The credit card business has grown so wretched that one major issuer is clipping its customers' cards and giving its investors a haircut.
Advanta (ADVNA), the nation's No. 14 card issuer and a top lender to small businesses, said last week it will shut down its card business to stem losses. The move is a momentous one, because credit cards bring in nearly all Advanta's revenue.
The company will close customer accounts next month, leaving ... Full Story »