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Appendix: Competitive Summary -- APR ChangesNew Entries this MonthRecent or Imminent ChangesChanges within Past YearAmericanExpressBank ofAmericaCapital One Chase Citi Discover HSBC US Bank Wells FargoPurchaseAPRMultiple productschanged to Primeplus marginsranging from 6.99to 13.99.(Effective Oct2009)Bank of Americacard APRchanged toi. 23.99 (Prime +20.74)Ii. 19.98 (Prime +16.73)(Effective Aug2009)Capital Onecard:Extendingpromotionalperiod fordeferred APRincrease fromJan 2010 to Jul2010.(Effective Jan2010)Multiple productsAPR changed toPrime plus marginsranging from 4.74 to25.99(Effective Jan 2010)DividendPlatinum SelectAPR changedfrom variableAPR to fixed of23.99(Effective Feb2010)Discover card APRincreased to:i. 15.99 (Prime +12.74)ii. 16.24 (Prime +12.99)(Effective Nov2009)Multiple cards:1. APRchanged toPrime plusmarginsranging from6.24 to 24.742. Previouslydisclosedminimum andmax APRs nolonger applies(Effective Dec2009)Multiple productsAPR changed tomargins rangingfrom 6.74 to15.74.(Effective Dec2009Home ProjectsVisa APRchanged to Prime+ 22.74 (minimumof 25.99)(Effective May2010)DefaultAPRMultiple productsAPR changed to27.24 (Prime +23.99).(Effective Jan2010)Multiple products:Eliminating DefaultAPRs due to latepayments.(Effective Feb2010)Multipleproducts:Penalty APRcan only beapplied toexistingbalances if 60daysdelinquent.(Effective Feb2010)1. AARP Rewardsand Chase cardAPR changed tomaximum of 29.99(Prime + 26.99).(Effective Jan 2010)2. Penalty APR canonly be applied toexisting balances if60 days delinquent.(Effective Feb2010)Multiple cardschanged to 29.991. (Prime + up to26.74)2. Prime + up to23.99 (minimumof 29.99).(Effective Jan2010)Discover card APRchanged to: Up to5 points plusotherwiseapplicablepurchase APR.(Effective Jan2010)Multiple cardsAPR changedto Prime plusmarginsranging from23.74 to 27.74.(Effective Dec2009)Multiple cardsAPR changed tominimum of28.99.(Effective Mar2009)Home ProjectsVisa:Removing DefaultRate.(Effective Feb2010)CashAdvanceAPRMultiple productsAPR changed to25.24 (Prime +21.99).(Effective Jan2010)Multiple cardsAPR changed toPrime plusmargins rangingfrom 16.74 to21.74(Effective Aug2009)Multiple cardschanged to 24.9(Prime + 21.65).(Effective Jul2009)Multiple productsAPR changed toPrime plus marginsranging from 15.99to 25.99.(Effective Jan 2010)CashReturnsAPR changedfrom variableAPR to fixed of19.99(Effective Feb2010)Discover card APRchanged to 23.99(Prime rate +20.74).(Effective Dec2009)Multiple cardsAPR changedto Prime plusmarginsranging from21.65 to 25.74.(Effective Dec2009)US Bank card andSelect Rewardscard APRchanged to Prime+ 20.74 (minimumof 23.99).(Effective Dec2009)1. Wells Fargocredit cardchanged to Prime+ 18.24 (minimumof 23.99)2. Wells FargoFinancial cardminimum APRincreased.(Effective Nov2009)OverdraftAdvanceAPRNo changecollectedNo changecollectedNo changecollectedMultiple productsAPR changed toPrime plus marginsranging from 15.99to 25.99.**(Effective Jan 2010)No changecollectedNo changecollectedNo changecollectedNo changecollectedNo changecollected** Any changes to the WaMu card are now included under the Chase column.Source: Lightspeed Research Terms Tracking Study, February 2010Copyright © 2010 Lightspeed Research. Proprietary and Confidential. All rights reserved. 42
Appendix: Competitive Summary -- Payment TermsNew Entries this MonthRecent or Imminent ChangesChanges within Past YearAmericanExpressBank ofAmericaCapital One Chase Citi Discover HSBC US Bank Wells FargoMinimumPaymentFor TrueEarningsCostco card:Removed 1/24 th ofover-limit amountfrom minimumpayment charge, ifnew balanceexceeds credit limit.(Effective May 2009)Bank of AmericaCard changed to:Sum of 1% ofnew balance +new financecharges + anynew late fee.Minimum of $15.(Effective Jan2010)No recent changecollectedChase cardchanged to thegreater of:1. $102. 2% of the newbalance OR3. Sum of 1% ofnew balance,billed interest andany late fees.(Effective Feb2010)Sears cardchanged to:Sum of (amtexceeding creditline + amt pastdue) + greater of(new balance if10OR 1% of newbalance + financecharges + late feeOR 1.5% of acctbalance)(Effective Sep2009)Changed to sumof:1. The greater of$40 OR 2% + newbalance (plus $40if new balanceincludes a BTbalance) OR(current financecharges + latefees + $20)2. Any amountpast due.(Effective Dec2009)HSBC UnionPlus card offersSkip PaymentOptions toqualifiedmembers.(Effective Aug2009)No changecollectedHome Projects Visachanged to:If new balance < $25,minimum pay = newbalance. Otherwiseany amounts past dueplus the greater of1. $25 OR2. 3.5% of the highestnew balance OR3. Sum of interestcharges plus feesassessed plus 1% ofhighest new balance(Effective Feb 2010)FinanceChargesFor multipleproducts: Minimumfinance charge of$0.50 removed.(Effective Jan 2010)Upromise card:Minimum of$1.00.(Effective Mar2009)No changecollectedMultiple cardsminimum financecharge changedto $1.00.**(Effective Jan2010)Shell cardminimum financecharge changedto $2.00(Effective Jan2010)Charges will beimposed fromtransaction dateand no longer thepost date - unlesstransaction wasposted after closeof billing cycle.(Effective May2009)HSBC Platinumcard: Minimumof $1.00(Effective May2009)No changecollectedNo recent changecollectedGracePeriodNo change collectedMultiple products:At least 25 daysfrom statementclosing date.(Effective Feb2010)No changecollectedMultipleproducts: Atleast 21 days.**(Effective Feb2010)At least 20 daysfor the Searscard.(Effective Sep2009)Grace periodremains as 25days, but paymentdue date will bechanged.(Effective May2009)Best BuyRewards card:23 days.(Effective Jul2009)No changecollectedNo recent changecollectedPaymentAllocationFor multipleproducts: Paymentsup to the minimumdue will be applied tolower interest ratebalances first, andpayments above theminimum due will beapplied first to higherinterest ratebalances and then tolower interest ratebalances.(Effective Feb 2010)Multiple products:Payments inexcess of the totalminimum paymentdue will be appliedto balances withhigher APRsbefore balanceswith lower APRs.(Effective Feb2010)We applyminimumpayment tolower APRbalances beforehigher ones, andany portion ofpayment inexcess of theminimumpayment tohigher APRbalances beforelower ones.(Effective Feb2010)Multipleproducts:Payments abovethe minimumpayment due willbe applied firstto higher interestrate balancesand then tolower interestrate balances.**(Effective Feb2010)Sears Card: “Youauthorize us toapply paymentsthat are mostfavorable orconvenient to us.This may includeapplyingpayments andcredits to low APRbalances first”.(Effective Sep2009)Payments inexcess ofminimum paymentdue will be appliedto higher APRsfirst.(Effective Feb2010)Any amountpaid in excessof the monthlyminimumpayment will beallocated first tobalances withthe highestinterest rate.(Effective date:TBA)Amountgreaterthan theminimumpay will beapplied tothe highestto lowerAPRbalances.(EffectiveFeb 2010)Wells Fargo Card:Any amount paid inexcess of themonthly minimumpayment will beapplied first tobalances with thehigher APRs beforebalances with lowerAPRs.(Effective Feb 2010)** Any changes to the WaMu card are now included under the Chase column.Source: Lightspeed Research Terms Tracking Study, February 2010Copyright © 2010 Lightspeed Research. Proprietary and Confidential. All rights reserved. 43
Page 1: Credit Card Issuers' Responses toU.
Page 4: Credit CARD Act - Consumer Protecti
Page 7 and 8: Credit CARD Act - Consumer Protecti
Page 9 and 10: Credit CARD Act - Consumer Protecti
Page 11 and 12: Credit CARD Act - Enhanced Consumer
Page 13 and 14: Credit CARD Act - Protection of You
Page 15 and 16: About the Credit Card Terms Trackin
Page 17 and 18: Recent Highlights• In the weeks l
Page 19 and 20: Cardholders Receiving Changes in Te
Page 23 and 24: Comparison of Balance Transfer (and
Page 25 and 26: Specific Examples: Bank of America
Page 27 and 28: Specific Examples: Chase Changes in
Page 29 and 30: Specific Examples: Citi Special Off
Page 31 and 32: Specific Examples: New Easy-to-Unde
Page 33 and 34: New Card and Existing Account Offer
Page 35 and 36: Pricing / Duration Competitive Summ
Page 37 and 38: Promotional Rate Examples (Continue
Page 39 and 40: Debit Card OverdraftsCredit cards a
Page 41: Appendix Slides: Competitive Summar
Page 45 and 46: Appendix: Competitive Summary -- Tr

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