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Banks that make the most money, and the least, on credit card loans

January 30, 2015 Comments off

Banks that make the most money, and the least, on credit card loans
Source: CreditCards.com

The most lucrative card companies are ones you probably never heard of — but whose cards you just might carry.

Store-card issuers Comenity Bank and Synchrony Financial, formerly called GE Capital, reaped the most interest and fees from their cardholders among 12 major card issuers, an analysis by CreditCards.com found.

Banks that issue credit cards are enjoying high profits these days, buoyed by low defaults and cheap funding costs. But some card banks are better off than others, thanks to cardholders who shell out more interest and fees. Creditcards.com analyzed financial reports filed by 1,300 U.S. banks to see who made the most — and the least — from their card business in 2013.

The analysis found a wide spread in card income — with some big banks collecting three times as much from cardholders as their competitors. The industry generated an average yield of 12.4 cents on each dollar of card balances last year, before losses and other costs. Among the top dozen issuers, yields ranged from a high of 28.4 cents to a low of 8.4 cents per dollar of card loans.

Financial infidelity poll: 6% hid bank account from spouse or partner

January 27, 2015 Comments off

Financial infidelity poll: 6% hid bank account from spouse or partner
Source: CreditCards.com

Secret bank accounts and covert financial transactions aren’t just the stuff of spy movies — they’re surprisingly common features within U.S. households, according to a new national poll conducted for CreditCards.com.

Roughly 1 in 5 Americans who are in a relationship admit they have spent $500 or more without their partner’s knowledge. A smaller number — 6 percent — have taken the subterfuge a step further, leading financial double lives by maintaining hidden checking or savings accounts or using secret credit cards.

2015 (Credit Card) Balance Transfer Survey: Offers more generous, but move fast

January 20, 2015 Comments off

2015 Balance Transfer Survey: Offers more generous, but move fast
Source: CreditCards.com

The typical credit card balance transfer offers have become more generous, but you have to act quickly to take advantage of them, according to a CreditCards.com analysis of 100 popular credit card offers to new customers.

Compared to our survey of the same sample of cards a year ago, more cards offer a balance transfer promotional rate for at least 12 months (38 cards this year, compared to 33 last year). The number of cards with an offer lasting 15 months or more is also up, from 10 a year ago to 17 now.

The survey also finds there are good reasons to comparison shop — and to act quickly. Fees vary, and most cards that offer introductory balance transfer rates give cardholders only 90 days or fewer after the account opens to take advantage of the lowest introductory rates.

2014 CreditCards.com Penalty Rate Survey: The price of being late

November 24, 2014 Comments off

2014 CreditCards.com Penalty Rate Survey: The price of being late
SOurce: CreditCards.com

Those who fall 60 days behind in credit card payments face an average penalty interest rate of 28.45 percent, according to CreditCards.com’s survey of major 100 U.S. credit cards.

That’s down slightly from a 28.60 percent average penalty APR in 2012 — but still expensive.

For example, consider a cardholder who carries a $4,000 balance on a card charging 11.82 percent — the average APR for those carrying a balance, according to the Federal Reserve. At the 28.45 percent average penalty rate, the cardholder would have to pay an extra $665.20 in interest a yea

Credit Card Tuition Payment Survey 2014: Fees, restrictions wipe out dreams of rewards

October 10, 2014 Comments off

Credit Card Tuition Payment Survey 2014: Fees, restrictions wipe out dreams of rewards
Source: CreditCards.com

Students and parents looking to pay a large college tuition bill with a credit card to earn rewards should expect to add a 2.62 percent convenience fee for the privilege of doing so, according to a CreditCards.com survey.

That fee, which would add $262 to a $10,000 tuition payment, is big enough to make paying tuition by credit card unattractive to rewards cardholders, since the fee more than wipes out most rewards.

The survey looked at tuition payment options offered by 300 U.S. private, public and community schools — the largest 100 of each class of school, based on attendance.

Overall, 260 schools (87 percent) accept credit cards for tuition payments under at least some circumstances. However, tuition payment policies and fees vary greatly among the types of schools and between individual institutions.

2014 Retail Credit Card Survey data

August 19, 2014 Comments off

2014 Retail Credit Card Survey data
Source: CreditCards.com

Higher APRs, more use-anywhere cards and fancier, tiered rewards are now prominent features of retail store credit card programs, according to the 2014 CreditCards.com Retail Credit Card Survey.

The chart below provides details of the 61 retail credit cards issued by the 36 largest retailers in the U.S. that offer cards. Both the retailers’ store-only cards and their general use (co-branded) cards are included.

Credit card statistics, industry facts, debt statistics

July 10, 2013 Comments off

Credit card statistics, industry facts, debt statistics
Source: CreditCards.com

This page contains credit card statistics — including statistics on credit card debt, credit card delinquencies, credit scores, credit card interest rates, bankruptcies, average credit card debt and more — compiled by the CreditCards.com staff. Statistics on this page will be updated regularly as we receive new or updated credit card data. Some data may appear multiple times on the page because the information is applicable in multiple categories.

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