Advanta's painful plastic surgery

Fortune by Colin Barr | May. 18, 2009 (News Report)

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 »

Posted by Kaizar Campwala

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Subjects: U.S., Business
Topics: U.S. Economy, Corporate Governance, Finance
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Posted by: Posted by Kaizar Campwala - May 19, 2009 - 6:33 AM PDT
Reviewed by: Fabrice Florin (review)
Content Type: Article
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Edited by: Fabrice Florin - May 19, 2009 - 11:29 AM PDT

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Fabrice Florin
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 by Fabrice Florin - May. 19, 2009
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  • Credit Card Industry Aims to Profit From Sterling Payers

    New York Times by Andrew Martin | May. 19, 2009 (News Report)
    Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with ...
    Posted by Kaizar Campwala
    3.6
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