Target Has Finally Unloaded Its Credit Card Debt

Posted by administrator | 23/10/12 | Tagged Credit Card Debt

Target Has Finally Unloaded Its Credit Card Debt
News from Business Insider:

Target finally sold its credit card debt after more than two years of searching. 

TD Bank bought the debt for about $ 5.9 billion, Kevin Orland at Bloomberg reported. 

Orland reports: 

“The portfolio will be sold for an amount equal to the gross value of the outstanding receivables at the time of closing, Minneapolis-based Target said today in a statement. TD also agreed to a seven-year deal to underwrite, fund and own the retailer’s future credit card and Visa receivables in the U.S., the companies said.”

Target first put the debt on the market in January 2011, but

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Woman pays off $ 120000 credit card debt in 5 years
News from Deseret News:

LAWRENCE, Kan. — Francine Bostick, a custodial manager for Kansas University, spent down $ 120,000 in credit card bills in five years, according to Money Talks News.

Since Bostick’s mother paid for everything outright, she was never taught about how to use credit.

It took a year for Bostick to admit she had a problem, but after enrolling in credit counseling, she fully committed herself to eliminating her debt.

Bostick and her husband, Jim, cut down on unneeded expenses and picked up second jobs. As a result, they were able to pay monthly payments of $ 2,496 toward their debt.

Since they were both working so hard, they were too tired to go out of the house, which prevented further debt.

“During those five years, I got used to buying just what we needed,” Francine told Money Talks News, “If something costs over $ 50, we’d go home and think about it for a few days. Lots of times, we never went back for it.”

Now that her debt is clear Bostick has set to building credit, but is a little worried she’ll start charging irresponsibly again.

“I’ve been using it like a debit card,” Bostick told Money Talks News. “Every time I…………… continues on Deseret News

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Dynamics launches its ePlate battery-powered credit card to create ‘payment apps’
News from VentureBeat:

Dynamics is hoping to turn the credit card and payment industries upside down with an innovative new kind of smart card and payment system. The ePlate system is a way for developers to get direct data on customer purchases and extra revenues from each transaction via “payment apps.” With ePlate, Dynamics hopes to change the way people pay for goods and services by motivating them to earn some very specific rewards from their favorite book authors or other goods providers. And, in a twist that could motivate a lot of partners to join the rewards program, the book author or the goods providers get a cut of every transaction made with the credit card.

That completely changes the way the card operates and the benefit that the consumer receives from using it. Dynamics’ system includes the ePlate payment device, which is a battery-powered Visa credit card that allows a consumer to change the app that is running on the card. You can apply for a card today on Dynamics’ site, and you can change the reward you earn with every purchase.

… Read the full article

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Would You Use Your Smartphone Like a Credit Card? This Company Hopes So
News from KUT News:

It sounds like the setup to a joke: “AT&T, Verizon, and T-Mobile walk into a bar …”

But it’s no laughing matter. Despite the fact that each company devotes itself almost entirely to beating the other two in the highly-competitive mobile market, the three companies have created a new “mobile payment” venture – Isis – that launched today in Austin.

Mobile payments, also called  “digital wallets,” allow purchasers to buy products and services using a phone-based app at the point of sale, instead of with credit cards, cash, or checks.

Merchants that accept Isis payments are a mix of big-box retailers, fast food restaurants, department stores, and local merchants.

Verizon’s Regional President for Austin, Frank Antonacci, led the kickoff event today at a Verizon Wireless store. He says Isis picked Austin as a pilot city (along with Salt Lake City), because of Austin’s history of adopting new technologies. “Austin has a great history of being open to technology…………… continues on KUT News

… Read the full article

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