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More credit card companies are offering free credit scores to their customers as they look for ways to distinguish their products from those of their rivals.
March 3 -
Bankers are mulling new ways to serve consumers with low incomes and poor credit profiles after the crackdown on deposit advances, but the prospect of smaller profits and continuing uncertainty about regulations may dissuade a serious effort.
February 19
The majority of Americans who will be receiving a tax refund in 2014 will spend the funds, not save them, according to a new survey released by Capital One Financial (COF).
Capital One's annual Taxes and Savings Survey conducted in February found that 80% of Americans expect to get a refund. The average federal refund will be $3,116, according to Internal Revenue Service, up 4.2% from last year.
Jim Kelly, the head of direct banking at McLean, Va.-based Capital One, said that consumers are more likely to spend much of their refunds than stash the funds in an investment or savings account. Fifty-eight percent said they intend to use the money to pay off debt, meet expenses, take a vacation or make a major purchase, like a car or new appliances.
Only 40% of the people receiving a refund plan to deposit it in a savings or investment account, according to the survey, and roughly one-third of that group say the savings will be used primarily for "short-term" emergency needs.
Few consumers surveyed said they have longer-term savings goals: Only 15% are looking at putting their refunds toward retirement and only 8% plan to put refund money into a child's college education fund.
Roughly 9% of the consumers who participated in the survey will owe taxes; and 34% say they will need to dip into their personal savings or emergency fund to cover the cost. Another 35% from this group however, said they have set aside savings to pay for their tax bills.
More than 1,000 customers participated in the phone survey.
