Discover Financial says its credit card delinquency rate has topped pre-pandemic levels. In a filing Monday (Aug. 14) with the Securities and Exchange Commission (SEC), the company said its delinquency rate climbed from 2.86% in June to 3% in July, and above the 2.37% Discover recorded in July...
Discover President and CEO Roger Hochschild has resigned from his post. The credit card provider announced the leadership change late Monday (Aug. 14), weeks after the company revealed it was the subject of a possible action by the Federal Deposit Insurance Corp. (FDIC). Hochschild, the...
It’s the $1 trillion milestone. The Federal Reserve’s latest quarterly update on household debt shows that credit card balances crossed that milestone in a “first” that shows just how prevalent and preferred the payment method has become. But: As of yet, even as balances are...
Mastercard has launched a payment experience in India in which debit and credit cardholders no longer have to enter the three-digit code from the back of the card when making online purchases. With these new Cardholder Verification Code (CVC)-less payments, cardholders need only enter the...
Knot has closed a $10 million Series A investment round to grow its application programming interface-based card-on-file management offering. The funding will enable Knot to expand its merchant support and continue scaling its services to make payment processes easier for businesses and consumers, the company said in...
Pet parenthood is nothing like adopting a virtual pet like a GigaPet. To pet parents, the reference might even be insulting. In fact, 7 out of 10 pet parents view their pets as family members or even as children. Given this emotional bond, it makes sense...
State by state, depending on where one looks, merchants’ ability to surcharge may face pressure. To that end, at the end of last month, New Jersey’s state legislature voted unanimously to cap the surcharges that merchants can levy on their customers. In addition, the bill...
Balance, which offers a suite of end-to-end payment solutions, has announced the launch of a surcharging program that aims to alleviate credit card burdens for merchants. The new capability enables suppliers to add a surcharge fee to credit card transactions, allowing them to improve their profit margins...
Three federal agencies have launched an inquiry into “high-cost specialty financial products” used to pay for routine medical care. The inquiry will include medical credit cards and installment loans, the Consumer Financial Protection Bureau (CFPB), Department of Health and Human Services (HHS) and Department of the Treasury said in a Friday (July 7)...