Discover to be spun off from Morgan Stanley
December 27, 2006
Investment firm Morgan Stanley announced it will spin off its
Discover unit in an effort enhance value for shareholders. The
transaction is expected to be completed by the third quarter of
2007. Discover, as a stand alone company, will join Visa to
become open to public investors by the end of next year.
MasterCard and American Express, which are already public
companies, will be joined by Visa and Discover in 2007 as public
companies. This means all four of the major credit card
companies will be open to public investors.
Chase changes how finance charges are calculated, offers
free alerts
January 20, 2007
Chase Card Services announced that it will no longer use the two
cycle billing method to calculate finance charges and will switch to
the average daily balance method. The change from the two cycle
billing to the average daily balance method was brought on by
customers feedback. The change will take place over the next few
weeks. Chase is also encouraging customers to take advantage
of account alerts that are sent as an e-mail, voicemail or text
message. These alerts can be set up to remind you of when a
payment is due or when you are approaching your credit limit.
Citigroup to change name to “Citi”
January 22, 2007
In an effort to create cohesion among its different businesses,
Citigroup announced that it will change its’ name to just Citi. The
company will undergo a rebranding which includes no longer
using the red umbrella logo. Citi will instead use the logo of the
Citi name under a red arc which it currently uses for its credit card
business.
December 27, 2006
Investment firm Morgan Stanley announced it will spin off its
Discover unit in an effort enhance value for shareholders. The
transaction is expected to be completed by the third quarter of
2007. Discover, as a stand alone company, will join Visa to
become open to public investors by the end of next year.
MasterCard and American Express, which are already public
companies, will be joined by Visa and Discover in 2007 as public
companies. This means all four of the major credit card
companies will be open to public investors.
Chase changes how finance charges are calculated, offers
free alerts
January 20, 2007
Chase Card Services announced that it will no longer use the two
cycle billing method to calculate finance charges and will switch to
the average daily balance method. The change from the two cycle
billing to the average daily balance method was brought on by
customers feedback. The change will take place over the next few
weeks. Chase is also encouraging customers to take advantage
of account alerts that are sent as an e-mail, voicemail or text
message. These alerts can be set up to remind you of when a
payment is due or when you are approaching your credit limit.
Citigroup to change name to “Citi”
January 22, 2007
In an effort to create cohesion among its different businesses,
Citigroup announced that it will change its’ name to just Citi. The
company will undergo a rebranding which includes no longer
using the red umbrella logo. Citi will instead use the logo of the
Citi name under a red arc which it currently uses for its credit card
business.
Credit News
January 2007
January 2007
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