In the United States, the average consumer has four credit cards, and the total credit card debt is nearly $1.1 trillion, according to data from the Federal Reserve Bank of New York. But who do they turn to for their primary credit cards? Consumers pick...
Card delinquencies and charge-offs offer evidence of the struggles of meeting current obligations. They can also be a harbinger of spending slowdowns in the future. The latest data from credit card giants, disclosed in SEC filings in recent days, show that card delinquencies were on...
Goldman Sachs is reportedly facing an uphill climb in exiting its Apple Card partnership. The Wall Street giant is expected to face pressure from possible issuers to lower the value of its stake to make the price more enticing, Reuters reported Monday (Dec. 18), citing sources familiar with the matter....
American Express has launched a campaign to increase acceptance of its cards in Australia. The company’s OptBlue program is set to onboard “thousands” of small merchants onto American Express’s network via two merchant acquirers, Fiserv and Tyro, the company said in a news release provided...
Both American Express and Bank of America saw credit card delinquencies climb last month. According to a recent Securities and Exchange Commission filing, American Express’ delinquency rate rose from 1.3% in October to 1.4% at the end of November, a figure that’s still below pre-pandemic levels. Bank of America, meanwhile, reported...
Marc Hopkins, vice president at E-Complish, told PYMNTS that although they’re almost universally used, and consumers expect merchants to accept them, credit and debit card acceptance is not automatically a given. “There are pain points in the costs for processing cards,” he said. The costs,...
American Express has launched Reward Xcelerator, a new initiative aimed at strengthening its Membership Rewards program in India. This program offers Platinum Charge cardmembers the opportunity to earn up to 20X rewards across a range of premium brands, the company said in a Friday (Dec....
National banks dominate the U.S. consumer credit card industry, with a strong position that is unlikely to be challenged anytime soon. However, smaller financial institutions (FIs) are slowly gaining ground. The study “Credit Unions and Community Banks Gain Credit Card Issuing Momentum,” a PYMNTS Intelligence...
Ualá, a Buenos Aires-based FinTech company, has introduced a no-fee credit card in Argentina. Backed by prominent investors including George Soros, Steve Cohen and Tencent Holdings, Ualá aims to provide financial services to the millions of Argentines who lack access to traditional banking products, Bloomberg reported Friday (Dec....
