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.
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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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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UK Consumers Demand Enhanced Personalisation and Rewards for Credit Cards, Marqeta Reveals
The Fintech Times
OCTOBER 31, 2024
Consumers are increasingly seeking more personalised benefits from their credit card providers, such as rewards and loyalty points, according to a new survey by card issuing platform Marqeta. However, 48 per cent confirmed that none of their credit cards currently accrue rewards, loyalty points or other benefits.
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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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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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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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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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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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What is a Temporary Hold on a Credit Card?
EBizCharge
NOVEMBER 22, 2024
Have you ever had a transaction that didn’t go through due to a temporary hold on your credit card? A temporary hold on a credit card is more common than you might think, often triggered by various factors ranging from overdue payments to suspicious transactions. What is a credit card hold?
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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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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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US Consumer Watchdog Decision Offers BNPL Users Credit Card-Level Protections
The Fintech Times
MAY 22, 2024
The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections. Are consumers protected?
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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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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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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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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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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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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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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 Data is Clear: The Durbin-Marshall Credit Card Bill Will Harm Consumers
Electronic Payments Coalition
FEBRUARY 6, 2024
When Congress enforced price caps and routing mandates on debit cards almost 15 years ago, it was touted as a measure to save consumers billions through lower prices. Additional research shows that expanding the Durbin amendment to credit cards would deliver the same disappointment for consumers as the original.
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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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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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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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7 Reasons Why Your Small Business Should Accept Credit Cards
Synapse Payment Systems
AUGUST 25, 2022
If you’re a customer who loves paying for purchases using a credit card, it might be annoying, but for businesses, it makes sense. The disadvantages of a cash-only business often far outweigh the simplicity of not accepting credit cards. Here are seven reasons your small business should accept credit cards.
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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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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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Credit Card Surcharges Hurt Your Business—Do This Instead
Synapse Payment Systems
NOVEMBER 9, 2022
Profit margins are tight right now, and as operating costs increase, many businesses wonder if they should surcharge credit cards. Here’s why credit card surcharges hurt your business—and what you should do instead to raise revenue and keep customer loyalty. What is a Credit Card Surcharge?
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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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Mobile Credit Card Processing Explained: What Business Owners Need to Know
Stax
APRIL 18, 2024
This blog will walk you through how your customers are using mobile credit card processing, how you can accept payments using mobile technology, what sorts of features to look for in a mobile solution, and some exciting statistics about the future of payment technology. What is mobile credit card processing?
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Marqeta Survey: Customer Loyalty Shifts as UK Consumers Embrace A New Era of Hyper-Personalized Credit Options
Fintech Finance
OCTOBER 29, 2024
Consumers are increasingly seeking more personalised benefits from their credit card providers, such as rewards and loyalty points, according to a new survey published today by Marqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world’s innovators.
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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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US Consumers Pay Down $10B In Credit Card Debt In Q3
PYMNTS
NOVEMBER 18, 2020
Americans paid off $10 billion in credit card debt in the third quarter (Q3) of 2020, but borrowed more for car and housing loans, according to a report in the Wall Street Journal (WSJ) citing the Federal Reserve Bank of New York. Non-housing balances — credit cards, auto loans, student debt — are up $15 billion.
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Consumers need credit card reform
Payments Dive
SEPTEMBER 3, 2022
“Consumers all pay more at the store and more at the pump.” “It's not just merchants at the mercy of the oligopoly,” writes Ed Mierzwinski, a senior director at the Public Interest Research Group.
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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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Bank’s Margins Suffer As US Consumers Pay Down Credit Card Debt
PYMNTS
NOVEMBER 15, 2020
consumers have been paying down payments on credit cards with the pandemic continuing to hamper spending opportunities, which has led to dramatically falling bank card loans, The Financial Times (FT) reports. According to the report, the total amount of card loans in U.S. Revolving debt was down $9.4
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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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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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How to Successfully Implement a Credit Card Surcharge Program In Your Business
Stax
FEBRUARY 28, 2024
Passing credit card fees onto customers has been hotly debated , but most of the country has agreed: Credit card surcharge should be available to merchants. TL;DR Surcharging allows merchants to pass on credit card fees. What is Credit Card Surcharging?
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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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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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