MasterCard has announced the availability of the MasterCard Priceless Picks iPhone application which it says "gives consumers a location-based utility to find and share their favorite picks with friends and family. Leveraging the iPhone’s GPS technology, users can instantly find shopping deals, entertainment options, dining venues and special experiences just steps away from where they are or where they’re traveling to, for business or for pleasure. Priceless Picks is available for free download at the iPhone App Store." READ MORE

Bank of America Bank today reported second-quarter 2009 net income of $3.2 billion down slightly from last year's $3.4 billion. The bank's Global Card Services unit had a net loss of $1.6 billion compared to a $582 million of net income in the same quarter last year. Loans outstanding declined 8% to $220 billion. Credit card purchase volume fell dramatically, down 19.5% year/year to $51.9 billion. Debit card purchase volume increased slightly to $55.2 billion.

First Data Corp. has filed an S-4 Registration Statement with the SEC to permit holders of unregistered outstanding notes for freely tradable notes that have been registered under the Securities Act. First Data says it does not plan to list the exchange notes on a national market. The S-4 lists FDC's principal executive office location as Atlanta, Georgia with Greenwood Village, Colorado shown as its administrative headquarters.

• Bloomberg.com: Redecard Falls Most in Week on Brazil Antitrust Probe
• Consumerist: Retailers Ready To Rebel Against Credit Card Fees
• Retailers Increase Cash Flow and Reduce Cash Shrinkage with Unisys SmartCash Vault Solution