Word: nilson
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SOURCE: THE NILSON REPORT...
...banking in the 1970s and effectively eliminated caps both on interest and fees. Thanks to mergers and consolidation, the top six card issuers?Bank of America, JPMorgan Chase, Citigroup, American Express, Capital One and Discover?now float about 75% of all outstanding credit-card debt, according to The Nilson Report. Consolidation allows competitors to be less competitive: from 1995 to 2005 the average late fee soared 162% from $12.83 to $33.64, according to CardTrak.com. Fees now account for 39% of issuers' revenue, up from 28% in 2000 (interest accounts for the rest), according to card advisor RK Hammer. The industry...
...record 1.4 billion mailings went out, according to direct-mail tracker Synovate. That means the average household received 6 offers a month, up from 4.6 a year ago. New competition may mean more choice when it comes to rewards programs, says David Robertson, publisher of the industry-tracking Nilson Report, but don't expect better deals on annual fees or financing, which aren't likely to improve. --By Barbara Kiviat
...generally, for each dollar you charge, you receive a point. Points can be redeemed at affiliated companies--for lattes at Starbucks, chinos at the Gap, flights on Delta. The number of accounts offering rewards jumped from 35 million to 56 million last year, according to the industry-tracking Nilson Report. And the offers keep rolling in. Bank One and Visa launched a card last month with Sony; American Express added to its program last week a company called Space Adventures, which sells "space flight experiences," including airplane rides that simulate weightlessness. According to Synovate, a market-research firm, U.S. households...
...competing with Western Union. Citi bought Banamex, Mexico's second largest bank, in 2001 and has a strong banking presence in India, where the company is the largest credit-card issuer. "But at this point it's still the elephant and the flea," says David Robertson, publisher of the Nilson Report. By year's end, Western Union will have set up shop in 15,000 India Post offices...