Market News: iPad Guide, BofA Credit Card Break, Visa-MC Card Sharks (NASDAQ:AAPL),(NYSE:BAC),(NYSE:V),(NYSE:MA)


According to Apple Inc. (NASDAQ:AAPL), the iPad will run most of the 175,000 apps available for the iPhone. Of course, those apps were designed for an iPhone-size screen, so they'll appear in a much smaller window on the iPad.  Users can resize the iPhone apps to fill the iPad's screen, but some elements may look pixelated. It's unclear how many truly original iPad apps exist so far; reports say the device will launch with more than 1,000. But most of these 'new' apps will be updated from the iPhone, and they'll roll out only as fast as they're developed -- and approved by Apple.  On the downside, there's no multitasking for third-party apps, just as there isn't on the iPhone. For example, users can't stream Pandora music while using the Facebook app.  – CNN

Bank of America Corporation (NYSE:BAC) will give small business credit card customers many of the same protections that consumers now enjoy under Washington’s stricter regulations, including an agreement not to raise interest rates on existing balances, the bank announced today.  BofA plans to give its 2 million small business card customers relief from fees for going over credit limits and apply their payments to the portion of their balances with the highest interest rate, spokeswoman Betty Riess says. Those changes were mandated for consumer credit cards Feb. 22 under the Credit Card Accountability, Responsibility, and Disclosure Act passed last year. But the law doesn’t cover small business credit cards. BofA’s announcement makes it the first major small business card issuer to commit to not retroactively raising interest rates on old balances.  – BusinessWeek

There are some things money can buy, and one of them is a license to issue credit cards from MasterCard Incorporated (NYSE:MA)  and Visa Inc. (NYSE:V). Some questionable banks do just that, gaining credibility from the brands. Hallmark Bank & Trust, headquartered in the Turks and Caicos islands, enjoys a valuable relationship with one of the best-known brands in consumer finance: the credit-card giant MasterCard (MC). Hallmark, like other banks, pays MasterCard for the right to use its name on the cards Hallmark issues to customers. MasterCard also receives a percentage of sales made with those cards. – More at BusinessWeek

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