All articles by Verdict Staff

Citibank, Shell launch new Shell MasterCard credit card in Hungary

Citibank and fuel company Shell have launched a new Shell MasterCard credit card in Hungary, which rewards cardholders in the form of rebates for future Shell purchases.With the launch of the new card, Citibank has becomes Shells exclusive consumer credit card partner in Hungary.Shell and Citibank are doubling the cards regular 3 percent rebate on Shell fuel purchases in Hungary and 1 percent rebate on all other purchases as part of an introductory promotion New cardholders will therefore receive a 6 percent rebate on each Shell fuel purchase in Hungary and a 2 percent rebate on all other purchases at any outlet in the world accepting MasterCard.Batara Sianturi, consumer business manager for Citibank in Hungary, said: “The new Shell MasterCard from Citibank merges the convenience of paying with the credit card with a generous rebate programme, which gives consumers a strong incentive to apply for a card and use their credit card more frequently.”We are very proud of leading the innovation in the credit card market in Hungary, this new card being the third credit card we launched in 2006.”Zdenek Houser, MasterCard Europe general manager for Hungary, Croatia and Slovenia, said: “We have seen gradually increasing market demand for co-brand cards

MasterCard approves first Canadian chip acquirer

MasterCard Canada has announced that Chase Paymentech Solutions has become the first acquirer in Canada to receive approval from MasterCard to process chip transactions Chase Paymentechs approval sets the stage for the introduction of MasterCard chip cards in 2007. Chase Paymentech Solutions is headquartered in the US and is the worlds largest merchant acquirer for businesses accepting payments via traditional point of sale, hospitality, internet, catalogue and recurring billing

First Data migrates 1.1 million sparkassen and DKB credit cards

Global payment processor First Data International has announced the successful migration of 1.1 million Bayerische Sparkassen (Bavarian savings banks) and Deutsche Kreditbank Berlin (DKB) credit cards to First Datas processing platform.First Data is the leading credit card processing provider to the Sparkassen-Finanzgruppe in Germany, processing approximately 3.8 million credit cards on behalf of more than 300 savings banks across the country.In December 2005, German payment processor Gesellschaft fr Zahlungssysteme (GZS), which was acquired by First Data International earlier this year, and Bayern Card Services (BCS) agreed to a long-term co-operation agreement to provide processing and client services in seven savings bank regions

Bad debts continue to bite at HSBC, but ease at RBS

In a trading update ahead of its close period for the year ending 31 December 2006, HSBC said that loan impairment charges in the third quarter were modestly up on both the previous quarter and the prior year quarter.The bank said that underlying revenue growth in personal financial services moderated slightly in the third quarter from that achieved in the first half of the year due to seasonal factors, slower loan growth and pressure on lending margins in many markets In the UK, continuing high levels of consumer indebtedness, together with the continuing growth in personal bankruptcies and individual voluntary arrangements (IVAs), led to a more restricted credit appetite, which resulted in slower unsecured lending growth with consequentially lower revenues from credit-related insurance.HSBC said that the trend of rising personal bankruptcies and IVAs seen since the second half of 2005 looks unlikely to abate in the medium term, and continues to be the major influence on loan impairment charges in personal loans and credit cards

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