insider info

Discussion in 'Credit Talk' started by sldruck5, May 30, 2002.

  1. sldruck5

    sldruck5 Guest

    i have a friend who works for a local credit card company and gave me this info. i thought you may be interested in it as well.



    Target Issues 6 Million Smart Visas; Receivables Top $2 Billion
    Target has moved into the Top 25 of U.S. card issuers as Visa receivables topped $2 billion in the latest quarter. Since the launch of its smart Visa program in September 2001, Target has issued more than 6 million cards, becoming the largest issuer of smart Visa credit cards in the nation and the second largest issuer of general-purpose smart credit cards in the U.S. The company says it will have smart card readers installed in all stores by August, and plans to make e-coupons available to its smart card customers by the Christmas holiday shopping season. Target ended its first fiscal quarter of 2002 with $4.2 billion in total card receivables, which includes $2.2 billion in its private label portfolio. Target says it expects to add between $1.5 billion and $2.0 billion in credit card receivables by the end of 2002.

    Issuers Employing Soft Touch to Collect Debts
    Sweet talk is catching on in the credit-card industry. Discover Financial plans to mail several hundred thousand greetings cards to customers who have fallen behind on their bills. Hallmark Cards, which designed two greeting cards for Discover, will test similar cards for two other credit-card companies. Meanwhile, Bank of America has set up a Web site that allows customers to explain why they have fallen behind on their bills and to work out a payment plan. MBNA says its phone representatives are prepared to stay on the line for 30 minutes or longer counseling customers on ways to pay their bills. These euphemistic collection efforts are largely targeting people who suddenly fall behind on their bills, not those who are chronically late. Issuers are betting that these people are more likely to pay their bills and remain loyal customers if they are treated nicely when they fall on tough times. Bank of America says it didn't have much success when it sent greeting cards and videotapes detailing alternatives to bankruptcy to delinquent customers. But the company is having better results with its Web site, where customers can promise to make payments up to 10 days in the future.

    New American Express ONE Account
    American Express announced a new relationship account that ties together investing, banking, and a payment card. The AmEx ONE Financial Account offers unlimited check writing with overdraft protection; a complimentary AmEx Gold Card at $25,000 in assets; brokerage services including online trading, equity research, portfolio analysis tools and margin lending; preferred cash rates in an FDIC-insured sweep account; an ATM/debit card; and access to multiple loan options including a best price guarantee on AmEx mortgages. Other benefits include participation in the Membership Rewards points program through Gold Card, free online bill pay, and up to $6 per month in non-American Express ATM surcharge reimbursements for accounts with assets of $25,000 or more. Clients working with an American Express financial advisor have the choice of a ONE account with a transaction-based pricing structure or an asset-based pricing structure.






    In the Mailbox this Week



    --------------------------------------------------------------------------------
    Capital One: CollegeOne Platinum MasterCard; 9.9%F APR on everything (purchases, balcon and cash); earn a 1% rebate on purchases towards your child's college savings account; free enrollment ($85 value) into a 529 college savings account; credit line up to $20,000; $25 annual fee

    Discover: Platinum Family Card; 0% intro (purchases & balcon) for 6 months; earn up to a 1% Cashback Bonus based on annual level and type of purchase; double the reward amount with a certificate to select Cashback Bonus Partners; earn a 10% discount on purchases at select retailers; online account access; credit line up to $50,000; no annual fee
     

Share This Page