U.S. Bank recently issued its 30 millionth gift card - saying it remains "the top Visa gift card issuer and a leader in prepaid cards across the United States." READ MORE »

TowerGroup is predicting that US branded total card credit losses will peak at $55.6 billion in 2009 because the recessionary economic conditions are making it difficult for consumers to repay credit card debt. TowerGroup's Brian Riley points out, however, that not all losses are the result of honest inability to pay, warning that intentional cardholder losses from abuse and fraud may cost the industry as much as $10 billion. READ MORE »

Citigroup Inc. today reported net income for the first quarter of 2009 of $1.6 billion and a loss per share of $0.18.

In its North American credit card business, "purchase sales declined 18% reflecting a continued decline in discretionary and non-discretionary consumer spending. Average managed loans declined 4% due to lower purchase sales and balance transfer volumes, partially offset by a decline in payment rates."

"Continued weakening of leading credit indicators and trends in the macro-economic environment, including rising unemployment, higher bankruptcy filings and the housing market downturn, drove higher credit costs. Credit costs also reflected a significant increase in delinquencies, as well as the continued acceleration in the rate at which delinquent customers advanced to write-off. The managed net credit loss ratio increased 395 basis points to 8.88% in the Citi branded portfolio and 508 basis points to 12.40% in the retail partners portfolio."

• The PayPal Blog: Sears.com Now Accepts PayPal
• Economix Blog - NYTimes.com: Does ‘Financial Innovation’ Hurt or Help the Poor?
• Seeking Alpha: Citigroup Inc. Q1 2009 Earnings Call Transcript
• The Pros And Cons Of Small Business Credit Cards
• PaySpot is Number One in Prepaid Segment According to Brand Preference Study
• Seeking Alpha: JPMorgan Chase & Co. Q1 2009 Earnings Call Transcript
• CNBC Guest Blog - CNBC.com: Chadwick: The Looming Credit Card Crisis
• Credit card processors cited in demise of Canadian tour operator