After weeks of negative feed-back and customer frustration, Bank of America has given up trying to introduce a new policy to charge customers for using their debit card.
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Although Bank of America was not the only bank to announce that they would be charging fees, they were the most prominent in the media. Most of the other major U.S. financial institutions have also thrown in the towel trying to introduce new fees.
The recent turmoil has created a big boost the credit card industry but despite the banks’ retreat, most analysts are expecting consumers to continue to reach for their credit card when they want to pay with plastic.
According to Equifax, credit card usage has been on the rise since 2010 and that trend continues through 2011. The increasing trend can also be seen in earnings of major credit card companies.
On Nov. 3 MasterCard reported a 38% increase in profits for the third-quarter. T
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The rising popularity of cash back credit cards is perhaps best evidenced by the unending stream of television commercials touting the benefits of these cards. The new Capital One Cash card is the latest entry into this arena and many have seen Jimmy Fallon’s commercials for this new Capital One cash back credit card that offers 50% bonus cash back every year.
Capital One Cash card-holders receive 1% cash back on all purchases all year round. In addition, all cash back rewards earned are increased with a 50% bonus once a year, on the cardholder’s anniversary of account opening. Capital One Cash rewards can be redeemed for checks, statement credits and even used for charitable donations.
Unlike many cash back cards, including the popular Chase Freedom Visa Card, there are no quarterly enrollment hoops to jump through in order to obtain the 50% bonus offered on the Capital One Cash card. Add
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The U.S. Treasury Department announced that the number of bills it printed during the last fiscal year on its government presses in Washington D.C. and Fort Worth was at an all-time modern era low. During that year, the Treasury’s printing of $5 bills was the least it has been in 30 years, while concurrently, it halted all production of $10 bills.
Some observers believe that this is an indication that the era of cash is soon to end, to be replaced with credit and debit cards and other forms of electronic financial transactions.
Although, there is plenty of anecdotal evidence painting this trend in bold strokes, after all, we all know folks who do the bulk of their shopping online and may have even been to a store or restaurant that only accepts credit cards, hard data regarding the demise of cash are hard to come by. Partially, this is due to the fact that people who like to pay with cash are often the type of people who do not like to be tracked. H
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The Marriott hotel company is one of the largest lodging chains in the world. In addition to company namesake hotels, the Marriott chain also includes features well-known casual brands such as Courtyard, Residence Inn, Fairfield Inn, as well as the ultra-luxe Ritz-Carlton. The Marriott Rewards program caters to frequent guests as well as users of their co-branded credit cards such as the Marriott Rewards Visa from Chase. Like many hotel loyalty programs, there are myriad ways for members to redeem their points, but not all of these options are equally valuable.
When using points for free night awards, members can choose from over 3,400 different properties in eight different categories. Within each category are both standard awards and Point Savers awards. Point Savers awards require 15-20% fewer points than standard awards, but have more restrictive capacity controls.
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Citigroup plans to launch a unique credit card on Monday that comes with no late fees or penalties. The card also boasts a single interest rate for purchases, balance transfers and cash advances, helping it stand out from its competition.
New Card Comes with Simple Terms
Citigroup’s Simplicity card is being marketed to individuals who are juggling busy schedules and want a credit card that has simple terms, such as a flat interest rate each month and no fees to worry about.
Jud Linville, CEO of Citi Cards, told the Associated Press, “It lets them not have to worry that they’re going to be late on a payment. It provides some flexibility.”
Since less than 5 percent of cards come without a late fee and only 8 percent charge a single interest rate for purchases, balance transfers and cash advances, some think this card will be considered a steal. However,
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