Word: credit-card
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...insulted the "typical" working woman of America by lumping her in a category with Lori. I'm not a sociologist, but I do not think the average working woman has an illegitimate child, has been divorced twice, cohabits with a man outside marriage, has $14,000 in credit-card debt and does not believe in God. Are both political parties really seeking Lori? Does Lori exhibit the family values that both parties preach? My wife is a Catholic, Midwestern working woman who has never been divorced, owes little on credit cards, has two legitimate children and earns less money than...
...mortgage officers to learn why her monthly house payment rose from $592 to $616, even though interest rates are falling; the answer was higher insurance fees and taxes. After that she socks away $150 every other month into a mutual fund, while trying to erase $14,000 in credit-card debt by next year. Bob Dole's 15% tax cut would help, but she doubts it will ever happen. "That's probably what I would say if I were running for President...
Been bombarded by any new credit-card offers lately? Millions of preapproved applications land in U.S. mailboxes every day. But now, mixed in with come-ons for frequent-flyer miles and cards that sport a picture of your dog, sterner messages are being delivered by many issuers. Faced with soaring delinquencies and smarter consumers in a glutted $700 billion marketplace, lenders are suddenly jacking up interest rates, slapping on new fees and pulling back benefits. In September, GE Capital, the finance arm of General Electric, warned holders of its GE Rewards MasterCard to expect a $25 annual penalty unless they...
Such problems notwithstanding, countless credit-card wannabes continue to crowd into the field. Next week Wal-Mart and Chase Manhattan Bank will roll out a no-frills MasterCard with no annual fee and an annual interest rate of 14.48%. "We found that people really don't care that much about special promotions," says Keith Morris, a spokesman for the largest U.S. retailer. "They want a card with a fixed low-interest rate that won't go up after 60 or 90 days." But Wal-Mart is baiting its hook with a 9.9% teaser rate to encourage holders of other cards...
That's music to CyberCash, whose revenue will come from usage fees, just like those of credit-card issuers. "On a 25[cents] transaction," says Gilbert, "we'll charge the bank 6[cents], and they'll charge the merchant 8[cents]." As transaction sizes go up, they'll get a much smaller percentage; still, over millions of users, CyberCoin profits could add up to big bucks...