Citigroup’s struggles with collections on certain types of retail credit card accounts have persisted in the third quarter, but it hopes to contain chargeoffs.
The Wall Street giant on Wednesday played up its customer service skills, saying that representatives of its Marcus personal-loan unit answer calls within 10 seconds.
The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.
The Pay It Plan It feature allows customers to create payment plans for individual purchases, similar to personal loans. The plans include a fixed fee and no interest.
American Express charged higher interest rates and annual fees to cardholders in Puerto Rico, the U.S. Virgin Islands and other U.S. territories than in the U.S., the CFPB said Wednesday.
Credit card issuers have been trying to outdo each other to offer the best rewards program. And it shows, as customer satisfaction rates with many (but not all) of their banks have never been higher in a yearly J.D. Power study. But they may not last forever.
Auto, personal and credit card originations have fallen as delinquencies have risen, but researchers called the slowdown a temporary rebalancing by lenders.
