Discover says credit card use rose in 2Q
News from Sacramento Bee:

Despite concerns about the economy, Discover’s customers are using their cards more often and paying their bills on time at record rates.

The company’s profit fell 10 percent in its March-May quarter, as the credit card issuer freed up less money from reserves set aside to cover customers’ unpaid bills than a year earlier as its loans increased.

But credit conditions are improving. Late payment rates and customers’ loan defaults dropped sharply, reaching historic lows. Discover’s management expects that charge-offs, or loans written off as unpaid, will modestly increase over the next 12 months as the company widens its pool of borrowers.

The economic shakeout of the last few years has left credit cards in the hands of more affluent consumers who are better able to pay their bills in full each month, while those with lower credit scores and presumably less ability to pay are now less likely to use credit. Tighter underwriting standards also have pushed loss rates lower.

Discover Financial Services said sales volume on its namesake cards rose 5 percent during the March-to-May period to $ 26.1 billion, reflecting more card use by customers, as total retail sales rose 5.7 percent in the same period according to government figures. Credit card balances also grew nearly 4 percent to $ 46……………. continues on Sacramento Bee

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Wiggins will apply for credit card for employee travel
News from The Republic:

WIGGINS, Miss. — The Wiggins Board of Aldermen has voted to have the city apply for a credit card for city employees’ use for approved travel expenses.

Alderman Gene Alexander tells The Sun Herald (http://bit.ly/NRKbIz ) using a city credit card would make it more convenient for city employees to book hotel rooms when attending out-of-area conferences, classes or other events.

Alexander introduced the motion on Tuesday.

Currently, employees use personal credit cards for travel expenses and are reimbursed by the city.

Alexander said the perks offered by some credit cards, such as cash back on certain purchases, could be an advantage to the city.

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Information from: The Sun Herald, http://www.sunherald.com


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