Card issuers defend late fees
Payments Dive
JULY 6, 2023
senators, the top 10 credit card issuers outlined their late fee practices and warned of potential consequences if fees are capped as the CFPB has proposed. In responses to a group of U.S.
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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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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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What Is a Credit Card Surcharge?
Stax
JANUARY 24, 2024
Credit cards remain a favored way of making payments among customers. Purchase volumes through credit cards jumped 51% between 2015 and 2021. However, the idea of applying a credit card surcharge to offset the processing cost of credit cards has always been a hotly debated topic.
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What Is a Credit Card Surcharge?
Stax
JANUARY 24, 2024
Credit cards remain a favored way of making payments among customers. Purchase volumes through credit cards jumped 51% between 2015 and 2021. However, the idea of applying a credit card surcharge to offset the processing cost of credit cards has always been a hotly debated topic.
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Why Credit Card Rewards Models Are Getting Unsustainable
Payments Source
APRIL 24, 2016
It didn't take long for debit card issuers affected by the Durbin amendment fee caps to cut back or eliminate rewards programs to recoup costs. Issuers now engaged in the increasingly competitive credit card rewards and loyalty environment may soon have to face that same decision.
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Rising Inflation Squeezes American Families as Corporate Retail Giants Reap Inflated Profits
Electronic Payments Coalition
FEBRUARY 28, 2024
WASHINGTON, DC — It’s been nearly 15 years since the Durbin Amendment imposed price caps and routing mandates on debit cards, financially burdening small businesses, while corporate mega-stores, like Walmart and Target, have accumulated substantial revenue gains.
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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.
Synchrony braces for late fee rule
Payments Dive
JULY 18, 2023
The CEO of the private label card issuer expects a final rule on the CFPB’s proposed credit card late fee cap later this year, and litigation could follow, he said.
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Why The Loan Shark Prevention Act Will Harm Consumers
PYMNTS
MAY 13, 2019
The proposed credit card interest rate cap legislation , courtesy of Democratic presidential hopeful Senator Bernie Sanders and Rep. Alexandria Ocasio-Cortez is in serious need of an almost half-century-old refresher course in the unintended consequences of price caps on the American consumer. Here’s why.
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US Airlines Use Loyalty Programs As Debt Collateral
PYMNTS
SEPTEMBER 17, 2020
The way the rewards programs work is that airlines sell miles to banks, and the banks use them as credit card rewards to attract the wealthier customers they want as cardholders. where there are no caps on credit card transaction fees, FT reported. The loyalty programs are especially golden in the U.S.,
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What You Should Know About Visa Surcharge Rules in 2024: A Guide for Merchants
Stax
AUGUST 1, 2024
One way to do that—though often overlooked—is to optimize their payment processing to reduce fees associated with credit card purchases. Card companies like Visa, Mastercard, Discover, etc. charge interchange fees which, on top of other credit card processing fees, can eat away at your profits.
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Credit Card Surcharges: What Are They and Are They Legal?
Stax
APRIL 4, 2024
Credit cards are incredibly popular, and it’s easy to see why: they’re convenient and accepted nearly everywhere. But as great as they are for consumers, merchants know that accepting credit card payments comes with added costs in the form of processing fees. Credit card surcharging is legal in most U.S.
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Charge Cards vs. Credit Cards: Which is Right for Your Business?
EBizCharge
JULY 10, 2024
Understanding the nuances of a business charge card versus a credit card is essential for any company looking to optimize its purchasing power and financial management. Charge cards, often overshadowed by their credit card cousins, offer unique benefits for businesses.
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5 Tips for Avoiding Credit Card Debt Problems
FICO
MARCH 19, 2018
In our proprietary P&L Insight Benchmark Reporting Service , FICO has seen some worrying signs for UK credit card accounts 1-5 years on book ; these accounts are showing high lines, high spend and increasing delinquency. Others have suggested capping the level of interest that a bankcard issuer can charge.
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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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What is the Credit Card Competition Act?
Cardfellow
SEPTEMBER 30, 2023
You may remember Senator Durbin’s name as the senator behind the Durbin Amendment , the bill that is responsible for regulated interchange on debit cards issued by large banks and permitted minimum charges on credit cards. Now, Senator Durbin hopes to take on credit card interchange fees.
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UK Credit Card Trends for September: Calm Before the Storm?
FICO
NOVEMBER 16, 2021
Our monthly UK Credit Market Report analyzing UK credit card trends for September 2021 shows the contrasting conditions that have been seen throughout 2021 continue. UK Card average spend falls for third time in 2021. The average spend on UK credit cards in September 2021 decreased £3 to £708. Looking ahead.
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Are Debit Card Surcharges Legal? What Businesses Need to Know
Stax
DECEMBER 20, 2023
In the complicated world of payment processing, understanding the nuances of debit card and credit card payments, along with associated processing fees, is essential for businesses. TL;DR Card brands such as Visa and MasterCard along with state and federal laws prohibit debit card surcharging.
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Global Payment Card Numbers Rise To 14B As Debit Card Issuance Grows
PYMNTS
SEPTEMBER 8, 2017
But, while debit cards are on the rise, the study shows credit cards’ share fell by two percentage points to 20 percent in 2016 and is set to continue to decline in certain areas. In the EU, interchange fee caps have limited the profitability for card issuers, while banks in the U.K.
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Deep Dive: Why Contactless Card-Not-Present Transactions Are Gaining New Momentum
PYMNTS
JULY 6, 2020
This month’s Deep Dive examines how the pandemic has spurred greater touchless payment method adoption and how card issuers, networks and other players in the space are responding. . Safety Concerns Encourage Contactless Card Use . percent of cards in circulation at that time were capable of making such payments.
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How Visa and MasterCard Shape the Payments Industry
Clearly Payments
FEBRUARY 12, 2024
At the forefront of payment industry, particularly in credit cards, are two giants: Visa and Mastercard. Bank of America launched the BankAmericard in 1958, widely considered the first credit card available to consumers, which eventually evolved into Visa. UnionPay has 32% of the global credit card market.
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Visa Interchange Rates 2024: What You Need to Know
Stax
JANUARY 31, 2024
If your company accepts credit card payments ( which it should ), chances are, you’re going to be affected by Visa’s interchange rates. cards currently in use. So it’s virtually impossible for a business to not accept Visa cards. TL;DR Interchange rates are the fees charged by credit card networks.
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Industry Statements on on Merchant, Payment Network Lawsuit Agreement
Electronic Payments Coalition
MARCH 26, 2024
merchants, more than 90 percent of which are small businesses, lowering credit interchange rates and capping those rates into 2030. The settlement will reduce credit interchange rates for U.S. credit card interchange rates for at least a five-year period as part of a legal settlement with merchants.
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What is B2B Payments Processing and How Do You Implement It?
Stax
MARCH 14, 2024
While wire transfers and checks are quite common, the corporate credit card market is projected to have a compound annual growth rate (CAGR) of 7.3% by 2026 , so we’ll likely see more credit card use in the business sector. ACH payments take up to three days to process and cost around 1% of the transaction with a $10 cap.
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Top 18 Online Digital Corporate Credit Cards for Small Businesses (Oct 2024)
Fintech Labs Insights
OCTOBER 1, 2024
The intelligent way to create and pay bills, send invoices, manage expenses, control budgets, and access the credit your business needs to grow—all on one platform. Get Started Founded: 2016 | HQ: Utah | Funding: $418M Below is a list of the 17 challenger business credit cards currently active in the United States.
AI for Debit Routing: Saving on Debit Transactions
Cardfellow
FEBRUARY 27, 2025
Signature debit, sometimes referred to as running as credit means that the transaction will be processed on the network of the credit card company whose logo is on the card. It also blocks the card networks from restricting the networks that a business (or card issuer) can choose. But which network?
Top 19 Online Digital Corporate Credit Cards for Small Businesses (April 2025)
Fintech Labs Insights
APRIL 24, 2025
Below is a list of the 19 challenger business credit cards currently active in the United States. dollars) Definition : Charge cards require the balance to be paid in full each month; credit cards allow the balance to be rolled over, often at a relatively high interest rate). 2,065 reviews, up 15 since Jan) 2.
Top 17 Online Digital Corporate Credit Cards for Small Businesses (Dec 2021)
Fintech Labs Insights
DECEMBER 1, 2021
Below is a ranked list of the 17 challenger business credit cards currently active in the United States. Definition : Charge cards require the balance to be paid in full each month; credit cards allow the balance to be rolled over, often at a relatively high interest rate). Battling the Airline Rewards Cards.
Top 17 Online Digital Corporate Credit Cards for Small Businesses (Dec 2021)
Fintech Labs Insights
DECEMBER 1, 2021
Below is a ranked list of the 17 challenger business credit cards currently active in the United States. Definition : Charge cards require the balance to be paid in full each month; credit cards allow the balance to be rolled over, often at a relatively high interest rate). Battling the Airline Rewards Cards.
Best New Fintech Products & Trends of 2024
Fintech Labs Insights
JANUARY 24, 2025
This constantly updated article tracks the biggest and most important new products released worldwide by financial technology companies, along with banks, credit unions, investment advisors, insurance companies, credit card issuers and payment providers. Well also link to important demos, podcasts and YouTube videos.
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Everything You Need To Know About What Amazon Is Doing In Financial Services
CB Insights
DECEMBER 4, 2019
In March 2019, Amazon announced an integration with Worldpay , which serves as a back-end intermediary between banks and credit card companies and is one of the largest payment processors in the world. With the card, parents can manage spending limits and allocate funds for their children through a mobile app. Amazon Cash.
Lending Club Raises Average Rate to 0.25% for New Loans
Fintech Labs Insights
DECEMBER 23, 2015
Since credit card issuers were required to increase their prime rate by the same amount, the company is not concerned it will push away borrowers. The market cap is at $4.32 Yesterday peer-to-peer lending platform, Lending Club [NYSE: LC], offered one answer. The company went public in December 2014.
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The Eight Retail Stories That Shaped 2018
PYMNTS
DECEMBER 27, 2018
In November, Chase , the largest card issuer in the U.S., announced it’s rolling out tap-to-pay functionality across its Chase Visa card portfolio. As customers open new accounts, or as their cards are renewed, credit cards — then debit cards — will join the contactless pantheon in the latter half of 2019.
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Deep Dive: Why CU-Issued Credit Cards Face An Uphill Battle
PYMNTS
JUNE 21, 2019
Seventy-one percent of respondents said credit cards were imperative when deciding the FIs with which they want to do business, for example. Approximately 60 percent of credit unions — 92.7 percent of all CU members — currently offer some sort of credit card. Credit unions held $61.5
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Bernie Sanders And Alexandria Ocasio-Cortez Look To Cap Card Rates At 15 Percent
PYMNTS
MAY 9, 2019
Alexandria Ocasio-Cortez moved today to introduce legislation that would cap rates on credit cards and other consumer financial services at 15 percent. In an announcement on Thursday (May 9), Sanders and Ocasio-Cortez accused banks and other credit card issuers of acting as “modern-day loan sharks.”
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Announced at Money20/20 USA 2024: News Roundup from Las Vegas
The Fintech Times
OCTOBER 30, 2024
The report reveals that 76 per cent of surveyed firms initiated AI projects since 2023, with fintech challengers like Chime, Nubank and Gusto deploying AI at rates comparable to industry giants despite smaller market caps.
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Top 19 Online Digital Corporate Credit Cards for Small Businesses (Jan 2025)
Fintech Labs Insights
JANUARY 9, 2025
Below is a list of the 17 challenger business credit cards currently active in the United States. dollars) Definition : Charge cards require the balance to be paid in full each month; credit cards allow the balance to be rolled over, often at a relatively high interest rate). 2,040 reviews, up 10 since Sep) 2.
Trump interest rate cap draws criticism
Payments Dive
SEPTEMBER 30, 2024
Fewer people would be approved for credit cards, and credit card issuers would offer fewer perks, opponents of the longshot proposal say.
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