Credit Card News

Credit Card News

The total amount of American families that carried any amount of debt slipped between 2007 and 2010, according to the latest Federal Reserve Board Survey of Consumer Finances. In all, just 74.9 percent of families nationwide said they had any kind of outstanding debt at the end of 2010, down from 77 percent in 2007.

Many companies are now rolling out or testing their own versions of mobile wallet programs that allow consumers to use their smartphones as they would their credit cards, making use of near-field communications technology to complete purchases without swiping. But one of the world's best-known tech giants has largely stayed out of the game to this point, and some experts now believe that won't last much longer, according to a report from the New York Times.

While cash remains the most popular purchasing method overall, that is no longer the case when it comes to in-store retail purchases, according to new data from Javelin Strategy and Research. Debit and credit are now the most used purchasing methods when it comes to point of sale retail purchases, with debit coming in first and credit lagging only slightly behind.

The amount of revolving credit carried by consumers in April fell 4.8 percent on a year-over-year basis, after spiking somewhat in the month of March, according to the latest statistics on consumer credit issued by the Federal Reserve Board. Revolving credit is typically considered to be any balance that can be added to or subtracted from between one month and another, and is most commonly associated with credit cards.

New data from the Conference Board shows that consumer confidence declined in May, due largely to economic factors that are hurting Americans' ability to grow their incomes, according to a report from Fitch Ratings.

Mobile wallet systems work by having consumers load their payment information into a smartphone embedded with near-field communications technology, then use that as a means of making a purchase instead of swiping their card the old-fashioned way. That physical disconnect might be problematic for some, according to a report from the Hartford Courant.

Mobile credit card payment processing systems and digital wallets are the latest focus for many companies that are trying to link card use with smartphones and other portable devices, and are expected to drastically change the way in which consumers conduct day-to-day transactions in the next few years, according to a report from the trade group news site the National Association of Convenience Stores Online.

The total number of new credit cards issued in the U.S. last year rose by more than 20 percent from the amount seen in 2010, driven largely by continued extension of new accounts to borrowers with subprime credit ratings, according to the latest data from the credit reporting bureau TransUnion. In all, 24.2 percent of new credit cards were issued to consumers with low credit ratings in 2011, up from the 21.8 percent seen the year prior.

Isis - the near-field communications-enabled smartphone purchasing service from AT&T, T-Mobile and Verizon Wireless - recently announced that it had reached an agreement to work with American Express as it pushes the payment platform toward a pilot test later this year, according to a report from TIME Techland. Now, consumers with cards issued by AmEx will be able to use them when making a purchase through Isis.

Of the large number of comments about credit card lenders posted online, it turns out the majority of these are actually positive, according to new research from the social media data firm DigitalMR. In all, some 67 percent of all comments made about credit card lenders online - such as on various social networking platforms or open forums - show that consumers feel positive about their issuer's customer service experience.