Smartphones look to replace plastic as payment | RetailCustomerExperience.com

AT&T, T-Mobile and Verizon, along with Discover Financial Services and Barclays, have formed a partnership and are testing a system in four U.S. cities that allows consumers to pay for purchases with a wave of their smartphones.

READ ARTICLE via Smartphones look to replace plastic as payment | RetailCustomerExperience.com.

Credit Card Interest Rates Continue to Rise | FoxBusinessNews

FBN’s Gerri Willis breaks down why credit-card interest rates have hit a 9-year high.

Credit CARD Act Takes Full Effect

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 is taking full effect, but will it help consumers like it’s supposed to?

New credit card rules put caps on #swipefees

YouTube – New Credit Card Regulations

YouTube – New Credit Card Regulations.

YouTube – New Credit Card Regulations

YouTube – New Credit Card Regulations.

Visa Stands to Lose on Swipe Fees | NACSOnline #SwipeFees

SAN FRANCISCO – An article earlier this week in the San Francisco Chronicle traced the history of Visa in the debit card market, and reported that the company faces a substantial decrease in debit transaction fees in light of the recent federal financial reform bill, the San Francisco Chronicle reports.

Last year, merchants paid roughly $20 billion in fees related to Visa and MasterCard debit transactions. While Visa does not collect debit transaction fees (those pass between the merchant and cardholder banks), its bottom-line depends on debit and credit card use, since it charges banks fees for the use of its Visa brand and card-processing network.

The swipe fee amendment allows merchants to offer customers incentives to pay with cash instead of plastic, as well as to set minimum purchase thresholds for using a debit or credit card. Such allowances had been effectively blocked by Visa through merchant agreements.

While debit card fees were modest when they became popular in the 1980s, after Visa joined the debit market in the 1990s, fees escalated quickly as their usage increased.

via Visa Stands to Lose on Swipe Fees.

The Associated Press: MasterCard spent $2.33M lobbying government in 2Q

MasterCard Inc. spent $2.33 million during the second quarter to lobby the federal government on issues addressed in the financial regulatory overhaul that President Barack Obama signed in late July.

READ ARTICLE via The Associated Press: MasterCard spent $2.33M lobbying government in 2Q.

Analysis: Retailers may not buy banks’ cell phone bet | Reuters

But despite Bank of America Corp (BAC.N), the biggest U.S. consumer bank, and Visa Inc (V.N), the world’s largest payment processor, throwing their might behind the futuristic initiative, they are likely to find it a tough sell. Visa and Bank of America will run a test program for consumers so they can make retail purchases via their smartphones beginning in September in New York.

READ ARTICLE via Analysis: Retailers may not buy banks’ cell phone bet | Reuters.

Credit Card Debt Drops to Lowest Level in 8 Years – ABC News

The amount consumers owed on their credit cards in this year’s second quarter dropped to the lowest level in more than eight years as cardholders continued to pay off balances in the uncertain economy.

READ ARTICLE via Credit Card Debt Drops to Lowest Level in 8 Years – ABC News.

Final phase-ins now in effecton laws for credit, gift cards | NJ.com

Share The rules governing credit cards have changed dramatically in recent months, thanks to legislation signed by President Obama last year.

READ ARTICLE via Final phase-ins now in effecton laws for credit, gift cards | NJ.com.

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Visa may lose chunk of debit transaction fees | SF Chronicle

Smaller debit card swipe fees and other changes in the recent federal financial reform bill may prove to be a blessing for merchants and consumers, but a curse for Visa, the San Francisco-based company that has dominated the plastic payment industry since its inception.

READ ARTICLE via Visa may lose chunk of debit transaction fees.

New rules for gift cards go into effect soon | abc7news.com

The new gift card rules are going into effect and the rules are game changers. All cards are good for at least five years, including bank branded cards like Visa and Mastercard.

READ ARTICLE via New rules for gift cards go into effect soon | abc7news.com.

Debating the Future of Debit Cards – Pymnts.com

 Will reduction in interchange fees put a damper on the growth of debit cards?”Logic suggests no. But each market is obviously different and card issuers and acquirers will reevaluate their business model if their income or costs concerning one product line changes significantly.

READ ARTICLE via Debating the Future of Debit Cards – pymnts.com.

As final provisions of new credit card law take effect, more changes loom | cleveland.com

“The credit card act is a powerful victory for consumers — make no mistake about it,” said Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group in Washington D.C. “Most consumers are going to benefit tremendously from its elimination of unfair practices.

READ ARTICLE via As final provisions of new credit card law take effect, more changes loom | cleveland.com.

Vanguard, Marsico Sell Visa as Stock Confronts `Armageddon’ – Bloomberg [#SwipeFees]

Visa and MasterCard both fell more than 20 percent in the three months ended June 30 as Congress approved limits on debit- card interchange, or “swipe” fees, charged to merchants. The companies and their investors are waiting for the Federal Reserve to determine fees that are “reasonable and proportional” to the cost of processing debit transactions.

READ ARTICLE via Vanguard, Marsico Sell Visa as Stock Confronts `Armageddon’ – Bloomberg.

Consumers Still Opting in to Banking Overdraft Reform, Despite Confusion, According to Mintel Comperemedia — CHICAGO, Aug. 12 /PRNewswire/ —

“Unfortunately, most consumers are unable to define exactly what Reg E will cover, making banks’ efforts to promote it that much more difficult,” comments Susan Wolfe, VP of financial services at Mintel Comperemedia. “In other words, consumers are aware that changes are coming to their overdraft programs, but are not exactly sure what it means for them.”

READ PRESS RELEASE via Consumers Still Opting in to Banking Overdraft Reform, Despite Confusion, According to Mintel Comperemedia — CHICAGO, Aug. 12 /PRNewswire/ —.

Will Smartphones Kill Credit Cards? #SwipeFees

Kroger was paying about $350 million in interchange fees annually, more than three times what it had paid five years earlier. Visa allegedly raised its rate 11 times during that period. Krogers interchange burden has almost surely risen since

READ ARTICLE via Will Smartphones Kill Credit Cards? AXP, DFS, KR, MA, SHLD, T, V, VZ.

Banks Hit Business Travelers With Fees For Purchases Overseas – Business Travel – Portfolio.com

Travel overseas and want to use your credit card? Theres still a fee for that, and the price that financial institutions charge is skyrocketing. Want to use your debit card instead? Theres a fee for that and prices are rising there too.

via Banks Hit Business Travelers With Fees For Purchases Overseas – Business Travel – Portfolio.com.

Cost-Cutting Pays Off For MasterCard – Forbes.com

Credit card issuer MasterCard on Tuesday said its second-quarter profit surged 31% from last year, beating analyst estimates, although its revenue fell just shy of expectations

READ ARTICLE via Cost-Cutting Pays Off For MasterCard – Forbes.com.