Out of committee…and now the path is a winding one for the proposed repeal of the Consumer Financial Protection Bureau’s (CFPB) rule that would cap credit card late fees as soon as next month. On Wednesday (April 17), the House Financial Services Committee (HSFC) voted to approve a...
When it comes to issuing credit cards, national banks continue to dominate the field, and — thanks to their massive scale, extensive customer base and seemingly unlimited opportunities to cross-sell — it is unlikely they will surrender that market dominance anytime soon. Yet, PYMNTS Intelligence...
In signs of continued pressure in the paycheck-to-paycheck economy, more consumers are making only the minimum payments on their credit cards. And the debt on those cards is rising. The balancing act between running in place, so to speak, on that card debt and falling...
A growing share of credit card accounts are past due on their payments. The Federal Reserve Bank of Philadelphia said in a Wednesday (April 10) press release that the share of accounts that were 30-plus days and 60-plus days past due in the fourth quarter of 2023 was...
Retailers’ revenue from store credit cards is reportedly facing pressure for several reasons. These forces are impacting all retailers, but especially department stores, whose businesses face other challenges as well, CNBC reported Wednesday (April 10). The latest change affecting store credit cards is the new federal rule...
Earnings season begins anew in just a few weeks, documenting the first few months of the year — and how the March quarter shaped up for all manner of enterprises. And for the payment networks, for the banks too, there may be some headwinds in...
This week, Mastercard and Visa reached a multi-billion dollar settlement that may bring an end to 20-year legal battle between the two financial giants and merchants. Merchants have long complained that the two card companies charge them excessive interchange or “swipe” fees when customers pay for...
Consumers like credit card rewards — that’s a truism borne out by PYMNTS Intelligence research. And it may be the case that scrutiny — and perhaps new rules — from the Consumer Financial Protection Bureau (CFPB) might change the way those rewards programs are designed....
Robinhood launched a credit card as it continues expanding into financial services. “At Robinhood, we recognize the need for change,” the company, known largely for its trading platform, wrote in a blog post Tuesday (March 26). “Over 80% of U.S. adults have at least one credit card, but...
