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Credit card defaults, late payments continue slide

Credit card issuers had a somewhat bumpy summer, but most of the top banks are reporting that their customers continued to make payments on time. Default rates are down at three of the four companies reporting their August results. Only Capital One Financial Corp. says it saw an uptick in the rate it wrote off… Continue Reading Credit card defaults, late payments continue slide

American Express 3Q profit leaps 71 percent

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American Express Co. today said its third-quarter profit jumped 71 percent as its card holders spent more and it wrote off fewer unpaid bills. For the three months ended Sept. 30, the card company’s net income rose to $1.08 billion, or 90 cents per share, from $632 million, or 53 cents per share, in the… Continue Reading American Express 3Q profit leaps 71 percent

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BofA loses $7.7B after credit card reform

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Bank of America Corp. said Tuesday it lost $7.65 billion during the third quarter due to a charge related to credit and debit card reform legislation passed over the summer. The bank also announced a change in its consumer banking strategy to focus on providing customers with incentives to do more business with the bank… Continue Reading BofA loses $7.7B after credit card reform

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