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2009 - A Terrible Year for the Credit Card Business |
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Mar 25, 2010 |
JPMorgan Chase Letter to Shareholders by Jamie Dimon, CEO
By all measures, 2009 was a terrible year for our credit card business" - so begins Jamie Dimon's discussion of JP Morgan Chase's Card Services business unit - as Dimon writes in his annual letter to shareholders. The unit lost $2.2 billion in 2009 with an additional impact coming this year resulting from the recent CARD Act changes that have recently taken effect. Dimon notes that "in the future, we will no longer be offering credit cards to approximately 15% of the customers to whom we currently offer them" - due to the changes imposed by the law.
 JPMorgan Chase - Letter to Shareholders
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Kiss Your Credit Card Rewards Card Goodbye? |
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Nov 22, 2009 |
Forbes.com by Peter C. Beller
A perennial source of outrage when Congress is looking for a whipping boy are the fees that credit card issuers charge merchants for accepting plastic in lieu of cash. Shoppers don't usually pay attention to the debate since they pay only a fraction of "interchange" fees in the form of higher prices, but they might take notice if credit card firms will likely respond by cutting back on popular rewards programs such as frequent flier miles and hotel discounts.
Forbes.com - Kiss Your Credit Card Rewards Card
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Are There Loopholes in the Credit Card Act? |
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May 21, 2009 |
The Wall Street Journal
All too often with consumer laws, key provisions can be watered down at the last minute. We decided to call some consumer advocates and legal experts to see if there are any loopholes or blurred ink in the act (aka H.R. 627).
The Wall Street Journal - Loopholes in the new credit card act
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HSBC may rethink U.S. credit cards |
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May 21, 2009 |
The Washington Post by Steve Slater & Victoria Howley
Europe's biggest bank HSBC Holdings said business will remain challenging for much of 2010 and it may not keep its U.S. credit card arm if the problems facing the business intensify.
The Washington Post - HSBC may rethink US credit cards
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Credit-Card Law to Revamp How Most Consumers Spend |
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May 21, 2009 |
CNBC
The credit-card overhaul that President Obama will sign could have a bigger impact on consumers than any other economic initiative so far, with some experts predicting a broad restructuring of how credit cards are priced, managed and marketed. "These are monumental and expensive changes for credit card issuers to implement," said Duncan Douglass, a lawyer with the firm of Alston & Bird who specializes in payment law.
Every American with a credit card will see sweeping changes in the market, with limits on sudden hikes in interest rates that drive consumers deeper into debt.
CNBC - Credit-Card Law to Revamp How Most Consumers Spend
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