Consumers grab credit cards for holiday shopping
Payments Dive
DECEMBER 2, 2024
Credit card debt will not slow shoppers down as they spend for the holidays, according to a new survey of U.S. consumers.
Consumers tap credit cards, loans to manage inflation: Fed report
Payments Dive
AUGUST 26, 2024
Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.
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Credit card delinquencies mount, Fed says
Payments Dive
NOVEMBER 27, 2024
Consumers’ credit card delinquencies have risen this year, along with their balances, according to an annual Federal Reserve Board report.
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US credit card balances climb to $1.14 trillion
Payments Dive
AUGUST 8, 2024
Consumer credit card debt delinquencies are also on the rise, particularly among younger consumers, according to a New York Federal Reserve report.
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CFPB: Consumers paid record credit card fees in 2022
Payments Dive
OCTOBER 26, 2023
"With credit card debt crossing the trillion dollar mark, we will be working to prevent bait-and-switch tactics when it comes to rewards,” CFPB Director Rohit Chopra said in a Wednesday press release.
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How does Gen Z feel about credit cards? It's complicated.
Payments Dive
MARCH 16, 2022
Each generation has approached credit differently; Gen Z is no exception. As they turn toward credit cards, industry analysts say these consumers are likely to keep card companies on their toes.
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CFPB attacks credit card late fees
Payments Dive
FEBRUARY 1, 2023
The Consumer Financial Protection Bureau proposed a new rule that would effectively cap credit card late fees and potentially save Americans $9 billion.
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Credit card delinquencies rise, especially for low-income earners
Payments Dive
JANUARY 24, 2024
Credit cards balances, auto loans and high rents are straining low-income consumers’ limited budgets, the New York Fed details in a new report.
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Credit card demand remains robust, rejections rise: New York Fed
Payments Dive
NOVEMBER 21, 2023
As consumers have leaned on credit cards more in recent months, applications for credit card limit extensions also rose, the New York Fed said Monday.
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Fed delivers mixed credit card data
Payments Dive
MAY 12, 2022
While first-quarter consumer credit card debt rose relative to the same period last year, it dropped compared to the fourth quarter. Meanwhile, consumers' outlook on the availability of credit deteriorated.
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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.
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FICO: Falling Consumer Confidence Encourages Consumers to be More Mindful of Credit Card Debt
The Fintech Times
AUGUST 22, 2024
Consumers are becoming increasingly careful with their spending and are losing confidence, according to the latest data from analytics firm, FICO , which has published its ‘UK Credit Card Market Report’ for June 2024. Credit card spending rose 4.2 However, spending was just 0.1 per cent, it is 3.4
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Fed banks analyze consumer use of card promos
Payments Dive
MARCH 20, 2024
New research from the Philadelphia and Boston Feds finds that consumers are cycling through low APR credit card offers.
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Credit card complaints jumped 38% last year: CFPB
Payments Dive
APRIL 3, 2024
The Consumer Financial Protection Bureau received 70,000 card-related complaints from consumers last year, according to a report last week.
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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. How much does interchange cost?
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CFPB rules that BNPL lenders should be treated as credit cards
Finextra
MAY 22, 2024
The US Consumer Financial Protection Bureau has ruled that buy now, pay later lenders should be treated in the same way as credit cards.
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CCCA could save merchants and consumers over $16B a year
Payments Next
MAY 2, 2024
By Jeff Domansky, Managing Editor The Merchants Payments Coalition (MPC) has emphasized the urgent need for Congress to pass the Credit Card Competition Act (CCCA). With The post CCCA could save merchants and consumers over $16B a year first appeared on Payments NEXT.
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Legislative Insanity: Don’t Let Congress Ignore the Facts About the Durbin-Marshall Credit Card Bill
Electronic Payments Coalition
FEBRUARY 1, 2024
Nearly 15 years since Congress imposed new mandates on your debit card, Senators Dick Durbin and Roger Marshall are trying to do the same thing to American’s credit cards. Congress should listen to the facts and oppose the Durbin-Marshall Credit Card Bill.
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CRS Report: “Unclear Who Would Benefit” from Durbin-Marshall Credit Card Bill
Electronic Payments Coalition
JANUARY 17, 2024
The independent Congressional Research Service (CRS) released the latest in a string of reports questioning the benefits and raising the unintended consequences of the Durbin-Marshall credit card bill.
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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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Metro Bank Withdraw Personal Credit Cards from Product Range
Fintech Finance
JULY 10, 2024
In a letter sent to customers, Metro Bank have announced they are to remove personal credit cards from their product range. Transactions can be made by all account holders up to 10 September 2024 and authorised transactions between £100 and £30,000 will be covered by Section 75 of the Consumer Credit Act.
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The Different Ways a Business Can Accept Credit Cards
Clearly Payments
DECEMBER 2, 2024
With over 79% of consumers using credit or debit cards for transactions, businesses that do not accept cards risk losing significant sales. This article will explore the various ways businesses can accept credit cards, including their advantages, costs, and considerations. Transaction fees range from 1.5%
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Reward Powers New NatWest Travel Reward Credit Card
Fintech Finance
AUGUST 9, 2024
Reward , global leader in customer engagement and commerce media, has expanded its partnership with NatWest to power its new Travel Reward Credit Card. We look forward to working closely with NatWest to elevate travel experiences, rewarding consumers on domestic and overseas travel spend.”
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Everything You Need to Know About Credit Card Processing
Stax
NOVEMBER 14, 2024
Credit card processing can be overwhelming, expensive, and confusing. Credit, debit, and digital payments have far and away become the most popular payment method. If your AOV is above $25, you must accept credit cards. TL;DR There are several parties involved in credit card processing.
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GXS Bank Rolls Out Credit Card with Flat Fees Instead of Compounding Interest
Fintech News
OCTOBER 7, 2024
Digital bank GXS has launched the GXS FlexiCard , a credit card that charges flat fees on outstanding balances rather than traditional revolving interest. With the GXS FlexiCard, these consumers now have the opportunity to start building their credit history.
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DCS Rolls out Visa Credit Card with Customisable Rewards for Young Professionals
Fintech News
OCTOBER 16, 2024
DCS Card Centre has launched its first Visa credit card, the FLEX Card , designed for young professionals aged 21 to 35. According to DCS, it’s the first entry-level credit card in Singapore that lets users choose between rewards like miles, cash rebates, or investment credits.
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CFPB to treat BNPL loans like credit cards
Payments Dive
MAY 21, 2024
“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.
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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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ZORRZ Selects CLOWD9 to Drive Financial Inclusivity Through Innovative Virtual Credit Card
Fintech Finance
JUNE 18, 2024
ZORRZ , the pioneering fintech driving financial inclusivity, has announced its strategic partnership with CLOWD9 , a B-Corp certified processing platform, to power its innovative BlueAccess Hybrid Credit Card platform. We are thrilled to collaborate with a partner dedicated to driving change and making credit accessible to all.”
The Credit Card Chargeback Process Explained: What Merchants Need to Know
Stax
DECEMBER 9, 2024
As consumers, most of us have looked at last month’s credit card statement and experienced the panic of not recognizing a charge. But credit card chargebacks also occur for a variety of other reasons and they’re not always honest. What Are Credit Card Chargebacks?
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Credit Card Processing for Small Business: Everything You Need to Know
Stax
NOVEMBER 21, 2024
Whether you are starting a new online store or looking to grow your existing brick-and-mortar small business, you must make provisions for accepting credit card payments. In this article, you will discover all you should know about credit card payment processing for small businesses.
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Card debt weighs on consumers
Payments Dive
MAY 16, 2023
First-quarter credit card balances jumped 17% over the same period last year, according to New York Fed data.
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Enfuce and Alisa Bank Launch Business Credit Card for SMEs in Finland
Fintech Finance
DECEMBER 19, 2024
Enfuce , the leading provider of next-generation payment solutions in the Nordics, has partnered with Alisa Bank , Finlands forward-thinking digital bank, to introduce an innovative business credit card tailored for small and medium-sized enterprises (SMEs) in Finland.
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Credit card processor Nexway to pay $650K fine for fraud
Payments Dive
APRIL 19, 2023
million judgment against a group of Nexway companies over processing payments tied to tech support scams, but they’ll ultimately pay the smaller fine for defrauding consumers. A court initially imposed a $49.5
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New Zealand Moves to Reduce Credit Card Surcharges, Aiming to Boost Consumer Savings
The Fintech Times
DECEMBER 19, 2024
New Zealand could soon see lower prices and fewer surcharges for credit card users as the country’s regulatory authority, the Commerce Commission , proposes slashing fees for accepting Visa and Mastercard payments. This initiative could potentially save businesses and consumers around $260million annually.
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New York enacts surcharge law
Payments Dive
JANUARY 3, 2024
The state’s new law will force merchants to limit credit card surcharges and more clearly disclose them to consumers. If the businesses don’t, they could face a $500 penalty.
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There’s a Push to Ban Junk Fees. Does It Affect Credit Card Surcharging?
Stax
DECEMBER 2, 2024
In recent years, market adoption of credit card surcharging—a practice by which merchants pass on the transaction fee for accepting a credit card to the cardholder—has increased dramatically. In 2024 alone, more than a dozen state legislatures introduced bills related to surcharging and consumer fees generally.
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Pix to Surpass Credit Cards in Digital Commerce in Brazil by Next Year; EBANX Analyzes Outcomes
Fintech Finance
SEPTEMBER 10, 2024
Brazil’s instant payment system Pix is set to surpass credit cards as the most widely used payment method in Brazilian digital commerce by next year, according to Payments and Commerce Market Intelligence (PCMI) data analyzed by EBANX , a global technology company specializing in payment services for emerging markets.
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How the streaming boom benefits payment companies
Payments Source
MARCH 19, 2021
Many consumers pay for this entertainment by credit card, but the prevalence of new streaming services — and other factors such as rewards programs — are starting to influence users' payment habits. ]].
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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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Debit cards face rising digital wallet competition
Payments Dive
MAY 29, 2024
Roughly 72% of consumers say they swipe, dip or tap a debit card at the point of sale, a larger portion than credit cards, checks and digital wallets, according to a consumer survey by research firm J.D.
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New BNPL study raises concern about 'debt spiral'
Payments Dive
MARCH 10, 2022
Some consumers are charging buy now-pay later installment payments to their credit cards, and that should serve as a "warning flag" to regulators, said three economists who authored the research paper.
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Happy Money Teams Up with Method Financial to Help Consumers Pay Debt
Finovate
AUGUST 8, 2024
Happy Money will use Method’s financial liability connectivity APIs to help credit union members better manage credit card debt. Happy Money , an unsecured loan provider that works with credit unions, has forged a strategic partnership with Method Financial. representing 95% of all outstanding consumer debt.
CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans
Fintech Finance
MAY 24, 2024
The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.
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