Demand for credit cards climbed this year
Payments Dive
NOVEMBER 22, 2022
Consumer demand for credit cards rose this year over prior years, and card issuers increasingly approved their applications despite the worsening economic climate.
Card Issuer Consumer Credit Cards 
CFPB imposes $8 credit card late fee rate
Payments Dive
MARCH 5, 2024
The Consumer Financial Protection Bureau finalized a rule that sets a “threshold” of $8 for late fees that can be imposed by large credit card issuers, and eliminates automatic inflation increases.
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Processing Costs: Differences in Debit & Credit Cards
Basis Theory
NOVEMBER 13, 2023
How Credit and Debit Cards Compare The fundamental difference between a credit and debit card is whose money is being used in the transaction: with a credit card, the consumer is borrowing from the card issuer , while with a debit card they are using their own money, stored with the issuing bank.
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Credit Card Decline Codes Explained
EBizCharge
AUGUST 22, 2024
As consumers increasingly rely on digital transactions, they may face the frustrating experience of a declined credit cards. What are credit card decline codes? What are credit card decline codes? Common reasons for declines include insufficient funds, an expired card, or surpassing a credit limit.
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Downgrading Credit Card
Payment Savvy
JANUARY 11, 2023
If you are one of the ten million-plus American businesses with a merchant processing credit card account, the chances are you are aware of an industry term known as interchange. Each new credit card transaction is assigned to what is known as a target interchange category. Interchange Downgrade.
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Barclays replaces Goldman Sachs as GM card issuer
Payments Dive
OCTOBER 14, 2024
The London-based consumer bank will issue two GM credit cards in the U.S., beginning next summer.
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CFPB seeks to improve credit card transparency
Payments Dive
MARCH 24, 2023
The agency wants to give consumers more information from credit card issuers so that it’s easier to compare the cards’ offers, especially their interest rates.
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Credit Card Surcharges: What Are They, and How Do They Work?
Stax
SEPTEMBER 26, 2024
Credit card surcharges are increasingly becoming a fact of life. Industry data shows that 9 out of 10 credit card users say they don’t want to pay surcharges but do it anyway. That said, you can’t just decide and impose credit card surcharges overnight. Learn More What is a Credit Card Surcharge?
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Understanding Credit Card Processing Fees for Merchants: How Much Does Processing Credit Cards Cost?
Stax
APRIL 18, 2024
Accepting credit card transactions is no longer a decision of whether to but rather how to. With cashless now BEING king, credit and debit cards are the primary method for your customers to make payments. of consumer payments came through card payments. Card Network (e.g., Pre-pandemic, 62.3%
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CFPB seeks more credit card transparency
Payments Dive
AUGUST 24, 2022
The Consumer Financial Protection Bureau is considering requiring top credit card issuers to share more information on their products to increase transparency for consumers.
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The Transformative Power of Cards-as-a-Service in Revitalising Credit Cards
Fintech News
JUNE 12, 2024
In the rapidly evolving digital landscape, traditional credit cards face the challenge of staying relevant amidst the rise of digital wallets and changing consumer expectations. The emergence of Cards-as-a-Service (CaaS) offers a transformative solution that can help credit cards adapt and thrive in this new era.
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Pinnacle Bank Partners with CorServ to Implement a Modern Credit Card Program for Commercial, Business and Consumer Customers
Fintech Finance
JUNE 3, 2024
CorServ , a company empowering banks and fintechs with payment programs, has partnered with Pinnacle Bank ($2 billion in assets) to launch a comprehensive credit card program for its commercial, business and consumer customers. Pinnacle Bank, headquartered in Elberton, GA, has been locally owned since 1934.
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Demystifying Credit Card Interchange Fees: What You Need to Know [2024 Rates and Updates]
Stax
DECEMBER 20, 2023
Interchange is the fee that credit card companies like Visa and Mastercard charge businesses to accept their cards. In this article, we will break down credit card interchange fees so you will know exactly how much you’re spending when running your business. Request Quote What Are Interchange Fees?
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How Much Do Credit Card Companies Charge Merchants?
EBizCharge
AUGUST 30, 2024
Navigating the complexities of credit card processing fees is a significant challenge for merchants in today’s digital economy. What are credit card processing fees? Credit card processing fees are fees merchants must pay to accept credit card payments from their customers.
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How Much Do Credit Card Companies Charge Merchants?
Stax
JANUARY 10, 2024
Credit card transactions have quickly become the lifeblood of eCommerce businesses and storefronts alike. According to Capital One, global credit card transactions in 2022 reached an estimated 678 billion —an average of 1.86 However, accepting credit cards does come with a flipside; the ongoing sting of credit card fees.
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CFPB caps credit card late fees
Finextra
MARCH 5, 2024
The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.
CFPB gives credit card issuers flexibility on billing disputes
Payments Source
MAY 13, 2020
With the pandemic's economic toll leading to elevated billing error notices, the consumer bureau said card companies will not be cited if they fail to meet the typical time frame for resolving disputes.
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O3 Capital Begins Issuing Four American Express Credit Cards to Help Consumers and SMEs in Nigeria
The Fintech Times
MAY 11, 2024
O3 Capital , a Nigerian fintech and non-bank credit card issuer, is set to begin issuing four new American Express credit cards, serving local consumers and SMEs alike. American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa.
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New EPC Study Shows Credit Card Rewards are a Lifeline for Working Class Americans
Electronic Payments Coalition
MAY 8, 2024
On Monday, the Electronic Payments Coalition released a new report examining how American consumers, including lower-income consumers, utilize reward credit cards and how proposals restricting card issuers’ ability to offer reward credit cards would adversely impact cardholders of all incomes.
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What Is the Role of Merchant Acquirers in Credit Card Processing?
EBizCharge
AUGUST 12, 2024
As digital transactions dominate the market, understanding the mechanics of credit card processing becomes essential for businesses and consumers. Merchant acquirers , also known as acquiring banks, are responsible for setting up and maintaining merchant accounts, allowing businesses to accept payment cards from customers.
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UK Credit Cards: More Consumers Missing Second, Third Payments
FICO
JANUARY 24, 2023
FICO’s latest market report of UK card trends suggests that consumers managed their credit card debt to keep lines of credit open for the festive season as spend increased month on month. percent higher than October 2022 at £755 The percentage of consumer payments to balance dropped by 2.8 percent to 39.3
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Why virtual credit card acceptance is critical to customer retention
Tearsheet
AUGUST 28, 2024
Barrett Smith is the Chief Payments and Customer Operations Officer at Versapay Virtual credit cards are quickly becoming a key part of the B2B payment industry. In fact, the North American virtual card market is expected to grow 24% annually, hitting $694 billion by 2026. But first, a quick refresher on virtual credit cards.
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Out of Sight: How Banks Protect Consumers from Credit Card Fraud
FICO
NOVEMBER 10, 2020
I am always glad to see headlines like this one, which ran last summer in The New York Times: “ How to Reduce Credit Card Fraud.” In addition to these core technologies, banks and card issuers have large fraud teams dedicated to investigating individual customer claims, as well as monitoring trending fraud patterns.
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A Guide to Credit Card Reconciliation
Nanonets
JUNE 24, 2024
What is Credit Card Reconciliation? Credit card reconciliation is the process of ensuring that the credit card transactions match the internal general ledger. It involves verifying the expenses recorded by the company's accounting system align with the statements provided by the credit card issuer.
Enfuce Announces European Expansion of 2-in-1 Debit and Credit Card With Mastercard
Fintech Finance
SEPTEMBER 10, 2024
Issuer processing powerhouse Enfuce today announces the expansion of its E2 card to the UK, France and Germany, in collaboration with Mastercard. Offering debit and credit PANs in one card, E2 bolsters the company’s track record of delivering cutting-edge products that benefit both card issuers and customers.
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Understanding Payment Processing Compliance When Implementing Credit Card Surcharging
Stax
JANUARY 15, 2024
Are you struggling with resource constraints caused by soaring credit card processing costs? Credit card surcharging can help offset these expenses, but it can be tricky. TL;DR Credit card surcharging involves adding a fee to transactions with credit card payments, offsetting processing costs.
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Credit card firms split on fate of consumers while U.S. cuts aid
Payments Source
SEPTEMBER 1, 2020
Capital One Financial is reining in credit lines to reduce its exposure while the nation’s largest card issuer, JPMorgan Chase, is rolling out a new card designed for travelers and diners.
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Synchrony’s Run As Walmart’s Exclusive Credit Card Issuer Is Over
PYMNTS
OCTOBER 24, 2018
Synchrony Financial’s run as the exclusive credit card issuer for Walmart came to an end in July, with reports that Walmart decided this past summer to switch to Capital One Financial.
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What is Cards-as-a-Service and How is It Reshaping The Future of Credit Cards
Fintech News
JUNE 12, 2024
In the rapidly evolving digital landscape, traditional credit cards face the challenge of staying relevant amidst the rise of digital wallets and changing consumer expectations. The emergence of Cards-as-a-Service (CaaS) offers a transformative solution that can help credit cards adapt and thrive in this new era.
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Chase and DoorDash Announce Expansion of Partnership to Include New Grocery Benefits for Chase Sapphire and Other Consumer Branded Cards
Fintech Finance
AUGUST 2, 2024
The largest credit card issuer in the U.S., This partnership also provides access to a complimentary DashPass membership for existing Chase cardmembers and consumers who sign up now through December 31, 2027. Chase and DoorDash , the premier local commerce platform announced an extension and expansion of its partnership.
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What is a Surcharge Fee? How it Helps Consumers and Businesses
Stax
DECEMBER 6, 2023
In an era defined by digital transactions and cashless payments, the process of paying for goods and services is more convenient, and increasingly reliant on credit card transactions. However, as the popularity of credit cards and digital wallet payments continues to surge, the costs associated with accepting them also do.
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Why Switch to a New Age Credit Card System?
M2P Fintech
AUGUST 8, 2023
The credit card industry in India is booming. crore* credit cards in circulation, a substantial jump from 7.5 But only 5%** of the population has a formal credit card. This is a huge opportunity for credit card issuers. Currently, there are 8.5 crore just a year ago.
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UK Credit Cards: August Data Reveals Consumer Confidence
FICO
OCTOBER 12, 2021
Eight-year high for increasing spend on UK cards. The average spend on UK credit cards increased £23 to £711 in August 2021. The change in consumer behaviour over the last 12 months is also illustrated in a 25 percent increase since January 2021 in average sales on credit cards. by Stacey West.
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Financial Protection and Fraud Resolution Efforts Can Boost Customer Loyalty, Finds J.D. Power
The Fintech Times
NOVEMBER 11, 2024
More than one-fourth (29 per cent) of bank customers and 22 per cent of credit card customers have experienced some instance of fraudulent activity on their accounts in the past 12 months alone, according to a new study by J.D. Power , the consumer intelligence company. The inaugural J.D. ” J.D. . ” J.D.
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Rising Inflation Squeezes American Families as Corporate Retail Giants Reap Inflated Profits
Electronic Payments Coalition
FEBRUARY 28, 2024
Now, Senators Dick Durbin and Roger Marshall are looking to do the same to Americans’ credit cards. Yet, rather than taking responsibility for their role in driving inflation, corporate mega-stores are shifting blame while profiting from consumers’ expenses.
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New Data: Twice As Many Online Shoppers Believe Credit Cards Are More Secure Than Debit Cards
PYMNTS
JANUARY 28, 2021
One of the more notable differences is their tendency to favor credit cards online and other options such as digital wallets over debit cards. PYMNTS’ latest research report, Online Security And The Debit-Credit Divide , a PYMNTS collaboration with Elan based on a survey of 2,466 U.S.
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New rule makes BNPL sustainable in long term, experts say
Bank Automation
JUNE 4, 2024
The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say.
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Capital One to Acquire Discover consolodating major US credit card companies in $35 Billion Deal
Fintech Finance
FEBRUARY 20, 2024
The merger marks a significant milestone in the payments industry, promising enhanced value for consumers and reshaping competitive dynamics. This all-stock transaction unites two of the nation’s leading credit card issuers, setting the stage for the creation of a robust payments network capable of competing on a global scale.
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UK Credit Cards: Are "Established" Accounts in Trouble?
FICO
APRIL 19, 2023
Home Blog FICO UK Credit Cards: Are "Established" Accounts in Trouble? The percentage of Established UK credit card accounts with two missed payments is more than 83 percent higher than all account vintages. The percentage of Established UK credit card accounts with three missed payments is nearly 94 percent higher.
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Banks Prep For Wave Of Skipped Credit Card Payments
PYMNTS
APRIL 26, 2020
Banks are bracing for fallout as more people struggle to make credit card payments due to lost paychecks amid the coronavirus pandemic, according to a report by The Wall Street Journal (WSJ). Credit card companies — Capital One, Discover, Synchrony — have been allowing people to pause payments for 30 days or more.
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Marqeta Introduces Tokenization-as-a-Service For Card Issuers
PYMNTS
SEPTEMBER 29, 2020
Marqeta , the global card issuing platform, debuted its new Tokenization-as-a-Service (TaaS) product, which allows card issuers to access its tokenization technology, the Oakland, California-based company announced on Tuesday (Sept. The global financial services company joined with Marqeta to issue virtual cards.
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How FIs And FinTechs Are Expanding The Credit Card Paradigm
PYMNTS
APRIL 27, 2020
As consumers shop amid ongoing public health restrictions, they almost invariably reach for their credit cards — whether the physical varieties in their wallets or the digital versions stored on their browsers and mobile devices. More than ever, credit cards are becoming the coin of the realm in the global connected economy.
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What Mega-Stores Like Walmart and Target Don’t Want You to Know About Credit Cards
Electronic Payments Coalition
OCTOBER 16, 2023
The Electronic Payments Coalition (EPC) released a new explainer document highlighting why retailers and their trade associations have historically pushed for greater usage of credit cards. Despite a recent campaign from some of the loudest voices in retail, credit cards have increasingly become the preferred option of commerce.
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Credit card losses climb as consumers take on more debt
Payments Source
APRIL 26, 2017
All six big card issuers reported higher chargeoffs in their credit card businesses, a sign that the post-crisis era of exceptionally strong credit performance has run its course.
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