tagged w/ American Express
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Julie Edelman, the Accidental Housewife shares some simple tips and tricks for carving out the Holiday hassle. From cleaning the house to Holiday budgeting – learn how to save energy, brain cells, and find time to actually enjoy the season.Julie Edelman, the Accidental Housewife shares some simple tips and tricks for carving... more
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Llega el momento de analizar algunos valores de la cartera de Warrent Buffet después de que mantenga su entusiasmada visión sobre los EE.UU.Llega el momento de analizar algunos valores de la cartera de Warrent Buffet... more
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Según los analistas de Research for Traders, los papeles de la tarjeta de crédito podrían seguir subiendo hasta alcanzar niveles cercanos a los 48 dólares.Según los analistas de Research for Traders, los papeles de la tarjeta de... more
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American Express has appointed Paul Fabara as new executive vice president, Global Credit Administration.
In this role, Fabara will be responsible for worldwide credit, collections and fraud operations. He will succeed Larry Sharnak, who announced his retirement in September 2010.
Fabara, who will be based in New York, will report to Steve Squeri, group president, Global Services.
Fabara will join American Express from Barclays Bank in London where he most recently served as managing director and global head of operations, regulatory, implementation and planning. He also served as global chief operating officer of BarclayCard.
Squeri said Paul brings a truly global view, having run multiple worldwide businesses and worked in both the US and the UK. He has deep credit and operations experience, honing his management skills at firms including Barclays, Alliance Data Systems and Providian.American Express has appointed Paul Fabara as new executive vice president, Global... more
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Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.
Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.
Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
[...] As they thin their ranks of risky cardholders to deal with an economic downturn, major banks including American Express, Citigroup, Bank of America and a long list of others have already begun to raise interest rates, and some have set their sights on consumers who pay their bills on time. The legislation scheduled for a Senate vote on Tuesday does not cap interest rates, so banks can continue to lift them, albeit at a slower pace and with greater disclosure.
“There will be one-size-fits-all pricing, and as a result, you’ll see the industry will be more egalitarian in terms of its revenue base,” said David Robertson, publisher of the Nilson Report, which tracks the credit card business.
People who routinely pay off their credit card balances have been enjoying the equivalent of a free ride, he said, because many have not had to pay an annual fee even as they collect points for air travel and other perks.Credit cards have long been a very good deal for people who pay their bills on time... more
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The team at Funny or Die explain the American Express quitter offer.
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A few years ago, credit card companies were throwing money at people to get them to sign up. Now, as they struggle to contend with a wave of defaults, they may pay you to leave.
At least that’s the case with American Express, which is offering some card members $300 to pay off their remaining balance and close their accounts.
Selected members — the company won’t say how many — received letters with the voluntary offer a couple weeks ago, according to Molly Faust, an American Express spokesperson. Each letter came with an RSVP code that, when submitted online, immediately cancels that member’s card. Members have until the end of April to pay off their balance, after which they will receive a $300 Amex prepaid gift card. If they do not pay off their balance in time, they do not get the gift card and their accounts will still be closed, Ms. Faust said.
Is this a way for peopel to pay back their debt or a way for American Express to make money/suffer less losses?A few years ago, credit card companies were throwing money at people to get them to... more
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What a douche... Now he's going to have his own Visa protection plan on himself.
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While on a 24hr trip to DC, Emmy award winning Journalist Patricio Espinoza stops by Capitol Hill while Auto industry bail-out hearings are underway.
$34 billion they want... The question is Who is bailing you out?!" Is your credit card company cutting you a break?? Patricio talks to his credit card company -who just received 3-billion in bail out money- find out what happens next.... and what his DC cab driver has to say
PS: Story was shot with a Flip-cameraWhile on a 24hr trip to DC, Emmy award winning Journalist Patricio Espinoza stops by... more
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The Federal Reserve on Monday granted AmEx's request to become a commercial bank, opening the door for the credit card giant to accept deposits and permanently access financing from the Fed.The Federal Reserve on Monday granted AmEx's request to become a commercial bank,... more
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NEW YORK - American Express says it will cut 7,000 jobs, or about 10 percent of its work force, as part of an effort to slash costs by $1.8 billion in 2009.
The New York-based credit card issuer says it is also suspending management level salary increases next year and instituting a hiring freeze.
It plans to scale back investments in technology, marketing and business development and streamline costs tied to some rewards programs. It also expects to cut expenses for consulting and other professional services. NEW YORK - American Express says it will cut 7,000 jobs, or about 10 percent of its... more
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How to use credit now that this crisis has happened.....
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This is predictable but still a bad sign for the economy. The tough times are spreading even to wealthier Americans.
Late Monday, New York-based American Express reported a 38% drop in second-quarter earnings and warned that it won't be able to meet long-term financial targets until the economy improves.
American Express shares, which are part of the Dow Jones Industrial Average fell to $37.12 in morning trading.
The company said that even its most creditworthy, long-standing customers felt the effects of the economic slowdown currently sweeping the U.S.
Without giving specifics, AmEx said it plans to cut staff and reduce other costs, noting that the resulting charges will hit results in the second half of 2008.
"With bad debt occurring even in the superprime card segment, AmEx's earnings clearly show that the credit crisis is going upscale, which does not bode well for the U.S. economy," Red Gillen, senior analyst at consulting firm Celent, commented via email.This is predictable but still a bad sign for the economy. The tough times are... more
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The New York Times reports that more corporations than ever are avoiding trial for their legal abuses. 35 companies including Monsanto, American Express, and others made deals with the Justice Department to avoid public trials for crimes such as bribery and money laundering. These deals allowed companies to accept "deferred prosecution agreement[s], which allows the government to collect fines and appoint an outside monitor to impose internal reforms without going through a trial. In many cases, the name of the monitor and the details of the agreement are kept secret."
For example, Monsanto bribed Indonesian officials to loosen their environmental standards, thereby allowing Monsanto's genetically modified and highly toxic cotton to be farmed. "In 2005, federal authorities concluded that a Monsanto consultant had visited the home of an Indonesian official and, with the approval of a senior company executive, handed over an envelope stuffed with hundred-dollar bills. The money was meant as a bribe to win looser environmental regulations for Monsanto’s cotton crops, according to a court document. Monsanto was also caught concealing the bribe with fake invoices."
Rather than face the criminal charges former administrations would have brought against these criminal activities, Monsanto paid a $1 Million dollar fine and agreed to government over site of their operations. The New York Times reports that more corporations than ever are avoiding trial for... more
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