Eric Dash reports for the New York Times on CardSystems Solutions CEO John Perry's criticism of Visa for stopping his company from processing its cardholders' transactions.

"If they decide to move forward, they will put us out of business," Mr. Perry said. "We are unaware in all of the breaches that have occurred on the system in the past that anyone has ever been terminated from the system."

PayPal's parent eBay announced second quarter financial results this afternoon.   » Continue Reading

Vertis has announced the results of its "Customer Focus 2005: Credit Card" study identifying the most attractive incentives for consumers.

According to the study, 29 percent of men 18-24 years old are interested in receiving points for merchandise/airline tickets, while 14 percent of women in the same age category prefer an initial sign-up bonus such as a rebate or coupon.

For 27 percent of men 25-34 the most alluring offer was money back on purchases; meanwhile, 34 percent of women 25-34 expressed most interest in receiving points for merchandise/airline tickets.

Getting an extended or higher limit on a credit card was only appealing to 8 percent of the credit card holders surveyed.

44 percent of total adults pay off their credit card balance each month, compared to 51 percent in 2002. 61 percent of adults 65+ stated they pay off their credit card balance each month, compared to 75 percent in 2002.

JP Morgan Chase this morning reported second quarter financial results (PDF). Chase's Card Services unit, which includes both card issuing and merchant acquiring businesses, reported revenues of $3.9 billion, up 3 percent over the same quarter last year.

On the issuing side, card charge volume was $75.6 billion, up 7 percent and average managed loans outstanding were $135.2 billion also up 7 percent. Chase opened a net of 2.8 million new accounts, up 27 percent.

Merchant processing volume was $141.2 billion, up 18 percent, on 4.7 billion transactions, up 21 percent.

Expenses overall increased only 1 percent.

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