Credit News
May 2007
May 2007
Consumer Credit Increases 4.5% in the First Quarter of 2007
May 7, 2007
Today the federal reserve released its consumer credit report for
March. The report revealed that consumers used their credit
cards quite a bit during March. In fact outstanding credit card debt
increased at an annual rate of 9.2% in just one month.
Nonrevolving credit rose at an annual rate of 5.2% during the
same time. Consumer credit including revolving and nonrevolving
credit increased at annual rate of 4.5% for the first 3 months of
2007. The first quarter of 2007 marked the largest increase in
outstanding consumer credit in a quarter since the first quarter of
2005.
Chase Introduces Chase Rewards Plus
May 15, 2007
Chase Card Services announced that it will launch Chase
Rewards Plus. Chase Rewards Plus is an addition to the rewards
program that Chase offers on its credit cards. Chase Rewards
Plus allows cardmembers to earn unlimited bonus rewards and
take advantage of special offers and discounts while shopping at
leading online retailers. Chase Rewards Plus has over 340
merchants where cardmembers can earn discounts and take
advantage of special promotions. Cardmembers already enrolled
in a Chase credit card rewards programs can now earn extra
rewards while shopping online with the Chase Rewards Plus
program.
US Bank Introduces the Cache Visa Card
May 24, 2007
Cache Inc. and US Bank have partnered together to offer the
Cache Visa credit card. The Cache Visa card offers cardmembers
5 points for every dollar spent at Cache, Cache Luxe or
cache.com. In addition cardmembers will receive one point for
every dollar they spend on all other purchases. Cardmembers will
receive a $25 Cache gift card once they accumulate 2500 points.
On top of that, cardmembers will be automatically enrolled the
Cache Accents loyalty program. The program rewards
cardmembers by giving them a 5 percent discount on all Cache
purchases for life and free ground shipping on all online orders
The Cache Visa card has no annual fee and has no cap on the
number of reward points you can earn.
Wachovia Obtains its 1 Millionth Credit Card Customer
May 29, 2007
Wachovia Card Services announced today that they have
reached one million credit card customers. Wachovia reached this
landmark less than one year after reentering the credit card
business in July 2006. Wachovia left the credit card business in
November 2005 when they terminated their partnership with
MBNA. Wachovias portfolio of credit cards includes consumer
credit cards, business credit cards and its rewards program,
Wachovia Possibilities RewardsTM. Wachovia Possibilities
RewardsTM allows cardmembers to earn reward points with their
Wachovia credit card and debit card. Wachovia will also
automatically waive one overlimit fee and one late fee every 12
month period.
Sheetz Inc. and Chase Card Services to Offer Enhanced
Rewards Card
May 31, 2007
Chase announced today that they will begin offering the
enhanced Sheetz MasterCard®. The card features Sheetz
Rewards which gives cardmembers the ability to earn rebates on
all purchases. Within 90 days after the account being opened,
cardmembers will enjoy a 10% rebate on all Sheetz purchase and
a 2% rebate on all other purchases. After the 90 days,
cardmembers will receive a 3% rebate on Sheetz purchases, a 2%
rebate on dining, groceries, travel purchases, and 1% rebate on
all other eligible purchases. Once cardmembers accumulate $25
in rebates they can redeem them for gift cards to a variety
retailers.
May 7, 2007
Today the federal reserve released its consumer credit report for
March. The report revealed that consumers used their credit
cards quite a bit during March. In fact outstanding credit card debt
increased at an annual rate of 9.2% in just one month.
Nonrevolving credit rose at an annual rate of 5.2% during the
same time. Consumer credit including revolving and nonrevolving
credit increased at annual rate of 4.5% for the first 3 months of
2007. The first quarter of 2007 marked the largest increase in
outstanding consumer credit in a quarter since the first quarter of
2005.
Chase Introduces Chase Rewards Plus
May 15, 2007
Chase Card Services announced that it will launch Chase
Rewards Plus. Chase Rewards Plus is an addition to the rewards
program that Chase offers on its credit cards. Chase Rewards
Plus allows cardmembers to earn unlimited bonus rewards and
take advantage of special offers and discounts while shopping at
leading online retailers. Chase Rewards Plus has over 340
merchants where cardmembers can earn discounts and take
advantage of special promotions. Cardmembers already enrolled
in a Chase credit card rewards programs can now earn extra
rewards while shopping online with the Chase Rewards Plus
program.
US Bank Introduces the Cache Visa Card
May 24, 2007
Cache Inc. and US Bank have partnered together to offer the
Cache Visa credit card. The Cache Visa card offers cardmembers
5 points for every dollar spent at Cache, Cache Luxe or
cache.com. In addition cardmembers will receive one point for
every dollar they spend on all other purchases. Cardmembers will
receive a $25 Cache gift card once they accumulate 2500 points.
On top of that, cardmembers will be automatically enrolled the
Cache Accents loyalty program. The program rewards
cardmembers by giving them a 5 percent discount on all Cache
purchases for life and free ground shipping on all online orders
The Cache Visa card has no annual fee and has no cap on the
number of reward points you can earn.
Wachovia Obtains its 1 Millionth Credit Card Customer
May 29, 2007
Wachovia Card Services announced today that they have
reached one million credit card customers. Wachovia reached this
landmark less than one year after reentering the credit card
business in July 2006. Wachovia left the credit card business in
November 2005 when they terminated their partnership with
MBNA. Wachovias portfolio of credit cards includes consumer
credit cards, business credit cards and its rewards program,
Wachovia Possibilities RewardsTM. Wachovia Possibilities
RewardsTM allows cardmembers to earn reward points with their
Wachovia credit card and debit card. Wachovia will also
automatically waive one overlimit fee and one late fee every 12
month period.
Sheetz Inc. and Chase Card Services to Offer Enhanced
Rewards Card
May 31, 2007
Chase announced today that they will begin offering the
enhanced Sheetz MasterCard®. The card features Sheetz
Rewards which gives cardmembers the ability to earn rebates on
all purchases. Within 90 days after the account being opened,
cardmembers will enjoy a 10% rebate on all Sheetz purchase and
a 2% rebate on all other purchases. After the 90 days,
cardmembers will receive a 3% rebate on Sheetz purchases, a 2%
rebate on dining, groceries, travel purchases, and 1% rebate on
all other eligible purchases. Once cardmembers accumulate $25
in rebates they can redeem them for gift cards to a variety
retailers.
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