The biggest U.S. credit card companies saw mixed results in defaults and customer late payments in January, but the overall trend in credit quality remains on a positive trend and well below peak crisis levels.Read more
Record loan growth and declining delinquencies lifted Discover Financial Services to a net income of $513 million for the fourth quarter ending Nov. 30, a 47 percent jump from $350 million for the same period of 2010. The issuer of the Discover card beat expectations, boosted by a total loan growth of 17 percent to a record $57.3 billionRead more
The term “cash back” has helped revitalize rewards programs and promotions in the aftermath of financial reform laws, and credit card issuers hope it’s the buzzword to snag shoppers as the holiday season looms.Read more
Discover Financial Services, issuer of the Discover Card, today reported net income for its fiscal third quarter of $261 million, improved credit performance by customers and 5 percent higher sales volume compared to a year ago.Read more
Small business confidence dropped sharply on Discover’s national index in August, with 62 percent of owners seeing the economy as worsening and 55 expecting unfavorable conditions for their own business.Read more
American Express ranked highest in customer satisfaction for the fourth straight year, as overall satisfaction with credit cards edged upward, according to J.D. Power and Associates.Read more
Discover Student Loans, a division of the financial services more widely known for its credit card, said today it is reducing its lowest eligible interest rate to 3.75 percent.Read more
Discover’s index that measures small business confidence dipped to 86.1 in June from 87.4 last month, as concerns mount over cash flow issues and the outlook over the economy declines. Small business owners reporting temporary cash flow issues jumped to 51 percent in June, up from 45 percent in May – the highest since January.Read more
Debit card issuers expect 30 percent of consumers to “opt in” to overdraft services under new rules that prohibit financial institutions from arbitrarily imposing fees for overdrawing an account. Large banks expect 20 to 40 percent of their customers to opt in.Read more
Consumer confidence, bolstered by a positive outlook among young adults, surged to its highest level since November 2007 on Discover’s U.S. Spending Monitor.
The survey by the issuer of the Discover Card jumped 5.5 points to 91.5 (out of 100) in April. Overall, 34 percent, a new high, believe the U.S. economy is improving.
Discover Card’s small business index measuring economic outlook took a 9.2 point dive to 75.7 in March, with a surge in owners who say their businesses are deteriorating. More than half, or 53 percent, or respondents, said the economic climate will get worse in the next six months, compared to only 37 percent who answered that same in February.Read more