Robert McKinley
Payments Expert

ROBERT MCKINLEY INTERVIEWS – ASSOCIATED PRESS

Robert McKinley contributed to and was interviewed for hundreds of stories for the Associated Press. Here are briefs of the most significant and directly referenced interviews of Robert McKinley by Associated Press reporters. Third party links to story abstracts and the full text are embedded in the briefs. (Abstracts are generally free but there may be a nominal fee for the full story text by the archive provider.) NOTE: There may be some duplication of stories due to citations for both RAM Research and CardWeb within the same article.

 

1.

Associated Press Archive - March 12, 2008

  Credit requirements story

 

In a March 11 story about changing credit standards, The Associated Press reported erroneously that Les Berman was president of the California Association of Mortgage Brokers. He is now a director of the group. A correct version follows.NEW YORK (AP) -- The loan you qualify for on Monday might be out of reach on Tuesday. Bankers and lenders are rapidly changing their requirements as home sales and prices plummet and delinquencies and defaults rise. Problems...

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2.

Associated Press Archive - March 11, 2008

Borrower requirements tightening and changing regularly as credit markets continue to struggle

 

The loan you qualify for on Monday might be out of reach on Tuesday. Bankers and lenders are rapidly changing their requirements as home sales and prices plummet and delinquencies and defaults rise. Problems in the mortgage market are spilling into other lending markets as customers struggle to keep up with payments on other loans, such as auto and credit card payments."The market is reinventing itself daily," said Les Berman, owner of Beverly...

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3.

Associated Press Archive - June 30, 2005

Consolidation in credit card industry leaves consumers fewer choices

 

Bank of America Corp.'s purchase of MBNA Corp. marks the latest consolidation in the credit card industry, which may translate to higher costs, fewer choices and poorer service for consumers. The deal, expected to be completed by the end of the year, will create one of the largest credit card operations in the nation.The combined outstanding card balances of Bank of America and MBNA of $134.8 billion as of March 31 would surpass the receivables of the top...

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4.

Associated Press Archive - January 11, 2005

What kind of credit card perks are best?

 

Q. I was offered a credit card that will offer me a cash rebate from my purchases. Is that better than earning points that can be exchanged for airlines miles or goods and services? A. Credit cards that offer cash rebates have become increasingly popular the last three years because Americans have been wary of flying since the Sept. 11, 2001, terror attacks and been frustrated by some of the perk programs, said Robert B. McKinley, chief executive of CardWeb.com Inc., which...

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5.

Associated Press Archive - November 11, 2004

Retail credit cards promise discounts but carry high interest rates

 

As you approach the checkout counter with your arms full of sweaters or toys or other purchases for the holidays, it's not uncommon for the sales clerk to offer you a deal -- 10 percent off your bill if you open a store credit account. It may be tempting, but consumer experts say there are a lot of reasons you should say "no.""The carrot they dangle in front of shoppers is an initial discount for signing up for a store...

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6.

Associated Press Archive - June 30, 2004

Consumers to earn a little more on savings, pay slightly more on debts

 

The Federal Reserve's decision on Wednesday to start raising rates means savers will earn more interest on their bank accounts and debtors will pay more interest on their credit cards and home-equity lines of credit. But not a lot, at least in the short term."We're not talking about drastic action here," said Gary R. Thayer, chief economist at A.G. Edwards & Sons Inc. in St. Louis, Mo....

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7.

Associated Press Archive - June 30, 2004

Consumers to earn more on savings, pay more on debts

 

The Federal Reserve's decision on Wednesday to start raising rates means that savers will earn more interest on their bank accounts and debtors will pay more interest on their credit cards and home-equity lines of credit. But not a lot, at least in the short term."We're not talking about drastic action here," said Gary R. Thayer, chief economist at A.G. Edwards & Sons Inc. in St. Louis, Mo....

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8.

Associated Press Archive - January 29, 2004

American Express announces credit card alliance with MBNA

 

American Express announced its first deal on Thursday to allow a major American financial institution -- MBNA Corp. -- to issue its credit cards in the United States. American Express said MBNA will issue American Express-branded credit cards starting later this year, allowing the company to reach a much larger potential customer base. New York-based American Express will also continue to issue its own cards.No financial terms were disclosed. The alliance was...

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9.

Associated Press Archive - February 8, 2002

Credit card lenders raise rates on financially strapped consumers

 

While millions of borrowers are basking in low interest rates, refinancing their mortgages and buying new cars, other consumers are watching their credit card rates climb further into the stratosphere -- to 30 percent and beyond. Providian Financial Corp. recently raised the rate on its high-risk accounts from 23.9 percent to 29.9 percent, a move that threatens to drain thousands of dollars from financially strapped households during the next few years.The strategy is part...

Purchase Complete Article, of 1110 words

 

10.

Associated Press Archive - February 8, 2002

Credit card lenders raise rates on financially strapped consumers

 

While millions of borrowers are basking in low interest rates, refinancing their mortgages and buying new cars, other consumers are watching their credit card rates climb further into the stratosphere -- to 30 percent and beyond. Providian Financial Corp. recently raised the rate on its high-risk accounts from 23.9 percent to 29.9 percent, a move that threatens to drain thousands of dollars from financially strapped households during the next few years.The strategy is part...

Purchase Complete Article, of 1116 words

11.

Associated Press Archive - February 8, 2002

Credit card lenders raise rates on financially strapped consumers

 

While millions of borrowers are basking in low interest rates, refinancing their mortgages and buying new cars, other consumers are watching their credit card rates climb further into the stratosphere -- to 30 percent and beyond. Providian Financial Corp. recently raised the rate on its high-risk accounts from 23.9 percent to 29.9 percent, a move that threatens to drain thousands of dollars from financially strapped households during the next few years.The strategy is part...

Purchase Complete Article, of 1110 words

 

12.

Associated Press Archive - February 5, 2002

Credit card lenders raise rates on financially strapped consumers

 

While millions of borrowers are basking in low interest rates, refinancing their mortgages and buying new cars, other consumers are watching their credit card rates climb further into the stratosphere -- to 30 percent and beyond. Providian Financial Corp. recently raised the rate on its high-risk accounts from 23.9 percent to 29.9 percent, a move that threatens to drain thousands of dollars from financially strapped households during the next few years.The strategy is part...

Purchase Complete Article, of 1223 words

 

13.

Associated Press Archive - October 30, 2001

Why hasn't my credit card rate come down?

 

Q: The Federal Reserve Board has cut interest rates nine times this year, which is supposed to save credit card users $750 million over the next year. But it seems that the rates on my balances haven't budged. What's going on? A: While the central bank's cuts have lowered interest rates by 4 percentage points this year, credit card rates haven't come down quite as much, said Robert B. McKinley, chief executive of CardWeb.com, a...

Purchase Complete Article, of 468 words

 

14.

Associated Press Archive - July 22, 2001

NextCard determined to prove it's not a dot-com deadbeat

 

With 1 million accountholders, NextCard Inc. has built the biggest credit-card business on the Internet. Now comes the hard part: proving that it is sitting on one of e-commerce's few gold mines, rather than just another dot-com time bomb.Using sophisticated marketing and data-mining tools, the San Francisco-based company believes it has found a way to rope in creditworthy borrowers while fencing out the deadbeats that leave lenders in a morass of...

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15.

Associated Press Archive - July 19, 2001

NextCard determined to prove it's not a dot-com deadbeat

 

With 1 million accountholders, NextCard Inc. has built the biggest credit-card business on the Internet. Now comes the hard part: proving that it is sitting on one of e-commerce's few gold mines, rather than just another dot-com time bomb.Using sophisticated marketing and data-mining tools, the San Francisco-based company believes it has found a way to rope in creditworthy borrowers while fencing out the deadbeats that leave lenders in a morass of...

Purchase Complete Article, of 892 words

 

16.

Associated Press Archive - July 3, 2001

Credit card rates lag behind this year's sharp decline in interest rates

 

Credit card finance charges are declining at a dramatically slower pace than general interest rates so far this year, costing consumers billions of dollars in potential savings. Since the beginning of the year, the Federal Reserve Board has lowered short-term interest rates six different times, causing the banking industry to lower its bellwether prime rate from 9.5 percent in early January to 6.75 percent today.Less than half of that 2.75 percentage point decline has been...

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17.

Associated Press Archive - August 28, 1999

Credit-card firms squeezed by smart customers

 

Savvy consumers like Barbara Hoffman helped bring Wall Street's wrath down on the credit-card industry this week. All it took was a pair of scissors and a bit of financial common sense. She carved up four credit cards this year, refinanced her debts and paid off her high-interest accounts."Why should I support the credit card companies when I should be looking out for my own finances?" the Chicago jewelry saleswoman...

Purchase Complete Article, of 744 words

 

18.

Associated Press Archive - August 27, 1999

Credit-card firms squeezed by smart customers

 

Savvy consumers like Barbara Hoffman helped bring Wall Street's wrath down on the credit-card industry this week. All it took was a pair of scissors and a bit of financial common sense. She carved up four credit cards this year, refinanced her debts and paid off her high-interest accounts."Why should I support the credit card companies when I should be looking out for my own finances?" the Chicago jewelry saleswoman...

Purchase Complete Article, of 744 words

 

19.

Associated Press Archive - August 27, 1999

Credit-card firms squeezed as consumers pay down debts; will ultra-low rates end?

 

Savvy consumers like Barbara Hoffman helped bring Wall Street's wrath down on the credit-card industry this week. All it took was a pair of scissors and a bit of financial common sense.Inspired by the rosy U.S. economy, Hoffman carved up four credit cards this year, refinanced her debts and paid off the high-interest accounts. "Why should I support the credit card companies when I should be looking out for my own...

Purchase Complete Article, of 800 words

 

20.

Associated Press Archive - May 19, 1999

Watch out for those currency-exchange fees on credit cards

 

Overseas travel may be more expensive for some vacationers this summer because of a hike in fees from credit card issuers. A handful of the biggest credit card issuers have added or plan to add surcharges on consumer purchases made overseas using Visa, MasterCard and American Express, and several others are considering them.The new fees -- assessed per transaction after a currency is converted to dollars -- run between 1 percent and 4 percent. That's in addition...

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21. Associated Press Archive - March 10, 1999

Credit card users: Watch out for those fees!  Neatly packaged with come-hither features like single-digit interest rates, no annual fees, and rebates galore, today's credit cards look mighty appealing. But the allure often ends where the dull, tiny print begins.More and more, the great deals consumers thought they were getting are being offset by hidden fees and penalties. Among them: rising late and over-limit fees, higher rates on late payments, shorter grace periods and changing interest...

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22. Associated Press Archive - December 23, 1998

Read the fine print before transferring your credit card balance  Consumers juggling holiday bills may be tempted to transfer their credit card balances to a new card with a low, temporary "teaser" rate, but they better read the fine print first. It may take a magnifying glass, for instance, to discover it's more difficult and expensive to get cash advances on some cards or that some issuers actually impose fees on transferred balances.A few agreements allow the issuer to substantially raise the...

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23.  `Stratospheric' Card Rates Targeted

http://community.seattletimes.nwsource.com/archive/?date=19911010&slug=1310096

 

24. GE May Plug Into Credit-Card Market

http://community.seattletimes.nwsource.com/archive/?date=19920813&slug=1507156

25.  Credit-Card Issuers Wrote Off $8 Billion In Bad Debt For 1991

26. Credit Card Issuers Face New Reality -- Companies React To Competition, Anger Over High Interest Rates

27.  Credit Card Companies Ready To Cash In On Holidays

28. Analysts Mixed On Ge Credit Card With High Interest Rate, Annual Fee

29. AT&T Cut May Start Credit-Card Rate War

http://community.seattletimes.nwsource.com/archive/?date=19961105&slug=2358112\

30. Credit-Card Issuers Wrote Off $8 Billion In Bad Debt For 1991

http://community.seattletimes.nwsource.com/archive/?date=19920915&slug=1513064

31. Consumers bound to feel Bank of America's purchase of MBNA

http://community.seattletimes.nwsource.com/archive/?date=20050701&slug=bofa01

32. American Express, MNBA join forces to issue credit cards

http://community.seattletimes.nwsource.com/archive/?date=20040130&slug=amexcards30

33. Try For Better Credit-Card Deals

http://community.seattletimes.nwsource.com/archive/?date=19970623&slug=2546080

34. Good Times Squeeze Credit-Card Issuers

http://community.seattletimes.nwsource.com/archive/?date=19990828&slug=2979696

35. Read the fine print before transferring your credit card balance

http://www.lendingtips.com/creditcards/lowestinterest/j1016.html

36. Credit cards with rewards also invite more headaches / Annual fees can be higher and the rules can change without warning

http://www.chron.com/CDA/archives/archive.mpl?id=2007_4362527

37. Top rates climbing yet more / Credit card industry tries to boost profits

http://www.chron.com/CDA/archives/archive.mpl?id=2002_3516523

38. Credit and credibility/Industry, consumers seek out McKinley's bank card information

http://www.chron.com/CDA/archives/archive.mpl?id=1997_1397996

39. Shoppers put holiday brake on card use

http://www.chron.com/CDA/archives/archive.mpl?id=1997_1388386

40. Survey finds dip in credit card rates

http://www.chron.com/CDA/archives/archive.mpl?id=1992_1028631

41. Consumers winning credit card wars

http://www.chron.com/CDA/archives/archive.mpl?id=1992_1093565

42. AUTOMAKERS' CREDIT CARDS CAN HELP TAKE BITE OUT OF CAR BUYING

Author: ASSOCIATED PRESS   
Date: November 10, 1996
Publication: Plain Dealer, The (Cleveland, OH)
Page: 6G

Holding out for a better rebate to buy a new car or truck?

You may be carrying it around in your wallet.

General Motors Corp. and Ford Motor Co. quietly have created a pool of indebtedness to future customers through the GM MasterCard and the Ford Citibank Visa.

The two auto giants owe potential customers more than $5 billion in rebates because of credit-card partnerships they created four years ago.

Since the GM Card debuted in September 1992, rebates averaging $690...

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43. AT&T REDUCES CREDIT CARD RATE TO LURE SHOPPERS

Author: ASSOCIATED PRESS   
Date: November 5, 1996
Publication: Plain Dealer, The (Cleveland, OH)
Page: 6C

In the spirit of air fare- and gasoline wars, a brawl may be shaping up among credit card purveyors, just in time for the holiday shopping rush.

The credit card business of AT&T Corp., the nation's second-largest issuer of plastic, is offering sharply lower interest rates for its best customers. Others are expected to follow.

AT&T Universal Card Services Corp. is gambling that its lower rate will entice more consumers to pull out their...

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44. PAYING CREDIT CARD BRINGS PENALTY

Author: ASSOCIATED PRESS   
Date: September 11, 1996
Publication: Plain Dealer, The (Cleveland, OH)
Page: 1C

You did what financial advisers advised, paid off all your credit card bills as soon as they were due.

So, what's your reward?

A special charge, if you're a customer of GE Rewards MasterCard.

About 20 percent of GE Capital Corp.'s GE Rewards MasterCard holders either pay their bills in full every month or don't use them at all. GE Capital informed those cardholders by mail last week that it would begin charging them $25 per...

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http://nl.newsbank.com/nl-search/we/Archives?p_action=list&p_topdoc=11

45. CREDIT CARD MAXES OUT AT A $100,000 LIMIT

Author: ASSOCIATED PRESS   
Date: March 1, 1996
Publication: Plain Dealer, The (Cleveland, OH)
Page: 2C

You say you've maxed out the paltry $5,000 credit limit on your gold card but you really want to charge that $78,350 Porsche Carrera 4 Cabriolet?

Step up to the new Platinum Plus MasterCard or Visa from MBNA America Bank in Wilmington, Del. With a $100,000 credit limit, you could put the Porsche on your tab and still have enough credit left to charge a few traffic tickets.

Or, more likely, a few opera tickets: to qualify for a Platinum Plus, you need enough disposable...

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46. MELLON BANK TO OFFER CARD REBATE WITH TWIST

Author: ASSOCIATED PRESS   
Date: January 11, 1994
Publication: Plain Dealer, The (Cleveland, OH)
Page: 2D

Mellon Bank Corp. is set to launch a new credit card that offers consumers an unusual benefit: a refund of interest payments.

The new Mellon Cornerstone MasterCard, expected to be unveiled later this week, will offer consumers a 10% rebate of their credit card interest after two years, and a full rebate of all interest after 20 years, industry analysts said yesterday. A Mellon spokesman declined to comment.

The new card doesn't have an annual fee, but it carries a high...

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47. SURVEY: CREDIT-CARD RATES DIPPING

Author: ASSOCIATED PRESS   
Date: January 4, 1992
Publication: Plain Dealer, The (Cleveland, OH)
Page: 1G

A survey released yesterday says average credit-card interest rates dipped below 18% to the lowest level in a decade, but some analysts said consumers are paying only slightly less interest.

Criticism of lofty credit-card rates and the Federal Reserve's aggressive lowering of interest rates have put pressure on credit-card issuers to lower rates, said Robert McKinley, president of Ram Research Corp. of Frederick, Md.

Ram Research's national survey of 107...

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48. Penalizing high-risk borrowers

Source:    Michael Liedtke ASSOCIATED PRESS

While millions of borrowers are benefiting from low interest rates as they buy homes, refinance mortgages, and buy new cars, other consumers are watching their credit-card rates climb to 30 percent and beyond.

Providian Financial Corp., for instance, recently raised the rate on its accounts for high-risk borrowers to 29.9 percent from 23.9 percent, which threatens, during the next few years, to drain thousands of dollars from financially strapped households.

The strategy is part of

Published on 2002-02-17, Page E05, Philadelphia Inquirer, The (PA)

49. BANKS REDUCE PRIME RATE TO 8.5 PERCENT CREDIT CARDHOLDERS WILL SAVE A FEW BUCKS BY JANUARY. EVEN BIGGER SAVINGS ARE EXPECTED BY THE SUMMER.

Source:    Karen Gullo, ASSOCIATED PRESS

The nation's banks cut their prime lending rate to 8.5 percent from 8.75 percent yesterday in response to the Federal Reserve's decision Tuesday to lower a key short-term interest rate.

The banks' action was a stocking stuffer for consumers: It will knock a few bucks off January's credit-card bills and other loan payments at many households.

But big savings on the cost of paying off loans could reach consumers by summer, economists

Published on 1995-12-21, Page C01, Philadelphia Inquirer, The (PA)

Article 9 of 29; 288 words

50. BAD CREDIT, NO PROBLEM BANKS ANGLE FOR ALL KINDS OF SHOPPERS

Source:    Vivian Marino, Associated Press

Plastic warfare is being waged in millions of mailboxes as banks try to get more credit-worthy customers during the lucrative holiday shopping season.

But with the market otherwise saturated, some financial institutions are now aggressively pursuing individuals with spotty or unproven credit records.

Stacks of unsolicited offers abound for them - even for people recently out of bankruptcy - through secured credit cards.

"The secured market is an underdeveloped

Published on 1995-12-11, Page 20, Philadelphia Daily News (PA)

Article 10 of 29; 567 words

51. RATE CUT GOOD NEWS TO BORROWERS

Source:    Karen Gullo, Associated Press

The Federal Reserve's interest rate cut will modestly ease borrowing costs for millions of Americans who have racked up credit-card charges or have borrowed money for cars and home repairs.

The dip won't make a big dent in consumers' wallets, analysts say, but there's a silver lining: The Fed's action should be the first in a series of rate cuts that will take place this year.

Consumers could see significant savings

Published on 1995-07-07, Page 20, Philadelphia Daily News (PA)

52. AT&T SLICES RATES ON SOME CREDIT CARDS< THE MOVE COMES JUST IN TIME FOR THE HOLIDAY SHOPPING SEASON.< WILL IT TRIGGER AN INDUSTRY WAR?

Source:    Patricia Lamiell, ASSOCIATED PRESS

In the spirit of air-fare wars and gasoline wars, a brawl may be shaping up among credit-card purveyors, just in time for the holiday-shopping rush.

The credit-card business of AT&T Corp., the nation's second-largest issuer of plastic, is offering sharply lower interest rates for its best customers. Others are expected to follow.

AT&T Universal Card Services Corp. is gambling that its lower rate will entice more consumers to pull out their

Published on 1996-11-05, Page D02, Philadelphia Inquirer, The (PA)

53. IF YOU PAY OFF YOUR CREDIT CARD BILL, DON'T COUNT ON ESCAPING A CHARGE< COMPANIES ARE PONDERING FEES. GE CAPITAL IS< CHARGING $25 TO THOSE WHO DON'T CARRY A BALANCE.

Source:    Patrica Lamiell, ASSOCIATED PRESS

Caught between those who don't pay their credit card bills and those who pay them before racking up interest charges, credit card companies are looking for new penalties and fees to slip onto their statements.

One way is to bring back what amounts to an annual fee - a charge to customers who pay their balances in full or who leave their cards in a sock drawer for emergencies.

About 20 percent of GE Capital Corp.'s GE Rewards MasterCard holders fit that

Published on 1996-09-11, Page C01, Philadelphia Inquirer, The (PA)

Article 7 of 29; 881 words

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