Additionally, the investigation into the massive hack has “determined that the stolen information includes names, mailing addresses, phone numbers or email addresses” for 70 million Target customers.
Federal regulators have ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for “illegal credit card practices” and pay $9.6 million in civil penalties. The alleged practices included unfair billing tactics and deceptive marketing of credit card “add-on products” — such as payment protection and credit monitoring.
The U.S. Consumer Financial Protection Bureau is looking into whether credit card issuers are misleading customers when they sign up for these programs. The result could be new rules to ensure clarity and transparency.
Interest rates on new credit card offers nudged up to 15.05 percent this week, from 15.03 percent the previous week, according to the CreditCards.com. Barclays fueled this week’s rate change by increasing the APR on the Wyndham Rewards Visa Signature card.
Business owners who say they’ll rely primarily on paid advertising to promote Small Business Saturday has doubled, with 67 percent offering discounts to drive consumer traffic.
AmEx will develop a suite of products for Wells Fargo, with exclusive benefits and customized offers from the American Express network, both online and offline.
The national interest rate average on new credit card offers remained at 14.96 percent this week, despite a 1-point shift upward on the Chase Slate card, according to CreditCards.com.
This may be a good time to take advantage of those “0% balance transfer” deals because their overall value has peaked and will diminish before improving again.
The best prepaid cards have few types of fees, and offer consumers opportunities to avoid fees. Each is safe to use, carrying FDIC insurance to the individual cardholder.
Cardmember spending, which for AmEx represents a greater slice of affluent customers than most competitors, increased 7 percent, adjusted for foreign currency translations.