Bank of America Sees Record Credit Card Losses (New York Times)
Bank of America Chief Executive Kenneth Lewis said on Tuesday the U.S. economy will get worse before it improves, and forecast record losses for the U.S. credit card industry.
Fitch: Pressure On UK Credit Card Interest Rates may impact ABS Excess Spread (Nasdaq)
Fitch Ratings-London-14 November 2008: Fitch Ratings says pressure on UK credit card issuers to reduce interest rates, following the recent 1.5% interest rate cut by the Bank of England, will add further stress to the current performance of the asset class because it may lead to reduced levels of yield being achieved by credit card trusts.
Why banks are boosting credit card interest rates and fees (USA Today)
In recent years, banks have sharply raised interest rates and penalty fees on credit cards. As the economy tanks and banks' mortgage-related losses balloon, some banks are stepping up such increases to boost revenue. Bearing the brunt are consumers for whom a jump in rates and fees can make it tougher to pay their bills at a time when household budgets already are being stretched.
O Bee Credit Union Announces "The ONYX" New Low 6.90% Fixed Rate Credit Card (Business Wire via Yahoo! Finance)
TUMWATER, Wash.----O Bee Credit Union has announced it is offering a new low 6.90% APR fixed rate credit card called “The ONYX”. “With credit card rates spiraling out of control for consumers and higher interest and default rates up to 36%, we decided to resist this trend,” states Lee Wojnar VP of Marketing. “At O Bee we see an opportunity where we can help consumers by offering a low rate ...
(AFX UK Focus) 2008-11-18 22:01 UPDATE 2-Bank of America sees record credit card losses (Interactive Investor)
By Soyoung Kim and Nick Carey
