Wachovia Finances Global Axcess

FL-based processor, Global Axcess, has landed $1.75 million in credit facilities with Wachovia Bank The agreement provides for a revolving $500,000 Senior Secured Working Capital Credit Facility and a revolving $1.25 Million Leasing Credit Facility. Global Axcess Corp. was founded in 2001 with a mission to emerge as one of the nation’s leading network-based electronic commerce and transaction processing companies.

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Roloson Receives a MBNA/MasterCard Award

Dwayne Roloson of the Minnesota Wild has received the “2003-04 MBNA/MasterCard Roger Crozier Saving Grace Award.” The promotional award is given to the goaltender with the NHL’s best save percentage during the regular season. As part of the award, MBNA/MasterCard donated US$25,000 to the Norfolk Pros Foundation based in Simcoe, Ontario. Roloson compiled a .932728 save percentage (1,323 shots, 1,234
saves) in 48 games. The award is named for Roger Crozier, one of the League’s top goaltenders throughout his career. In 14 seasons, Crozier compiled a 206-197-70 record in 518 games, a 3.04 GAA, and 30 shutouts with the Detroit Red Wings, Buffalo Sabres, and Washington Capitals.

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Bremer Financial Expands Kwik Trip ATMs

MN-based Bremer Financial has expanded its relationship with the c-store Kwik Trip, by placing ATMs in 129 stores across Minnesota and Wisconsin. The first Bremer ATMs are scheduled to begin opening inside Kwik Trip stores in late June. Bremer will install 20 more of the total 23 ATMs inside Kwik Trip locations in Southeastern Minnesota in July. The remaining ATMs will install later this year. Kwik Trip, Inc. has provided quality gasoline and other products at more than 350 company owned and operated locations throughout the Midwest. Bremer Financial Corporation is a privately-held $5.7 billion regional financial services company owned by the Otto Bremer Foundation and Bremer’s more than 1,800 employees.

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VISA Auctions Off its Trump Check Card

VISA USA is auctioning off Donald Trump’s “VISA Check Card” used as a prop in a recent TV ad. Proceeds from the charity auction will benefit the Jump$tart Coalition for Personal Financial Literacy. Located at [www.ebay.com/VisaTrumpCard][1], the VISA Trump card charity auction will run on eBay from July 12th through the 22nd. The card is autographed by Trump and comes with a picture taken from the commercial, as well as a letter of authenticity. Kompolt was retained to manage the listing for VISA. The ad, called “Rooftop,” features Trump learning about the security his “VISA Check Card” affords him. When a gust of wind blows Trump’s card out of his hand from atop Trump Tower, he rushes to a dumpster below to retrieve it. As Trump makes his way to the dumpster, a voiceover explains that VISA cardholders are not liable for fraudulent purchases made with their lost or stolen cards, regardless of their bank account balance. However, this information comes too late to save Trump from a passerby questioning his financial stability upon seeing him digging through a dumpster. (CF Library 5/20/04)

[1]: http://www.ebay.com/VisaTrumpCard

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One Great Gift Card Launched in Calif

U.S. Bank and prepaid card specialist, WildCard Systems, have partnered to launch a prepaid VISA gift card that is being sold at Macerich mall locations. The new “One Great Gift Card,” is being launched gradually on a schedule of three to six malls per week through September. The first mall to launch the card was Pacific View Mall in Ventura, CA, which introduced the card on June 16th. The roll-out will continue through Southern California, then to the rest of its 60 mall locations. WildCard Systems is certified by VISA, MasterCard and Discover as an endpoint on their networks, authorized to be an issuing processor for cards bearing VISA, Electron, Interlink, PLUS, MasterCard, Maestro, Cirrus and Discover/NOVUS payment marks.

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DC Group Launches a Conservative Check Card

Washington, DC-based Citizens Against Government Waste has introduced its “Conservative Check Card.” The wallet-sized cards, which are being distributed by the Republican Study Committee, contain six principles of sound government. They are targeted for use by members of Congress and their constituents to evaluate proposed legislation. Rep. Tom Feeney (R-Fla.) successfully promoted a similar card when he was the Speaker of the House in Florida.

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May Flowers as Consumers Tack on More Debt

After three consecutive months of decline, Americans reversed course in May, adding $1.6 billion in revolving credit. At an annualized rate, consumer credit jumped nearly 3% during May perhaps impacted by a slowdown in consolidation financing via home mortgages. The increase is still significantly lower than one-year ago when consumers added more than $5 billion to revolving credit. According to revised figures released Thursday by the Federal Reserve, at the end of May 2004 Americans owed $742.8 billion in revolving credit, compared to $727.9 billion for May 2003. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was $658.9 billion, or roughly 88% of total revolving credit, according to CardData (www.carddata.com). At the end of May, Americans were $2031.2 billion in debt, excluding home mortgages.

REVOLVING CREDIT HISTORICAL ($billions)
May 04 Apr 04 Mar 04 Feb 04 Jan04 Dec03 Nov03
GRWTH: 2.6% -5.0 -2.1 -0.6 13.0 3.3 4.9
$OWED: $742.8 741.2 744.3 750.4 753.0 743.4 743.8

Oct 03 Sep03 Aug 03 Jul03 Jun03 May03 Apr03
GRWTH: 4.1% 6.8 3.4 1.4 2.7 7.7 3.4
$OWED: $740.5 737.3 729.1 726.8 729.7 727.9 722.8

Source: Federal Reserve; revised figures as of 7/08/04;
For complete historical data visit CardData (www.carddata.com)

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GE Finance Profits Up 17% in the 2Q/04

GE reported that profit for its Consumer Finance unit declined slightly from the record set in the prior quarter, but remain up 17% from one-year ago. Second quarter revenues hit a record $3.8 billion, a 26% jump over 2Q/03. GE posted $600 million in second quarter profit, compared to $602 million in the first quarter, and $514 million for 2Q/03. During the quarter, GE launched a MasterCard payroll card and teamed with eBay and PayPal to offer new consumer and commercial credit programs. The Company also completed the acquisition of wholesale lender WMC Finance, and Latvian sales finance and auto loan provider RD Lizinga Grupa. GE also signed a five-year agreement with Drexel Heritage, a premier furniture manufacturer, to provide a new retail credit program for its U.S. customers. For complete details on GE’s second quarter performance visit CardData (www.carddata.com).

GE CONSUMER FINANCIAL TRACK RECORD
Income Revenues
2Q/03: $514 million $3046 million
3Q/03: $595 million $3499 million
4Q/03: $506 million $3541 million
1Q/04: $602 million $3589 million
2Q/04: $600 million $3830 million
Source: CardData (www.carddata.com)

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Americans Avoid Card Debt for Vacations

A new study has found that only 19% of vacationing Americans are going to pay for the trip on their credit cards, down from 23% who did so last year. The research also found that 74% of vacationers plan to pay for the trip from checking or savings accounts, up 6 points from 2003. The “Cambridge Consumer Credit Index” also found that the difference between the amount of debt consumers say they will pay off in the next month versus the amount of debt they actually paid off a month later, increased by 5 percentage points from June to 13 points. A month ago, 81% of Americans planned to pay off debt, while a month later only 68% actually did so.

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Best Western and Diners Club Launch a Promotion

Best Western and Diners Club have launched a summer promotion offering up to 400 bonus points with qualified stays paid for with a “Diners Club” card. At the same time, Best Western guests continue to receive the standard Gold Crown Club points earned for each qualified stay. To be eligible, guests must reside in North America and register for the offer prior to their first stay at http://www.goldcrownclub.com, or call 1-800-237-8483 and mention promotion code DC400. Best Western International is THE WORLD’S LARGEST HOTEL CHAIN(R) with more than 4,100 hotels in 80 countries and territories.

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Cobra Tecnologia to use Falcon Fraud Manager

Fair Isaac has signed a new, multi-year agreement with Cobra Tecnologia S.A. to integrate Fair Isaac’s “Falcon Fraud Manager” into one of the world’s largest electronic banking networks. Cobra is the
information technology services subsidiary of Banco do Brasil. Cobra Tecnologia’s network currently connects more than 9,000 terminals to state-owned banks, including Banco do Brasil. Cobra Tecnologia recently established a partnership with USA-based S2 Systems to develop in Brazil one of the largest e-banking networks in the world. In its agreement with S2 Systems, Cobra Tecnologia has adopted S2’s “OpeN/2” transaction management and payment system as its standard operation management platform. Known as the “Cobra Switch Project,” the new network will be capable of handling initially 100 million transactions per month and will be the first in Brazil to be present in more than 3,500 cities. Fair Isaac’s “Falcon Fraud Manager” will add significant value to the shared network by offering advanced fraud protection to participating financial institutions.

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