Profits rise for Visa, MasterCard

Posted by administrator | 11/05/12 | Tagged Credit Card

Profits rise for Visa, MasterCard
News from Fox Business:

In a sign that credit card spending may be on the rise, Visa and MasterCard posted sharp profit increases for the first quarter of 2012.

Visa said its profit for the first quarter was up 30 percent over the same period last year. Its net income for the quarter was $ 1.3 billion or $ 1.60 per share — above than the $ 1.51 figure Wall Street expected.

MasterCard reported a 21.2 percent increase in first-quarter profit, its highest quarterly jump in six years. Its revenue of $ 1.76 billion — including a profit of $ 681 million — also exceeded Wall Street’s expectations.

Beating expectations

Visa and MasterCard don’t earn money from credit card interest charges. Instead, they make money through the transaction fee incurred when people use their cards.

Analysts had predicted lower profits for both credit card processors. There were two reasons for investors to expect less-sterling results:

  • The growth in debit card use has slowed. According to Visa, debit card use grew by only 4 percent, its slowest growth in a year.
  • The Federal Reserve estimated in February that credit card charges had declined by $ 5 billion in the first two months of the year, even as consumer spending was growing by nearly 3 percent.

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Related News:

No Annual Fee Credit Card Receives Top 5-Star Rating from TopConsumerReviews.com
News from Albany Times Union:

The best No Annual Fee Credit Cards available today, as announced by TopConsumerReviews.com

Overland Park, KS (PRWEB) May 11, 2012

TopConsumerReviews.com has released their ratings for the best No Annual Fee Credit Cards available today.

Zero annual fee credit cards can save a consumer $ 100 or more each year in charges to their credit card. These expensive fees are often billed with the first use of the credit card or at a later date – sometimes surprising the card holder that wasn’t aware of the associated fees and policies of using the card. Whether or not a credit card charges an annual fee is one differentiator consumers can use when looking for their next credit card.

How to choose a zero annual fee credit card? Many credit card offers that show up in the mail promise a pre-approved credit line and a no hassle application process. But what about the fees? Often the long-term interest rate and annual fee information is buried in the material and hard to find. However, the internet has opened the door for smart consumers and their credit card search. Many credit card offers are available online and compete hard fo…………… continues on Albany Times Union

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Does Wife Owe Ex-Hubby’s Credit Card Debt?

Posted by administrator | 11/05/12 | Tagged Credit Card Debt

Does Wife Owe Ex-Hubby’s Credit Card Debt?
News from Fox Business:

Dear Credit Card Adviser,
I got divorced recently. My husband left me with two kids and a lot of credit card debt. About 90% of charges for the last year he did for his traveling and business purposes. He is the primary cardholder and I am an authorized user. I am willing to pay everything that I charged, but he wants me to pay half. Am I responsible for his charges as well?
— Lena

Dear Lena,
I’m sorry to hear about the tough situation at home. Divorce is hard enough emotionally without factoring in the financial impact.

But it’s important to consider your personal finances as you’re going through a divorce. Keeping your credit history unmarred and your debts as low as possible will help you to set up a stable and secure home on your own.

With that said, let’s tackle your credit card debt issue. In most cases, you are not liable for the debt on a credit card if you are listed as an authorized user. Only individual and joint account holders are responsible for the charges on credit cards. While it’s diplomatic for you to pay for what you charged, the issuer will only go after your husband (and not you) for repayment.

Debts get a little messier in the nine community property states. Those are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In general, debts incurred d…………… continues on Fox Business

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Related News:

Debt dilemma: Students feel squeeze as loan figures rise
News from Chicago Tribune:

NORMAL —

When Marshawana Martin started classes at Illinois State University last fall, she expected to have to borrow money, but not $ 7,000 for her first year.

But the freshman from Chicago already is looking ahead. She decided to major in finance, in part, because “I wanted to be confident that after I get out, I’ll make enough to pay off my loans.”

It’s something a lot of college students — and their parents — are considering as the amount of outstanding school loans in the United States has surpassed the total amount of credit card debt and the total amount people owe on their cars.

The Student Loan Debt Clock — posted at http://www.finaid.org — topped $ 1 trillion on Tuesday, the same day the United States Senate debated keeping the interest rate on federally subsidized student loans at 3.4 percent, and how to pay for it.

The average student in Illinois who borrows money for college graduates with a debt of $ 23,885, according to an analysis of 2010 graduates by the Institute for College Access & Success. Illinois ranked 20th nationwide, with New Hampshire first at $ 31,048 and Utah the lowest at $ 15,509.

Matt Lahey of Lombard didn’t let loan debt influence his choice of majors, but it did affect his choice of schools. The sophomore in physical education said h…………… continues on Chicago Tribune

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