A new report shows that African-Americans and Latinos pay higher interest rates on their credit card debt than white consumers. According to the research conducted by the National Association for the Advancement of Colored People (NAACP) and the think tank, Demos, Latinos pay an average annual percentage rate (APR) of 17.9 percent. By contrast, African-Americans… Continue reading Report: African-American and Latino Credit Card Interest Rates Are Higher
Month: March 2014
New Bank of America Checking Account To Compete With Prepaid Cards
The introduction of the Safe Balance account is a way for Bank of America to boost revenue in a business environment that has seen increasing regulations and public scrutiny. For example, many banks have struggled with how to best replace revenue that once came from charges to debit card transactions. The impact of the federal Durbin Amendment and consumer outrage at high debit card fees has prompted many banks to look elsewhere to make up for lost revenue.
Las Vegas Casinos Accept Prepaid Cards
Not everyone believes the use of prepaid cards in Vegas is a benefit to consumers. In his popular blog VitalVegas.com, Scott Roeben writes that the casinos are the big winners. “Let’s say it like it is. This is a way for casinos to get their hands on more of our cash, plain and simple.” If ATM fees are such a concern, he writes, then casinos should just lower them.
Target Speeds Move to EMV Cards
In testimony before the Senate Judiciary Committee, Target Chief Financial Officer, John Mulligan, said that one of the company’s responses to the massive data breach that impacted tens of millions of its customers in late 2013 would be to equip all 1,800 of its U.S. stores with card readers able to process EMV card transactions by the beginning of 2015.
U.S. Government Urges Changes To Student Debit Cards
Debit cards and prepaid debit cards available to college students have plenty of room for improvement. That is the overriding conclusion of a recent report issued by the U.S. Government Accountability Office, or GAO, the investigative arm of the U.S. Congress. The GAO opted to scrutinize student debit cards because the number of universities and… Continue reading U.S. Government Urges Changes To Student Debit Cards
Prepaid Card Popularity Continues To Rise
The meteoric rise in prepaid card popularity is continuing. According to a recent statement by Fitch Ratings, a Chicago-based rating agency, the use of prepaid cards is also likely to continue well into the future, fueled by changing consumer behaviors and banking industry dynamics that have made debit cards less appealing. Fitch says the combined… Continue reading Prepaid Card Popularity Continues To Rise