Bank lavishes perks on new credit card
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Bank of America Corp. today is rolling out a credit card that will give its most affluent clients perks such as free access to airport luxury lounges, winter excursions with an Olympic skier, and cooking classes with a master chef.
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Why pay more than you need to -- to your bank, of all things?
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com. Banks that issue Visa and MasterCard credit cards can now also offer customers American Express and Discover cards. OK, so the Earth didn&#39;t move.
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South Korea has become one of the worldâs most credit-card-friendly countries. With cards everywhere, however, the challenge is to attract consumers.
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The Federal Reserve's dramatic rate cuts were expected to make it cheaper for consumers to use credit cards. But credit card interest rates remain high and in many cases have even climbed.
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Many cards haven't been lowering rates for their customers.
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(InfoWorld) - Citibank Singapore is offering a new way for credit-card holders to make payments -- using their fingerprints instead of credit cards. Citibank this month began rolling out biometric payment systems in Singapore that allow Citibank Clear Platinum credit card holders to pay using their fingerprints. "It's an investment for our future," said Anand Cavale, vice president and business director of credit payment products at Citibank Singapore, noting this is the first time the bank has used a biometric payment system anywhere in the world. Before putting the biometric system into operation, Citibank officials took a long hard look at whether the system was secure -- and came away satisfied that it was, Cavale said. "We see this as the next step, which will enhance our already good fraud prevention systems," he said. With an affluent, tech-savvy population of 4.5 million, Singapore is among the most competitive for credit-card issuers, with many Singaporeans carrying three or four cards in their wallets. To encourage card holders to spend, banks regularly team up with partners to offer special discounts -- say, 10 percent off dinner at a trendy restaurant -- if customers use a certain credit card. So much competition leaves banks looking for any edge they can find. For its part, Citibank hopes the biometric technology makes payment more convenient for its card holders, eliminating the need for them to always carry credit cards while still allowing them to buy things. But don't expect to see biometrics replace Citibank cards any time soon. "The technology will be used in conjunction with a credit card," Cavale said. Cavale believes biometric payments systems will shine in applications where a quick payment method is needed. "If you're running to catch a train, and buying a cup of coffee and a newspaper, your time has more value," he said. So far, Citibank's biometric payment systems are only in place at a handful of outlets in Singapore, including local coffee shops and the popular Zouk night club. But the bank has plans to quickly expand the number of such systems and the number of Citibank card holders able to use them. "Our intention is to roll it out very quickly to other cards," Cavale said. Citibank chose to start the rollout of the biometric payment system with the Clear Platinum card because it is targeted at younger Singaporeans, ranging in age from 25 to 34. "We launched with this segment because the uptake is going to be very strong," he said. Getting signed up to use the biometric payment system, provided by Pay By Touch, of San Francisco, is relatively easy. Citibank has installed kiosks at several Singapore branches where card holders can register their fingerprints. To sign up, Citibank customers need to provide valid photo identification and a seven-digit numeric passcode used with the fingerprint to authenticate payment. This is the first time that Citibank has tested a biometric payment system, and the bank's operations in other countries, especially in Asia, are watching what happens in Singapore with interest, Cavale said. "Our plans include taking this technology around the region," he said.
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Keep an eye on your credit card issuers -- they may be about to raise your rates.
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Comings and goings in the banking indurstry.
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American Express has seen its quarterly profits climb again, after higher spending on its credit cards.
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Bright spots for this shopping season include gift cards and robust sales online and at luxury stores. By Anne D&#39;Innocenzio / Associated Press.
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The government on Thursday unveiled a new, more secure design for the $5 bill that will be issued and enter circulation in early 2008, followed by a new $100 bill.
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Many consumers believe that credit card come-ons are borderline deceptive. Now, a federal banking watchdog is expressing similar concerns that credit card solicitations promise more than they deliver.
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Visa this week quietly rolled out an additional set of Payment Application Security Mandates for companies that handle credit and debit card transactions.
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The British-based bank delivers an upbeat outlook and modest writedowns.
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If you're not careful, you'll find a big trick in November's credit card bill.
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Banks will be now able to borrow additional funds from the Bank of England in a move aimed at reducing the "credit squeeze".