- Debit Cards Feature Well in MasterCard’s 3Q 2009 Earnings Call
Debit cards (including prepaid cards) continue to be featured in MasterCard (NYSE: MA) earnings and in their earnings calls. Today, MasterCard reported higher than expected quarterly earnings thanks, in part, to reduced costs, and greater usage of MasterCard debit cards.
- Disgruntled Gambler Sues NetSpend, Claims UIGEA Violation
An Internet gambler from Massachusetts recently sued NetSpend Corporation in Federal District Court seeking to recover $8k he lost gambling plus an extra $16k in damages for the emotional distress he allegedly suffered. The claim? That NetSpend “violated the 2007 gambling enforcement act of 2007 [sic] by putting through gambling transactions totaling $15,500 on the plaintiff’s credit card.”
- 71 Democrats and 60 Republicans: No Interchange Amendment
A big chunk of the House of Representatives joined together today to release a letter to conferees of the pending financial services regulatory reform legislation. The letter, organized by U.S. Reps. Debbie Wasserman Schultz (FL), and Kenny Marchant (TX) was signed by 131 Members of the House. 71 Democrats and 60 Republicans joined in signing the letter. Read the letter, below.
- American Express Buys Revolution Money
American Express (NYSE: AXP) today announced that they are acquiring Revolution Money, the financial services company founded by Steve Case in 2007. The acquisition is a move by American Express to expand its line of prepaid products. The deal is expected to close in the First Quarter of 2010.
- Using Prepaid Card Data to Track Spending Trends
On October 2, 2009, NetSpend Corporation (issuer of the excellent NetSpend prepaid Visa and NetSpend prepaid MasterCard debit cards) announced it’s first monthly “National Spending & Savings Index” results, which uses data from prepaid card holders.