American Express said Friday (Oct. 21) that it had put aside more money for delinquent loans than anticipated, another red flag for U.S. consumer health. According to its third-quarter earnings report, the credit card company’s consolidated provisions for credit losses were $778 million, versus the...
Credit card delinquency rates in the U.S. are slowly creeping upward, Bank of America and American Express reported Monday (Oct. 17). According to Seeking Alpha, Bank of America saw delinquency rates increase from 0.88% in August to 0.92% in September. Meanwhile, American Express showed credit...
Embedded finance platform Bond Financial Technologies has partnered with digital payment and banking technology provider i2c to launch credit card-as-a-service solutions. The Bond Credit Builder Card allows businesses to offer consumers a secured credit building program, while the Bond Credit solution enables businesses to create...
The Federal Trade Commission (FTC) is reportedly looking into whether Mastercard and Visa’s security tokens prevent debit-card routing competition on certain digital payments. That’s according to a Monday (Oct. 17) report by The Wall Street Journal (WSJ), citing unnamed sources familiar with the matter. The...
Inflation is proving a tough beast to tame. Data from the U.S. Department of Labor released Thursday (Oct. 13) showed that consumer inflation’s growth rate eased just a bit — but not by much. The Consumer Price Index (CPI) rose by 8.2% from last year,...
A last-minute bipartisan effort to package a credit card swipe fee amendment into a larger spending bill was ultimately unsuccessful. Sen. Dick Durbin (D-Ill.) and Sen. Roger Marshall (R-Kan.) pushed to slip the Credit Card Competition Act of 2022 into the National Defense Authorization Act (NDAA), prompting alarms from...
It’s a movie that everyone in the payments industry has seen at least once: Merchants challenging the card networks over interchange. The latest attempt, spearheaded by U.S. Senators Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.), is intended to pass a law that challenges the interchange...
To err is human. To be confused about what’s on one’s credit card statements — mistaking legit transactions for something fishy — well, that’s human, too. Card disputes are on the rise, especially with first-party fraud, wherein consumers may not be trying to get out...
Unhappy — or simply confused — consumers can upend merchants and other enterprises’ top lines when they opt to dispute card transactions. Processing errors can cause revenue hiccups and losses. Those are among the findings of “Dispute-Prevention Solutions: Small Firms Demonstrate the Power of Third-Party...