American Express has just announced quarterly profits significantly lower than originally expected, leading to a fall in the share price.
The company saw profits down by a massive 38 percent and, accompanied by a warning for the future that earnings per share would be on the decline, shares traded 11 percent lower. Even though American Express is more closely aligned to wealthier clients they have still seen defaults climb as the United States mortgage problems have hit people at all levels.
An American Express spokesman explained that the organisation, though performing very well relative to other players in the market, is behind where it expects itself to be and this is a situation that could continue for some time.
The Halifax has announced a new credit card called the All in One card, with an introductory offer to both new and existing Halifax customers of 11 months interest free balance transfers and card transactions.
Customers can get the bonus if they get the credit card before 21 September and put at least GBP1,000 per month into their Halifax current account. When the zero percent offer is finished the card will have a typical interest rate of 15.9 percent with no additional fees to pay.
A spokesman for the Halifax felt that customers taking up the offer could find themselves savings several hundred pounds in interest savings and therefore expected the credit card to be very popular.
Football supporters are being advised by the Abbey National that credit cards that are affiliated to clubs could cost consumers more than regular cards.
Taking the recent Manchester United versus Chelsea Champions League final as an example, Abbey National found that supporters heading for the match would face foreign exchange fees of between 2.75 and 3 percent on a football club affiliated credit card. The Abbey National credit card charges no fee for foreign exchanges, as well as no fees for balance transfers or cash advances either.
As the Managing Director of Abbey National credit cards said, It can be nice to have a credit card that is associated with your favourite football club, but there are costs associated with them that other cards do not charge.
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