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...
Mastercard and Worldpay are teaming to help merchants settle transaction disputes faster and reduce chargebacks. Chargebacks — refund requests sparked by customers disputing transactions — are a growing issue, Mastercard said in a Tuesday (March 26) press release, with industry-wide chargeback volumes expected to reach 337 million by 2026,...
Mastercard and Visa have reached a class action settlement with U.S. merchants, in a deal that aims to end 20 years of antitrust litigation around swipe fees and restrictions placed on merchants. The deal will lower credit interchange rates and cap them for five years,...
Credit card delinquencies fell slightly last month while net charge-offs continued with their upward trajectory. That’s according to a report Monday (March 25) by Seeking Alpha, citing data from eight lenders. It showed that the average delinquency rate of 3.20% rose from 3.24% in January and 2.59%...
