The agency recently sent a letter to nine banks urging them to stop offering deferred interest cards, arguing that consumers are often unaware of the risks involved.
The Trump administration is stepping away from the government’s 7-year legal fight with Amex that centers on retailers’ right to encourage the use of particular cards. The decision is good news for issuers of credit and debit cards, though it is hardly the last word on the case.
Executives at Wells Fargo, SunTrust and PNC insist that credit cards, mortgages and other consumer lines can help pick up the slack as commercial borrowers remain cautious.
American Express Co. has struck back against Citigroup Inc., winning exclusive rights to issue credit cards for Hilton Worldwide Holdings Inc. and ending an agreement in which the two banks shared the business.
Some investors have raised questions about the credibility of the firm’s leadership since credit card issuer announced that its loss reserves would surge this year.
Whether it is the Chase Sapphire Reserve metal card, the American Express Clear Card or a PNC card with an orange core, the message is the same — design is a big part of making a top-of-wallet card.
