Credit Card News Highlights of 2012 - Other News


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Credit Card News Highlights of 2012

Credit Card News Highlights of 2012
The content is accurate at the time of publication and is subject to change.

Legal challenges and new credit card products were just some of the noteworthy developments of 2012. Below is a recap of our coverage, including some stories that we’ll keep our eye on  for new developments in the coming year.

Consumer advocacy and courts

  • Consumers who are unhappy with their credit card issuers were given a new forum to air their complaints when the Consumer Financial Protection Bureau (CFPB) unveiled the Consumer Complaint Database in June. The site came out of its beta mode in October.
  • American Express was ordered to pay $85 million in refunds to customers who were charged fees illegally, didn’t get sign-on bonuses they felt were promised, and paid debts that weren’t reported as forgiven.
  • An antitrust lawsuit that’s dragged on for over seven years could finally be coming to a close, after a $7.2 billion settlement offer by MasterCard and Visa was given preliminary approval in November. The lawsuit was brought by merchants and retail groups over swipe fees that they felt were impacting profit margins heavily.

New cards in the market

  • Walmart and American Express entered the prepaid card market with Bluebird, a no-fee prepaid card touted as an alternative to fee-laden checking accounts. The card debuted in October with a host of mobile capabilities and the promise of more features to come.
  • Frequent flyers on Southwest and AirTran were in luck when Chase partnered with the bargain airlines to offer a travel rewards credit card. The AirTran A+ Rewards Credit Card from Chase was introduced in October and gives cardholders the chance to earn free flights and business class upgrades to more than 95 destinations.
  • The Carlson Rezidor Hotel Group and U.S. Bank introduced a new hotel rewards card, offering a whopping 85,000 point sign-on bonus to entice potential cardholders. Carlson Rezidor properties include Radisson, Park Plaza, Park Inn, and Country Inns & Suites.

Check in at daily in the new year to keep up to speed on developments on credit cards and the banks that issue them. Happy New Year!

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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