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South Korea's Financial Supervisory Service has issued an official warning to Hyundai Card Co. for allegedly soliciting customers illegally, a spokesperson for the regulatory agency tells CardLine Global. Hyundai Card is the credit card arm of Hyundai Kia Automotive Group. The agency says Hyundai used unregistered staff to seek customers earlier this year. According to South Korean laws, only staff registered with the regulator can recruit customers. Hyundai Card reportedly employed at least 60 unregistered staff members who had signed up some 5,000 customers, but the spokesperson declines to confirm those figures. Hyundai Card provided no immediate comment.
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Last month's banking consolidation involving several of the industry's biggest
October 2 -
SAN FRANCISCO--(BUSINESS WIRE)--October 2, 2008--Today Visa Inc. (NYSE:V) released a global survey showing 74 percent of respondents are satisfied with their commercial payment card programs. Currently, 50 percent of respondents currently use commercial payment cards to make payments as part of their overall cash management strategies. In the next 12 - 18 months, 52 percent of survey respondents intend to reduce reliance on checks and 45 percent plan to increase their use of commercial card programs.
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David Jones Ltd., an Australia-based retailer, says it has begun offering its customers an American Express-branded credit card months before it originally expected the launch to occur. Customers can get the card in stores or through the retailer's Web site, David Jones says in a statement. The retailer had planned to introduce the card, which offers consumers points they can redeem for retail goods, around Christmas (CardLine Global, 22 Feb.). David Jones issues some 800,000 store cards, which the retailer has offered to exchange for the AmEx cards. The move follows the launch of a Visa-branded card from Australian retailer Myer, which worked with GE Money, Frank Lopez, an analyst with Australia-based Cannex Pty Ltd., told CardLine Global in an interview in advance of the David Jones move. The new card from David Jones enables the retailer to do a better job of tracking customer spending patterns, Lopez notes. Neither AmEx nor David Jones responded to requests for comment.
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Jennifer Waters, MarketWatch Market Watch
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