Wachovia Card Services Reaches Millionth Customer Milestone

New Business Credit Card and Bullish Commercial Customers Contribute to
Company's Re-Entry Success Story

CHARLOTTE, N.C., May 29 /PRNewswire-FirstCall/ -- Less than a year since Wachovia Corp.'s re-entry into the credit card business, the company today announced it has reached one million credit card customers in its portfolio. The millionth card customer and the banker who sold the card received 250,000 Wachovia Possibilities Reward points and a $500 Visa gift card, respectively, to commemorate the landmark moment in Wachovia Card Services' short history.
As part of Wachovia's strategy, the million cards -- a combination of consumer and wholesale customers -- consist largely of existing Wachovia customers who have other relationships with the bank.
"From day one, our strategy has been to focus on the customer experience knowing if we did that well, business success would follow," said Steven G. Boehm, president of Wachovia Card Services. "That's exactly what has happened, and we couldn't be more pleased with our early results."
Since terminating its joint marketing agreement with MBNA in November 2005 and re-entering the credit card business in July 2006, Wachovia has launched consumer cards, commercial cards and -- most recently -- a business credit card product targeting companies with annual revenues of up to $15 million. The business credit card features a unique rewards program called Wachovia Possibilities that allows customers to combine business and personal rewards with credit and debit rewards to reach redemption targets faster.
"Like our consumer credit card offering, Wachovia's new business credit card is about more than rewards," said Bob Ryan, head of product development and innovation for Wachovia Card Services. "It also provides a customer- friendly fee structure, including automatic one-time late fee and over limit fee waivers because want to respect the customer's total relationship with Wachovia."
From service industry and health care companies to manufacturers and racing teams, companies large and small are taking advantage of Wachovia's commercial card offering, including corporate cards and purchasing cards. NASCAR's Team Red Bull is considered Wachovia's first commercial credit card customer.
"As a new team to NASCAR, the Wachovia credit card was a lifesaver for us," said Amy Hayes, finance manager for Team Red Bull Inc. "We're on the road 38 weekends a year and sending at least 50 people to the track every weekend during the Nextel Cup season, as well as flying team members overseas for testing with our Formula One team in Europe. That makes it critical to have a credit product we can fund to cover those travel costs. With our new credit card program, Wachovia again showed its willingness to go the extra mile for us. We're with Wachovia because of the loyalty and the personal service, and the trust that they put into our relationship is invaluable to us."
As Wachovia approaches its one-year anniversary of re-entering the card business as a self issuer, the focus remains on understanding and responding to the customer.
"One million card customers is an incredible milestone but also just the beginning," said Patti Newcomer-Simmons, director of marketing for Wachovia Card Services. "With 13 million Wachovia customers and our commitment to customer satisfaction, there is a lot of opportunity for growth."
About Wachovia
Wachovia Corporation (NYSE: ) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 768 offices in 48 states and service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in all 50 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. On March 31, 2007, Wachovia had assets of $706.4 billion and market capitalization of $105.3 billion.

Credit Suisse learns about customer experience from top down

BOSTON — There is a lot of talk about the customer experience these days, but unless you have actually called your contact center and asked about an online order or filled out a credit card application you cannot empathize with your customers.

That was the message from David McQuillen, vice president of customer experience and voice of the customer at Credit Suisse, Zurich, Switzerland, in his keynote speech here yesterday at the Annual Conference for Catalog and Multichannel Merchants.

Asking the executives of a Swiss bank to call their contact center or to open an account in one of their branches is like taking them to the dentist “because they do not want to do it,” Mr. McQuillen said.

Nonetheless, he started a customer immersion program at Credit Suisse with the blessing of the company’s CEO after he realized that surveys about the customer experience did nothing to bring about change. Executives, he said, look at the results and say “Thank you” and you go through the same process the following year.

So Mr. McQuillen tried something else. At one presentation he placed a telephone on a stage that was miked into the audience. He asked one of the executives to come up on the stage and call their contact center and ask for something.

There was “terror on their faces,” Mr. McQuillen said. He quickly realized that executives in the room had never called the contact center or visited a branch to open an account.

Perhaps Mr. McQuillen’s greatest achievement has been in persuading Credit Suisse to make its branches more accessible to the disabled. It was no small accomplishment in a country where the public voted down a referendum that would require businesses to be accessible to the disabled.

“If you have a disability [Switzerland] is the Stone Age for rights for the disabled,” Mr. McQuillen said.

The idea to offer equal accessibility came from an employee who is visually impaired. Mr. McQuillen developed a business plan highlighting the 350,000 people with disabilities in Switzerland, but executives at Credit Suisse did not respond well to it.

That was when he decided to apply the customer immersion process.

First, Mr. McQuillen and his team tried experiencing what it was like sitting in a wheelchair all day.

“It had nothing to do with doors and hallways,” he said. “It had to do with dignity and the way people treated you.”

So he invited 50 executives to a presentation about the accessibility strategy and put them in a room where they could sit in a wheelchair, learn about what it was like being blind and deaf from people who were visually and hearing impaired, and wear a special suit that made them feel as if they were 75 years old.

The company’s CEO went into the room as “the greatest opponent to the program and came out its greatest champion,” Mr. McQuillen said. The CEO initiated a program to make Credit Suisse more accessible.

Some of the initial results include the addition of wheelchair accessible ramps in front of bank branches and Web site certification that signifies the company’s Web site is accessible to the visually impaired. Browsers can use screen readers that magnify type or read the type aloud.

“I’m convinced this wouldn’t have been possible without taking the executives through the customer immersion process,” Mr. McQuillen added.

Senior Editor Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. Reach her at . To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting http://www.dmnews.com/subscribe.php

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Most Consumers Feel Well-Informed by Credit Card Applications

WESTBURY, N.Y.--(BUSINESS WIRE)--Credit card companies are meeting consumer expectations, according to
research recently published in Cardbeat®,
the syndicated market research report from Auriemma Consulting Group
(ACG). When consumers apply for credit cards, they understand the
benefits they will receive and the implications of borrowing funds
through card-issuing banks.

Responding to questions about credit card applications, 58% of survey
respondents agreed that they feel well-informed about credit cards and
their benefits before deciding to apply for new plastic. Thirty-five
percent of all participants agreed completely that the information
offered was exemplary, giving it a rating of 10 out of 10.

“Despite the perception, consumers do not feel
they are having the ‘wool pulled over their
eyes’ by credit card companies,”
says Megan Bramlette, managing editor of Cardbeat. “In
general, consumers are pleased with the credit card application process.”

Another finding of the research: Only a third of consumers applying for
a new credit card do so after researching cards available to them.
Nearly half of applicants apply for a new credit card spontaneously,
with no prior thought given to obtaining an additional card. “Credit
card companies have the opportunity to grow their customer bases by
presenting consumers with compelling offers,”
Bramlette says.

“Security of personal information in the
processing of a credit card application, timeliness of response and
clarity of the application form are the costs of doing business,”
she says. “Overwhelmingly, card companies are
meeting consumers’ expectations in these
areas.” Issuers also scored well regarding
the time in which they approve or deny applicants, their commitment to
keeping applicant data private, and the simplicity of application forms.

The information in this release came from a survey of 408 credit card
users in February 2007.

ACG is a management consulting firm in the payments and lending
industry. Cardbeat is a syndicated market research study from ACG that
provides insight into how consumer perceptions impact credit card
acquisition and usage.

New Business Credit Card - Managing Cash Flow With A Business Credit Card

A business credit card can assist you manage your company’s finances more efficiently. With a line of credit, you can manage cash flow issues, maintain path of expenses, and measure up for deals and discounts.

Manage Cash Flow

Cash flow is always an issue with businesses. Bills are owed while you are waiting for accounts to be paid. A business credit card can assist you get through these short-term issues without having to take out a line of credit.

For small business, a credit card is often the first type of credit available to you. For exclusive proprietorships, your personal credit record will determine your credit limit. For other types of ownership, you will need to provide a business program and financial statements.

Keep Path Of Expenses

Having a separate credit card for your business can assist you maintain better track of your expenses. Some credit card companies offer disbursement reports to assist you place disbursement habits. You can also look at your statement online.

Not only will a separate account aid with accounting, it will also look better to the IRS. The authorities looks suspiciously when business and personal accounts are lumped together. Separate accounts are easier to track, especially of import when you are declaring disbursals on your tax return.

You can also petition further cards for employees. These company cards can have got day-to-day disbursement limits, to protect your company from fraud. With online statements, you can see ticker activity on your account. You cognize what was spent, even if your employee forgot to turn in a receipt.

Qualify For Deals And Discounts

Business credit cards can also measure up you for particular deals and discounts, just like with a personal account. You may take a programme that offers airline miles or reward points. To happen the lowest interest rate though, stick with a apparent account that have no fees.

To happen the best deals, compare respective programs. While your letter box may be full of offers, searching online will probably give better results. Be certain to read the happen black and white for information on APR and other terms. By determination the right card, you will have got a better manage on your cash flow issues.

To see our listing of most suggested business credit card companies online, visit this
page: Recommended Business Credit
Card Lenders Online.

Is Consolidating Credit Card Debt A Good Option?

Well, the reply will more often be yes than no. Consolidating credit card debt is often regarded as the first measure towards credit card debt elimination. However, even before you travel to take first measure towards consolidating credit card debt, you must understand that consolidating credit card debt (or balance transfer) is an action that you are taking to eliminate credit card debt. Consolidating credit card debt is not a agency of deferring the problem for later.

Consolidating credit card debt is indeed a good option in more than than one sense. Not only make you get relief from the rapid addition in your credit card debt, but also get other benefits too. Offers for consolidating credit card debt are in copiousness and are very attractive indeed. Almost all the offers for consolidating credit card debt have got an initial low APR time period during which the APR is generally 0% (or some low figure). In fact, this is one of the chief things which do consolidating credit card debt a very attractive option. Besides this low APR, the offers for consolidating credit card debt also include things like no interest rate on the purchases made during first 5 calendar months (or some other initial period) of balance transfer. This is another thing that lowers the velocity at which your credit card debt gallops. So these are the two most of import benefits that credit card providers deploy to attract people into consolidating credit card debt with them.

Then there are other benefits which include things like further reward points on the member’s reward programme of the credit card you are consolidating credit card debt to. These reward points can be redeemed for other attractive goods/rebates/rewards etc. Sometimes, the new credit card (i.e. the 1 you are consolidating credit card debt to) might be a credit card that provides more than to your current disbursement needs both in terms of the credit bounds and the manner you pass your money. For example, the new credit card might be a co-branded 1 offered by an airline that you have got started travelling with very frequently in the recent modern times and consolidating credit card debt on such as a card may open up up much more than benefits as compared to your current credit card which was based on your needs at the clip of you applying for your current credit card. The credit card you are consolidating credit card debt to mightiness unfastened up price reduction offers to you.

Common Credit Card Terms

Whether you have got a credit card or you are thinking of getting one, what ever is the type of credit card, there is a simple credit card cant that you must be aware of.

Credit Cards: This is a card issued by a financial establishment that allows the cardholder to utilize credit to purchase commodity and services up to a predetermined limit. The cardholder gets a monthly statement and then he/she have to pay back. There is an interest on the amount credited.

Credit Limit: This is the upper limit amount you are allowed to pass on the credit card. How much credit bounds you get depends on you credit history and the type of credit card you have got (gold or Platinum Cards).

Credit History or Credit Scoring: This is your path record of how you have paid accounts in the past. It is of import from the creditor’s point of position since it determines whether you are likely to pay accounts on clip in the hereafter or not.

Gold and Platinum Cards: These are credit cards issued to high-end earners. These have got high or no credit limit. They come up bundled with a number of services and benefits not available to a criterion cardholder.

Annual Percentage Rate (APR): It is the annual interest rate or percentage you pay on the outstanding balance of credit as an interest or fee. It is also called annual interest rate.

Annual Fees: Annual fees is basically a care fee that the credit card issuers charge from the cardholders annually against the costs incurred in maintaining accounts and providing services.

Introductory Period: Credit card market is highly competitory in United Kingdom so a number of credit card companies offer a low rate of interest on outstanding balances on your account for an initial period. This initial time time period is called introductory period, which can endure for 6 to 12 calendar months depending on the offer.

Balance Transfers: This is another term that have emerged out of the credit card market competition in UK. State if you have got an outstanding balance in your account on which you are paying interest but you happen another market offer that brands your pocket breath easy then you can transfer your outstanding balance to a new account by paying certain percentage of balance transfer. Some credit card companies offer balance transfer as low as 0% inch introductory period.

Reward Program: It is a point-accumulating programme based on purchases or transactions made on your card. You can deliver your reward point against cash back, price reductions or free air miles according to the programme you inscribe for.

PIN (Personal Designation Number): It is the secret codification chosen by you for your card. You can access your money and execute banking transactions through the standard atmosphere or do purchases without sign language a sales reception at merchants that have got pin pads, using this code. Don't share your pin with anyone.

The Credit Card Surprise That You Need to Look Out For

Companies that issue credit cards desire to do a profit. No 1 differs with that. The problem is that, we as consumers have, is when they have got got conceal or disguise what it really cost for you to utilize a card.

Here are some ways that you could be paying more, not even knowing it for your credit cards.

Those Teaser Rates

As these rates are low at the beginning but rise after six calendar months or a year. This is a popular manner for credit card issuers to attract new cardholders. I don't cognize if you're aware of this but when the low rate expires, any balance that you may have got left on the card automatically leaps to the new rate and just not on new purchases. This is something you should discourse or read before you even get a new credit card with low teaser rates

Those Costly Cash Advances

There is usually both a finance charge or interest and a transaction fee for cash advance cash even though the as may state “no finance charges". There is no saving grace time period for that cash advance. You will pay all the interest from the twenty-four hours you take that advance. The transaction fee May be as high as 2-5%.

Extra Fringe Benefits

Cards that were offering benefits like percentage discounts, rebates, purchase protection, etc., may have got been cutting back on those benefits and without any notice. Watch your mail when you get those updated versions for your credit card. If you don't read it, then you didn't cognize it changed and unfortunately it's your fault.

The Grace Period.

These high bounds cards may sound great but may not have got a saving grace period. If you ever noticed on your credit card bill, you may have the measure five years before the owed date. How are you supposed to then pay your measure on time?

If you don’t desire to take any opportunities in having to pay a finance charge, then pay your measure in full each month. If you have your measure late, phone call the credit card company and state them that.

Two rhythm billing.

Two rhythm charge intends the credit card issuer charges interest the first calendar month that you don't pay your of balance in full. Always read through your terms and statuses on your credit card measure and if you have got any inquiries just name the credit card company and inquire questions!

Your Guide On Choosing a Credit Card To Suit You

Reach into your wallet or purse, pulling out a card, swipe, and you’re done. It is very easy to utilize a credit card. The problem lies in choosing a card – and it have nil to make with the image on the front! Choosing a credit card that plant best for you is critical to your credit rating. If you take incorrectly, you may happen yourself in deep debt trouble. Here is some basic, yet extremely important, information that volition aid you do the right choice.

Your Money Handling Habits

Choosing a credit card that is perfect for one individual may be a dingy failure for you because your wonts are different. When it come ups to choosing your credit card, you need to look very closely and honestly at your habits.

For instance, make you typically carry a balance or make you pay off the card at the end of each month? If you answered “yes” then you will need to shop for:

# Type A low Annual Percentage Rate (APR). The APR the interest rate you will pay on any outstanding balances each month. The higher the rate, the more than you will pay in interest charges.

# Type A fixed-low rate. This agency that they will vouch that your rate will remain low. Oftentimes, a company will offer a low introductory rate to get you signed up and then increase the rates drastically in 3, 6, or 9 months. The problem with a guaranteed rate is that an annual fee often accompanies it. You will need to make up one's mind if the lower interest rate warrant is deserving the cost of the annual fee.

If you will be paying off your card at the end of each month, you will not have got to worry as much about a low APR since you will not be using it. And with no need for a guarantee, you may be able to avoid annual fees. However, you will desire to be certain to get a card with a saving grace period.

# Grace Period: Be careful to get a card that allows you to pay off your measure at the end of the calendar month with no finance charges. Those that don’t offer the criterion saving saving saving grace clip time time period get charging you interest the minute you do a purchase.

# Cash Advance Fees: Be aware that most cards charge interest, and sometimes at a higher rate, for cash advances and this charge gets with no grace period even if your card offers a grace period for purchases.

You also need to make up one's mind how dependable you will be when it come ups to paying on time and keeping yourself under the card limit. If you are often late paying your measures or often make not cognize how much credit you have got left, you will desire to watch out for transaction fees and other charges. Many card companies charge a late fee and an over-the-limit fee. These tin be substantial. Your best stake is to pay on clip and maintain under the limit, however, finding a card with lower charges is a good idea.

Here is another of import inquiry to see when looking at your money handling habits: Make you utilize the card rarely, occasionally, regularly, or frequently? Those that usage their cards for just about everything instead of using cash or checks will desire to look for credit card protection. This way, if you lose your card or it is stolen, you will not be responsible for any purchases made.

Finally, see the different benefit programs that cards are offering.

# Bash you travel? Then see a card with frequent travel miles as a reward. Or perhaps one that offers traveler’s insurance.

# Bash you utilize your card for large purchases like electronics? You may desire to see credit card insurance that volition replace your equipment for a specified clip period of time if it interrupts down or gets stolen.

# Are you saving to purchase a new car? There are cards that offer new car rebates.

# Bash you have got a favourite charity? Many cards now back up specific charities, universities, and organisations by paying the physical thing a specific amount with each purchase you make.

What matters most is to happen the characteristics that tantrum your pattern of disbursement and paying. Don’t get fooled by the dohickeys or the advertisements. Know your disbursement habits, expression at the small print, and take the card that is best for you. With all the different cards available, you will be able to happen the right tantrum for you.

Business reward credit card APR

The interest rate, or APR, you'll be paying for keeping a balance will offset any reward savings. Now, there are quite a few cards that offer a 0% interest rate for the first year or so. Tips to ensure that your business reward credit card really rewards your business