American Express just got a little competition in its efforts to appeal to those living outside the financial mainstream. On May 29th, banking giant JPMorgan Chase & Co. announced that it has committed to invest $30 million to create the Financial Solutions Lab. A collaboration with the Center for Financial Services Innovation, the new Financial… Continue reading JPMorgan Launches Financial Solutions Lab
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Which Plastic Is the Best? Debit Cards, Credit Cards or Prepaid Cards?
Long gone are the days when credit cards were the only choice for people in need of plastic. Here are some other options: Imagine walking into a restaurant and being told that a menu is not needed because there’s only one dish being served. From time to time that happens — set price, or prix… Continue reading Which Plastic Is the Best? Debit Cards, Credit Cards or Prepaid Cards?
Accenture survey: Banks Face Big Threat
The Accenture survey, which was based on feedback from around 4,000 retail banking customers in the US and Canada, found that evolving technologies and changing consumer attitudes pose real dilemmas to traditional banks. Accenture found that although almost 40 percent of US customers have been with their current bank for a decade or more, a host of factors shows that now is not the time for banks to assume their customers aren’t looking for better options.
Consumer Advocates: Credit CARD Act Saves $12.6 Billion Annually
“The CARD Act has been hugely successful in banning the biggest unfair credit card gotchas like retroactive interest rate hikes and excessive penalty fees,” says Linda Sherry, Director of National Priorities at Consumer Action. The Consumer Financial Protection Bureau (CFPB) has calculated that the law saves consumers $4 billion per year in fees alone, while another estimate puts the total savings from banned interest charges and fees closer to $13 billion each year.
AmEx Sees Surge In Prepaid Customers
Participants at last week’s Sanford Bernstein’s investor conference in New York City could be excused if they thought they had stumbled into a political rally. Giving the final formal presentation at the “Disruptive Trends in Financial Services” gathering, American Express Group President for Enterprise Growth, Dan Schulman, made an impassioned critique of the way the… Continue reading AmEx Sees Surge In Prepaid Customers
Qantas Lets Fliers Earn Miles With Prepaid Card
The way the card works will be familiar to anyone who has used a prepaid debit card. Like similar products in the U.S., the Qantas Cash card requires users to load money upfront before they start spending. Once cash is in the account, consumers can use their Qantas Cash card wherever MasterCard is accepted. Because it serves as the membership card for Qantas frequent fliers, it can sometimes even serve as a boarding pass.