td> <td>13.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,6,10,</td> <td>(800) 222-7458</td> </tr> <tr valign="bottom"> <td>IRONSTONE BANK</td> <td>R- VISA PLATINUM</td> <td>8.00</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,</td> <td>(540) 561-4707</td> </tr> <tr valign="bottom"> <td>KENTUCKY BANK</td> <td>KY- VISA</td> <td>15.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(859) 987-1795</td> </tr> <tr valign="bottom"> <td>LAFAYETTE AMBASSADOR BANK</td> <td>PA- VISA</td> <td>14.3</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,3,4,6,</td> <td>(800) 833-9295</td> </tr> <tr valign="bottom"> <td>LOS ALAMOS NATIONAL BANK</td> <td>N- VISA</td> <td>10.5</td> <td>F</td> <td> 0</td> <td> 30</td> <td> 15</td> <td>2,3,4,5,6,8,</td> <td>(505) 662-5171</td> </tr> <tr valign="bottom"> <td>M&I BANK FSB</td> <td>R- VISA CLASSIC</td> <td>13.9</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 15</td> <td>N.R.</td> <td>(800) 642-2657</td> </tr> <tr valign="bottom"> <td>MERCER SAVINGS BANK</td> <td>OH- VISA</td> <td>11.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 20</td> <td>9,</td> <td>(419) 586-5159</td> </tr> <tr valign="bottom"> <td>MERRICK BANK CORPORATION</td> <td>N- VISA CLASSIC</td> <td>24.7</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 253-2322</td> </tr> <tr valign="bottom"> <td>MFB FINANCIAL</td> <td>R- VISA</td> <td>12.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 400-0433</td> </tr> <tr valign="bottom"> <td>NATIONAL CITY BANK</td> <td>R- NATIONAL CITY EVERYDAY REWARDS</td> <td>14.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>1,2,3,4,6,</td> <td>(800) 282-7541</td> </tr> <tr valign="bottom"> <td>NATIONAL GRAND BANK OF MARBLEHEAD</td> <td>MA- MASTERCARD</td> <td>16.5</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(781) 631-6000</td> </tr> <tr valign="bottom"> <td>NATIONWIDE BANK</td> <td>N- PLATINUM VISA (AAB)</td> <td>11.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>1,2,3,6,9,</td> <td>(866) 439-3206</td> </tr> <tr valign="bottom"> <td>NEW MILLENNIUM BANK</td> <td>N- VISA SECURED CREDIT CARD</td> <td>19.5</td> <td>F</td> <td> 0</td> <td> 0</td> <td> 59</td> <td>2,3,4,6,</td> <td>(732) 729-4395</td> </tr> <tr valign="bottom"> <td>NORDSTROM FSB</td> <td>N- VISA</td> <td>11.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>3,4,6,10,</td> <td>(800) 964-1800</td> </tr> <tr valign="bottom"> <td>NORTHWEST SAVINGS BANK</td> <td>R- VISA CLASSIC</td> <td>13.8</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>3,6,</td> <td>(814) 728-7505</td> </tr> <tr valign="bottom"> <td>OAK HILL BANKS</td> <td>N- VISA CLASSIC</td> <td>17.4</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,</td> <td>(513) 398-5196</td> </tr> <tr valign="bottom"> <td>OHIO VALLEY BANK COMPANY, THE</td> <td>R- VISA</td> <td>14.3</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 15</td> <td>N.R.</td> <td>(740) 441-9148</td> </tr> <tr valign="bottom"> <td>PARK NATIONAL BANK, THE</td> <td>OH- CLASSIC VISA</td> <td>18.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 12</td> <td>N.R.</td> <td>(800) 762-2616</td> </tr> <tr valign="bottom"> <td>PENN SECURITY BANK AND TRUST COMPANY</td> <td>N- MASTERCARD</td> <td>14.8</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(570) 346-7741</td> </tr> <tr valign="bottom"> <td>PEOPLES FIRST COMMUNITY BANK</td> <td>FL- MASTERCARD GOLD</td> <td>10.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 624-9699</td> </tr> <tr valign="bottom"> <td>PINNACLE BANK</td> <td>R- VISA CLASSIC</td> <td>16.0</td> <td>V</td> <td> 9</td> <td> 25</td> <td> 0</td> <td>4,5,6,10,</td> <td>(800) 369-7283</td> </tr> <tr valign="bottom"> <td>PLAINS COMMERCE BANK</td> <td>N- VISA / MASTERCARD</td> <td>19.8</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 39</td> <td>N.R.</td> <td>(605) 948-2344</td> </tr> <tr valign="bottom"> <td>PULASKI BANK AND TRUST COMPANY</td> <td>N- VISA CLASSIC / STANDARD</td> <td>6.50</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 35</td> <td>9,</td> <td>(800) 217-7715</td> </tr> <tr valign="bottom"> <td>QUAD CITY BANK AND TRUST COMPANY</td> <td>R- VISA CLASSIC</td> <td>14.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,6,10,</td> <td>(877) 954-0190</td> </tr> <tr valign="bottom"> <td>RAINIER PACIFIC SAVINGS BANK</td> <td>N- VISA GOLD</td> <td>12.0</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 228-2858</td> </tr> <tr valign="bottom"> <td>RANDOLPH NATIONAL BANK</td> <td>N- MASTERCARD</td> <td>9.50</td> <td>F</td> <td> 0</td> <td> 30</td> <td> 12</td> <td>10,</td> <td>(802) 728-9611</td> </tr> <tr valign="bottom"> <td>RBC CENTURA BANK</td> <td>R- VISA GOLD</td> <td>12.5</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,4,6,8,9,</td> <td>(800) 236-8872</td> </tr> <tr valign="bottom"> <td>RBS CITIZENS, NATIONAL ASSOCIATION</td> <td>N- CITIZENS MASTERCARD PLATINUM</td> <td>6.99</td> <td>F</td> <td> 0</td> <td> 20</td> <td> 0</td> <td>2,4,6,10,</td> <td>(888) 333-5145</td> </tr> <tr valign="bottom"> <td>RICHLAND TRUST COMPANY, THE</td> <td>OH- VISA GOLD</td> <td>9.75</td> <td>V</td> <td> 1</td> <td> 30</td> <td> 50</td> <td>4,</td> <td>(519) 525-8791</td> </tr> <tr valign="bottom"> <td>ROCKPORT NATIONAL BANK</td> <td>R- MASTERCARD</td> <td>13.5</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(978) 546-3411</td> </tr> <tr valign="bottom"> <td>S & T BANK</td> <td>PA- VISA CLASSIC</td> <td>11.0</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 15</td> <td>1,6,10,</td> <td>(800) 325-2265</td> </tr> <tr valign="bottom"> <td>SAVINGS BANK OF MAINE</td> <td>ME- VISA CLASSIC</td> <td>16.5</td> <td>T</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(207) 582-5550</td> </tr> <tr valign="bottom"> <td>SECURITY NATIONAL BANK AND TRUST COMPANY</td> <td>OH- CLASSIC VISA</td> <td>16.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(937) 324-6828</td> </tr> <tr valign="bottom"> <td>SILVERTON BANK, N.A.</td> <td>N- MASTERCARD</td> <td>15.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 30</td> <td>N.R.</td> <td>(800) 854-7642</td> </tr> <tr valign="bottom"> <td>SIMMONS FIRST NATIONAL BANK OF PINE BLUFF</td> <td>N- VISA</td> <td>11.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 35</td> <td>4,</td> <td>(800) 636-5151</td> </tr> <tr valign="bottom"> <td>SOLVAY BANK</td> <td>NY- VISA CLASSIC</td> <td>14.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(315) 468-1661</td> </tr> <tr valign="bottom"> <td>STATE FARM BANK, FSB</td> <td>N- PLATINUM REWARDS VISA</td> <td>11.0</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>1,2,4,6,9,</td> <td>(877) 734-8472</td> </tr> <tr valign="bottom"> <td>SUNFLOWER BANK, NATIONAL ASSOCIATION</td> <td>N- VISA CLASSIC</td> <td>7.65</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>4,5,6,8,</td> <td>(888) 827-5564</td> </tr> <tr valign="bottom"> <td>SUNTRUST BANK</td> <td>R- SUNTRUST PLATINUM REWARDS VISA</td> <td>12.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>3,4,6,9,</td> <td>(800) 477-9702</td> </tr> <tr valign="bottom"> <td>TCM BANK, NATIONAL ASSOCIATION</td> <td>N- VISA PLATINUM</td> <td>14.4</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 883-0131</td> </tr> <tr valign="bottom"> <td>TEXAS BANK AND TRUST COMPANY</td> <td>TX- VISA CLASSIC</td> <td>13.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(903) 237-5680</td> </tr> <tr valign="bottom"> <td>TIB THE INDEPENDENT BANKERSBANK</td> <td>N- VISA AND MASTERCARD</td> <td>15.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 367-7576</td> </tr> <tr valign="bottom"> <td>TOWN NORTH BANK NEVADA, NATIONAL ASSOCIATION</td> <td>N- MASTERCARD</td> <td>7.99</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>4,8,9,</td> <td>(800) 820-8417</td> </tr> <tr valign="bottom"> <td>TRUSTMARK NATIONAL BANK</td> <td>R- VISA</td> <td>13.9</td> <td>V</td> <td> 1</td> <td> 30</td> <td> 0</td> <td>N.R.</td> <td>(601) 208-7685</td> </tr> <tr valign="bottom"> <td>U.S. BANK NATIONAL ASSOCIATION ND</td> <td>R- VISA</td> <td>9.40</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>9,</td> <td>(800) 285-8585</td> </tr> <tr valign="bottom"> <td>UMB BANK, NATIONAL ASSOCIATION</td> <td>N- VISA - PLATINUM</td> <td>11.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>1,4,6,9,10,</td> <td>(800) 821-5184</td> </tr> <tr valign="bottom"> <td>UNITED BANK, INC.</td> <td>R- VISA</td> <td>13.3</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>10,</td> <td>(800) 242-7600</td> </tr> <tr valign="bottom"> <td>USAA SAVINGS BANK</td> <td>N- MASTERCARD</td> <td>10.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 531-8722</td> </tr> <tr valign="bottom"> <td>VALLEY NATIONAL BANK</td> <td>NJ- MASTERCARD</td> <td>16.8</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 522-4100</td> </tr> <tr valign="bottom"> <td>WACHOVIA BANK, NATIONAL ASSOCIATION</td> <td>N- VISA PLATINUM WITH REWARDS</td> <td>12.2</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>9,</td> <td>(800) 922-4684</td> </tr> <tr valign="bottom"> <td>WALLIS STATE BANK, THE</td> <td>TX- VISA</td> <td>14.9</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>4,5,6,8,</td> <td>(979) 478-6151</td> </tr> <tr valign="bottom"> <td>WASHINGTON MUTUAL BANK</td> <td>N- PLATINUM MASTERCARD</td> <td>15.0</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>10,</td> <td>(800) 219-6192</td> </tr> <tr valign="bottom"> <td>WAYNE BANK AND TRUST CO.</td> <td>N- PLATINUM VISA</td> <td>11.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(888) 769-2963</td> </tr> <tr valign="bottom"> <td>WELLS FARGO BANK, NATIONAL ASSOCIATION</td> <td>N- VISA</td> <td>14.4</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(800) 642-4720</td> </tr> <tr valign="bottom"> <td>WELLS FARGO FINANCIAL BANK</td> <td>R- VISA</td> <td>18.0</td> <td>F</td> <td> 0</td> <td> 25</td> <td> 20</td> <td>N.R.</td> <td>(605) 336-3933</td> </tr> <tr valign="bottom"> <td>WELLS FARGO FINANCIAL NATIONAL BANK</td> <td>N- MATTRESS FIRM VISA</td> <td>13.4</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>N.R.</td> <td>(800) 459-8451</td> </tr> <tr valign="bottom"> <td>WEST SUBURBAN BANK</td> <td>IL- VISA CLASSIC</td> <td>13.8</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(630) 652-2000</td> </tr> <tr valign="bottom"> <td>WHITNEY NATIONAL BANK</td> <td>R- VISA</td> <td>12.5</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(504) 838-6565</td> </tr> <tr valign="bottom"> <td>WILMINGTON TRUST COMPANY</td> <td>N- MASTERCARD</td> <td>15.0</td> <td>V</td> <td> 4</td> <td> 25</td> <td> 18</td> <td>4,5,8,10,</td> <td>(800) 523-2378</td> </tr> <tr valign="bottom"> <td>WORLD FINANCIAL NETWORK NATIONAL BANK</td> <td>N- GANDER MOUNTAIN GOLD MASTERCARD</td> <td>20.0</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>N.R.</td> <td>(888) 332-4709</td> </tr> <tr valign="bottom"> <td>WORLD'S FOREMOST BANK</td> <td>N- CABELA'S VISA CLASSIC (REWARDS)</td> <td>15.2</td> <td>V</td> <td> 1</td> <td> 20</td> <td> 0</td> <td>1,6,</td> <td>(800) 850-8402</td> </tr> <tr valign="bottom"> <td>YORK STATE BANK AND TRUST COMPANY</td> <td>N- VISA</td> <td>14.0</td> <td>F</td> <td> 0</td> <td> 20</td> <td> 0</td> <td>3,4,6,9,10,</td> <td>(402) 362-4411</td> </tr> <tr valign="bottom"> <td>ZIONS FIRST NATIONAL BANK</td> <td>R- VISA CLASSIC</td> <td>15.0</td> <td>V</td> <td> 1</td> <td> 25</td> <td> 0</td> <td>2,4,6,10,</td> <td>(888) 758-5349</td></tr></tbody></table><br />Source: http://www.federalreserve.gov/Pubs/shop/survey.htmLoishttp://www.blogger.com/profile/01285075118413568996noreply@blogger.com5tag:blogger.com,1999:blog-2560779810556122702.post-64976687708763848642008-08-30T22:48:00.004-07:002008-08-30T22:49:07.279-07:00Women & Money: Fed's credit-card proposals offer needed protectionsIn early May, the Federal Reserve issued a series of new proposals designed to curtail some of the more egregious practices of the credit-card industry, while also requiring card companies to better disclose their rules to customers.<p> Currently in the United States, there is more than $900 billion in outstanding debt, much of it accruing interest at rates well above 15 percent and susceptible to arcane rules and practices that generate major fee revenue for the credit-card companies. </p><p> But I suppose we'll have to be grateful for this better-late-than-never approach. And the Fed's proposed rule changes do offer some solid consumer protections: </p><p> Credit-card issuers wouldn't be able to arbitrarily increase the interest rate on your card. There would have to be a concrete reason for raising the rate, such as failure to make the minimum payment by the due date, or a change in the underlying index that's used to set the interest rate.</p><p> Statements would have to be mailed at least 21 days before the payment is due rather than the current minimum of 14 days. This is intended to make it less likely that credit-card issuers can catch cardholders off-guard by moving up a due date, so the cardholder ends up making a late payment. With late fees averaging $39, it's easy to see why card companies have been happy to push customers into being late.</p><p> Card issuers would be prohibited from using your payments to pay down only your balances with the lowest interest rate. This practice has been a credit-card company favorite: Lure new customers in with a low introductory rate for a balance transfer, then impose a high interest rate on new charges or cash advances. Then, when the cardholder makes a payment, it's credited to the low-rate balance rather than the higher-rate debt. The new regulations would require that at least a portion of every payment be credited to your high-rate debt.</p><p> The two-cycle billing system would be abolished. This practice, used by many card issuers, creates a higher balance due for cardholders who have an unpaid balance only from time to time.</p><p> A year ago, Congress held hearings to learn more about credit-card billing practices. No legislation ever came out of those hearings. A few of the major credit-card issuers called to the Hill to testify tried to play nice by voluntarily rescinding their use of Universal Default. That's the system whereby you can pay your credit-card bill on time, yet still see your interest rate skyrocket if the card issuer happens to notice you didn't pay one of your other bills - completely unrelated to your credit card - on time.</p><p> At the end of April, Sen. Christopher J. Dodd (D., Conn.) introduced the Credit Card Accountability, Responsibility and Disclosure Act.</p><p> I was especially interested in a few new items in Dodd's bill that the Fed didn't address:</p><p> Require card companies to show account holders the total time and total expense they'll incur if they choose to pay only the minimum balance due each month. I would have liked it if this proposal went one step further: Show by how much both the time and total payment would decrease if the cardholder paid 1 percent, 2 percent and 3 percent more than the minimum amount due each month. Showing those figures side by side with what happens if you pay just the minimum is motivation for paying more each month.</p><p> Curtail credit-card companies from pushing credit-card offers on consumers under age 21. Under the new bill, these young adults would have to initiate contact with the card company to apply for a card. </p>Loishttp://www.blogger.com/profile/01285075118413568996noreply@blogger.com2tag:blogger.com,1999:blog-2560779810556122702.post-33349149625770308022008-08-30T22:48:00.003-07:002008-08-30T22:48:42.052-07:00CIBC selling U.S. credit card issuerCIBC is selling its stake in credit card company Juniper Financial Corp. for $383 million to Barclays Bank PLC. <p>The sale is expected to close by the end of the year, and result in CIBC recording a $46 million after-tax gain. </p><p>CIBC bought a 51 per cent stake in Juniper in 2001. The bank later increased its stake in the company to 98 per cent. </p><p> Based in Wilmington, Delaware, Juniper has roughly 700,000 accounts and $1.4 billion in receivables. The company issues credit cards for several companies, including Midwest Airlines, Best Western and Caesars Entertainment. </p><p>The Juniper sale is the latest sale of U.S. assets by CIBC. In December 2003, CIBC World Markets announced the sale of its U.S. Oppenheimer private client and asset management division to New York brokerage house Fahnestock Viner Holdings. The $400 million deal gave CIBC the right to acquire more than a third of Fahnestock. </p><p>Shares of CIBC slipped 30 on Wednesday, closing at $64.50 on the TSX. </p>Loishttp://www.blogger.com/profile/01285075118413568996noreply@blogger.com2tag:blogger.com,1999:blog-2560779810556122702.post-17998538918293651952008-08-30T22:48:00.001-07:002008-08-30T22:48:18.346-07:00Consumer Credit Counseling: Credit Card Issuers' Perspectives<center> <span style="font-family:Myriad Roman, Arial, Helvetica, Sans-serif;;font-size:85%;"><br /><a href="http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=389017" class="textlink" target="_blank" title="View other papers by this author">Mark J. Furletti </a><br />Federal Reserve Bank of Philadelphia<br /></span><br /><br /><span style="font-family:Myriad Roman, Arial, Helvetica, Sans-serif;;font-size:85%;">September 2003</span><br /><br /></center> <!-- SHOW ABSTRACT: BEGIN --><br /><strong> <span style="font-family:Myriad Roman, Arial, Helvetica, Sans-serif;;font-size:85%;">Abstract: </span> </strong> <br /><span style="font-family:Myriad Roman, Arial, Helvetica, Sans-serif;;font-size:85%;"> On Friday, May 23, 2003, the Payment <span class="searchword">Card</span>s Center hosted a workshop led by collections managers from J.P. Morgan Chase and Juniper Bank. The managers provided the <span class="searchword">credit</span> <span class="searchword">card</span> <span class="searchword">issuers</span>' perspective on the consumer <span class="searchword">credit</span> counseling industry. The day's discussion complemented an earlier workshop at which representatives from local consumer <span class="searchword">credit</span> counseling services (CCCS) discussed their business model. After describing the ways in which new market entrants have affected the counseling industry, the <span class="searchword">issuers</span> discussed the challenges associated with administering and appropriately valuing the services of various agencies. This paper provides highlights from the workshop discussions.</span>Loishttp://www.blogger.com/profile/01285075118413568996noreply@blogger.com0tag:blogger.com,1999:blog-2560779810556122702.post-70736105008917036072008-08-30T22:47:00.001-07:002008-08-30T22:47:44.191-07:00Credit Card Issuer Profitability in a Difficult Economy: Issuers Must Focus on Interest..<pre>Credit Card Issuer Profitability in a Difficult Economy: Issuers Must Focus on Interest Income While Balancing against Increased Default Risk<br /><br />DUBLIN, Ireland--(Business Wire)--<br />Research and Markets<br />(http://www.researchandmarkets.com/research/744dd5/credit_card_issuer)<br />has announced the addition of Javelin Strategy & Research's new report<br />"Credit Card Issuer Profitability In a Difficult Economy: Issuers must<br />Focus on Interest Income While Balancing Against Increased Default<br />Risk" to their offering.<br /><br /> Credit card issuers face increased pressure to maintain<br />profitability in this difficult economic environment, with cardholder<br />spending curtailed and rising default risk among a larger percentage<br />of consumers. Losses in lines of business other than credit card<br />issuance have affected institution-wide approach to risk--particularly<br />risk of default among credit cardholders--and therefore the approach<br />that card issuers can take in acquisition and ongoing management of<br />cardholder lines of credit. This Javelin report uses robust consumer<br />data and executive survey data to provide understanding of consumer<br />and issuer reaction to economic difficulties, and prescriptive plans<br />of action to create opportunities for card issuers, leveraging<br />economic difficulties for competitive advantage.<br /><br /> Primary Questions<br /><br /> - What are consumer behavior changes vis-a-vis their credit card<br />usage as a result of the economic downturn?<br /><br /> - How are credit card issuers reacting to changes in cardholder<br />behavior and in the economy?<br /><br /> - What is the best way for credit card issuers to maintain a<br />balance between profitability and risk against default?<br /><br /> - Which segments of the consumer population pose a higher risk of<br />credit card default?<br /><br /> - How should issuers alter policy with regards to more risky<br />cardholders?<br /><br /> Methodology<br /><br /> The consumer data in this report is based on data collected online<br />from a random-sample panel of 1,500 respondents in April 2008. The<br />survey targeted respondents based on representative proportions of<br />gender, age and income as compared to the overall U.S. online<br />population. Overall margin of sampling error is +/-2.53 percentage<br />points at the 95% confidence level. Executive data is based on an<br />online survey collected from a sample of 13 credit card industry<br />executives at top-tier credit card issuers in May 2008. Among issuers<br />surveyed, 54% have issued more than 5 million cards, 8% have issued<br />between 1 and 5 million cards, and 38% have issued less than 1 million<br />cards.<br /><br /> Audience:<br /><br /> -Credit Card issuers<br /><br /> -Specifically portfolio managers<br /><br /> -Product development and product marketing managers<br /><br /> -Card networks<br /><br /> Key Topics Covered:<br /><br /> Overview<br /><br /> Primary Questions<br /><br /> Findings and Analysis<br /><br /> Methodology<br /><br /> Executive Summary<br /><br /> The Economy Affects Financial Institutions' Credit Card Issuance<br />Policies<br /><br /> Decreased Consumer Spending and Potential Shift to Interest Income<br />for Card Issuers is Not Without Risks--Political and Otherwise<br /><br /> Consumers Attempt to Reduce Credit Card Usage, But are Less Able<br />to Pay Off Balances<br /><br /> Interchange Revenue May Suffer in the Immediate Term as Consumers<br />Curtail Spending<br /><br /> Potential for Increased Consumer Reliance on Credit Cards as<br />Recession Wears On<br /><br /> Consumers Show Increased Difficulty in Paying Off Credit Card Debt<br /><br /> Card Issuers Face Increased Regulation and Scrutiny with Regards<br />to Interest Rate Policies<br /><br /> Over Half of Credit Card Issuers Surveyed Suffered Exposure and<br />Losses<br /><br /> Does the Economy Pose a Threat or Present an Opportunity?<br /><br /> Issuers Cut Back Lines of Credit as a Response to Losses and<br />Exposure<br /><br /> More than Half of Middle-Aged Consumers Less Able to Save<br /><br /> Economic Difficulties Lead Middle-Aged Consumers to Cut Back<br />Credit Card Usage<br /><br /> Economic Situation Results in More Credit Card Debt for<br />Middle-Aged Consumers<br /><br /> Build or Buy: Vendor Solutions from the Credit Bureaus Intend to<br />Find the Balance and Allay Risk for Issuers<br /><br /> Level of Trust in Financial Institutions Drops Among Middle-Aged<br />Consumers<br /><br /> Issuers Constrict Acquisition of New Cardholders: Opportunity for<br />Aggressive Issuers<br /><br /> Mirror Image: One-Third of Issuers Expand Acquisition<br /><br /> Monitor Middle Income Consumers Closely to Maintain the<br />Risk-Opportunity Balance<br /><br /> Credit Card Charge Off Rates Increase Over the Past Several<br />Quarters<br /><br /> Consumer Credit Outstanding Also Shows Increases 2007 to Early<br />2008<br /><br /> Gas Purchases and Other Staple Purchases are of Particular<br />Interest in Shifting Behaviour<br /><br /> Appendices: Additional Consumer and Executive Information<br /><br /> Table of Figures<br /><br /> Figure 1: Economic Impact of Various Consumer Behaviours<br /><br /> Figure 2: Financial Institutions Suffering Losses due to Economic<br />Conditions<br /><br /> Figure 3: Financial Institution Reaction to Economy with Existing<br />Cardholders<br /><br /> Figure 4: Consumer Ability to Save as a Result of the Economy by<br />Age<br /><br /> Figure 5: Credit Card Usage Changes as a Result of the Economy by<br />Age<br /><br /> Figure 6: Ability to Pay off Credit Card as a Result of Economic<br />Changes by Age<br /><br /> Figure 7: Consumer Trust in Financial Institutions by Age<br /><br /> Figure 8: Issuer Constriction of Cardholder Acquisition<br /><br /> Figure 9: Issuer Expansion of Cardholder Acquisition<br /><br /> Figure 10: Consumer Ability to Pay off Credit Card by Income<br /><br /> Figure 11: Credit Card Chargeoffs by Quarter<br /><br /> Figure 12: Credit Card Outstanding by Time Period<br /><br /> Figure 13: Specific Behaviour Spending Changes among Consumers<br /><br /> Figure 14: Credit Card Usage by Income<br /><br /> Figure 15: Purchase of Luxury Good by Age<br /><br /> Figure 16: Purchases of Luxury Goods by Income<br /><br /> Figure 17: Credit Card Balance Changes by Age<br /><br /> Companies Mentioned:<br /><br /> - Equifax<br /><br /> - Experian<br /><br /> - Fair Isaac<br /><br /> - TransUnion<br /><br /> For more information visit<br /><a href="http://www.researchandmarkets.com/research/744dd5/credit_card_issuer">here</a><br /><br />Research and Markets<br />Laura Wood<br />Senior Manager<br />press@researchandmarkets.com<br />Fax from USA: 646-607-1907<br />Fax from rest of the world: +353-1-481-1716<br /><br />Copyright Business Wire 2008</pre>Loishttp://www.blogger.com/profile/01285075118413568996noreply@blogger.com0tag:blogger.com,1999:blog-2560779810556122702.post-42218798384758756822008-08-30T22:45:00.000-07:002008-08-30T22:47:07.948-07:00Card issuers target teens for latest plastic attacks<span class="body">Your 16-year-old has just received a major credit card with his name on it and a $1,000 spending limit. If you dropped him off at the mall, or left him home alone to shop online, would he have the knowledge and maturity to use it wisely?<br /><br /></span><p><span class="body">If that scenario makes you nervous, like giving him the car keys the first time, he might not be ready to charge forth into the tricky world of plastic money. </span></p> <p><span class="body">Many teens don't know enough about borrowing to use a credit card, but issuers know a lot about them, and they want their business. </span></p> <p><span class="body">Credit card companies, which keep a hawk's eye on demographics, are swooping down on young consumers. Initiating the quest for kids under age 18 is <a href="http://www.capitalone.com/" target="_blank" class="body-link">Capital One</a>, one of the nation's leading issuers.</span></p> <p><span class="body">The Virginia-based company is targeting high school juniors and seniors with a co-signed MasterCard that is solicited through the Internet and mailings addressed to their parents. </span></p> <p><span class="body">The card has a stiff 19.8 percent fixed annual percentage rate and no annual fee. Credit limits range from $200 to $1,000. The child gets the card -- and the bill -- in his or her name, but the parents are legally responsible for the account.</span></p> <p><span class="body">"We've had the program for a long time and it's done really, really well," says spokeswoman Diana Don. "A lot of people in this age range already have an income and a credit bureau report." </span></p> <p><span class="body"><b><a name="ripe"></a><span class="subhead">Market is ripe for picking</span><br /> </b> The minor-age market is ripe for the picking. The number of teenagers is growing and they're spending more money. </span></p> <p><span class="body">There are 31.3 million kids between the ages of 12 and 19 in the United States -- about 11 percent of the population -- according to <a href="http://www.teenresearch.com/" target="_blank" class="body-link">Teen Research Unlimited</a> of Northbrook, Ill. Their numbers are expected to increase until at least 2010. </span></p> <p><span class="body">More teens are working full- or part-time jobs and spending their own money -- as well as a little more of mom and dad's. </span><span class="body">In 2006, youngsters shelled out $195 billion of their own green, compared with $94 billion in 1999, according to a Harris Group survey. </span></p> <p><span class="body">A lot of that money is being spent online. Jupiter Communications estimates that teens accounted for $1.2 billion in Internet spending by 2002. </span></p> <p><span class="body">"Teens are becoming increasingly powerful consumers and are trusted more and more by their parents to make family purchase decisions," Teen Research's president Peter Zollo said when the survey was released last October. "Teens know what they want and are savvy when it comes to efforts to market to them."</span></p> <p><span class="body">Encouraged by those numbers, and the fact they have saturated the adult card market, issuers are eyeing post-pubescent, Internet-savvy consumers. </span></p> <p><span class="body">"It was college students and now it's getting younger," says Dara Duguay, executive director of the <a href="http://www.jumpstart.org/" target="_blank" class="body-link">Jump$tart Coalition for Personal Financial Literacy</a>. "I've noticed it within the last year really heavily." </span></p> <p> </p> <p><span class="body"><b><a name="ready"></a><span class="subhead">Are teens ready for plastic?</span><br /> </b> Jump$tart, a nonprofit organization based in Washington, D.C., says these fresh young things aren't ready for plastic. Every other year, the group quizzes 12th-graders in public schools around the country on topics such as paying taxes, using credit cards and retirement savings. </span></p> <p><span class="body">On average in 2006, participants answered only 52.4 percent of the questions correctly, a failing grade. This was marginally better than the results of the 2004 survey (52.3 percent). The lowest was in 2000, when students scored an average of 50.2 percent.</span></p> <p><span class="body">Duguay blames the failure on the lack of personal finance teaching in schools. Jump$tart's goal is to ensure that students are financially competent by the time they graduate from high school. </span></p> <p><span class="body">She says parents have to get involved if they are going to allow their children to use credit cards. "It takes supervision. If a parent has a co-signed card, they need to sit down with them and show them what interest rates are.</span></p> <p><span class="body">"Credit cards can be a useful thing as long as they're monitored. They can be an opportunity to learn before going into the adult world."</span></p> <p><span class="body"><b><a name="learning"></a><span class="subhead">A learning opportunity</span><br /> </b> Jump$tart, along with <a href="http://www.myvesta.org/" target="_blank" class="body-link">myvesta.org</a>, formerly Debt Counselors of America, helped Capital One develop brochures that are stuffed into their teen customers' monthly credit card statements. The inserts explain subjects such as introductory rates, understanding the card statement, how compounding interest works and managing finances.</span></p> <p><span class="body">"We get letters all the time from parents saying the card is a really good tool," says Don.</span></p> <p><span class="body">Other issuers seem to be watching and waiting before they jump into the teen segment. "We do perceive it as an interesting market," says Deborah J. Pulver, spokeswoman for <a href="http://www.fleet.com/" target="_blank"><span class="body-link">Fleet Financial</span></a><span class="body-link">,</span> another top card issuer. </span></p> <p><span class="body">"That's not to say we won't do something in the future. We need to make sure there is an educational component with that as well."</span></p> <p><span class="body">Issuers such as Capital One who are reaching out to minors with major credit cards must follow the same federal disclosure laws they do for marketing to adults. Whether they are selling by mail, telephone or the Internet, banks are required to reveal costs such as annual fees and finance charges.</span></p> <p><span class="body">"Before the customer pays, the seller has to disclose who they represent, the nature of the goods and services and the total cost," says Carole Danielson, an investigator in the Federal Trade Commission's division of marketing practices.</span></p> <p><span class="body"><b><a name="control"></a><span class="subhead">Usually school districts have control</span><br /> </b> Other rules -- such as whether card companies can visit high school campuses the way they do colleges -- fall to the states. States, in turn, usually give that authority to local school districts.</span></p> <p><span class="body">If the policies of two of the nation's largest districts are any indication, parents don't have to worry about card companies setting up sales tables at their kids' high schools. </span></p> <p><span class="body">"If it's flat-out solicitation, we don't allow it," says Janet Cass, who works for the Broward County School District, which includes the greater Fort Lauderdale-Hollywood, Fla., area and is the nation's fifth largest. "If the sole purpose is to come in and sell a product, such as signing up kids for credit cards, there is no educational value in that." </span></p> <p><span class="body">The Los Angeles Unified School District, the nation's second largest, also prohibits solicitation on school grounds. "We do not allow commercial ventures to come on to our campuses," says Dan Isaacs, assistant superintendent for school operations. </span></p> <p><span class="body">Cass says a lender might be allowed to talk to students about credit card use and financial management, but those requests are carefully screened by a committee that scrutinizes lecture outlines and materials. </span></p> <p><span class="body">Card companies still have ways of branding their names on young brains. Many schools work with corporations to sponsor events. As a result, the lender might be allowed to hang a banner in the gym or stadium. </span></p> <p><span class="body">Cass, who works in the Broward district's partnership division, says they are approached by all sorts of interests. "You see companies just drooling over the large market of kids," she says. "They are a captive audience."</span></p> <p><span class="body">She says <a href="http://www.americanexpress.com/" target="_blank" class="body-link">American Express</a> is very involved with the district, paying for luncheons and other events. </span></p> <p><span class="body">"It's a public relations move to get their name in front of kids and parents," she says.</span></p> <p><span class="body">Isaacs says credit card companies can advertise in the school newspaper "just like they would in any paper."</span></p> <p><span class="body">Most credit card forms stipulate that the applicant must be 18 years old, but just as there is no way to ensure a mischievous minor won't sneak away to puff a cigarette or swig alcohol, there is no guarantee a credit card won't fall into the wrong hands.</span></p> <p><span class="body">"A few years ago, I had a 6-year-old cousin who found a credit card application," relates Cass. "He took it upon himself to fill it out and mail it in. They sent him a credit card in his name.</span></p> <p><span class="body">"He's 13 now and his mom still has it taped to the refrigerator," she says. "I guess he had a pretty clean credit report."</span></p>Loishttp://www.blogger.com/profile/01285075118413568996noreply@blogger.com1