Kathy Chu reports in the Wall St. Journal on card upgrades (subscription reqd.) that some consumers are receiving from their credit card issuers.

Upgrades, while they can provide more favorable terms and benefits, can also backfire for consumers because higher credit lines can push them more into debt. And companies may market changes in contract terms as upgrades, even if they result in higher fees or other costs for consumers. The practice is legal under federal truth-in-lending laws if cards are sent to existing customers rather than to new ones.

The Office of the Comptroller of the Currency has issued an Advisory Letter to banks regarding secured credit cards.   » Continue Reading

Nova announced this morning that it is acquiring the remaining 50 per cent interest in euroConex from the Bank of Ireland.   » Continue Reading