Credit Card News

Credit Card News

The iPhone 5 was officially unveiled on September 12, but despite many experts' predictions that the handset would come equipped with near-field communications technology, this was not the case, according to a report from CNET.

The board of directors for the National Retail Federation recently gave the group the power to take steps toward intervening in the proposed $7.25 billion swipe fee settlement between Visa and MasterCard and several merchant groups, according to a report from the NRF. However, the group, which has 3.6 million member businesses that employ about one in every four U.S.

In all, the amount of non-mortgage debt carried by Americans slipped 1.5 percent on a year-over-year basis to a total of slightly more than $2.7 trillion in July, down from nearly $2.71 trillion the previous month, according to the latest monthly consumer credit statistical release from the Federal Reserve Board. That decline was due to a sizable drop in the amount of outstanding debt on credit cards consumers had in their names.

The federal Consumer Financial Protection Bureau recently set out new guidelines for its employees who are working to guarantee that companies who deal with borrowers' credit reporting are doing all they can to comply with governmental regulation, according to its latest Examination Procedures for Credit Reporting Agencies.

Mobile wallet developers like Google and Isis may have once considered getting into the payment processing industry as a means of making money off these new types of purchases, but both abandoned the ideas in favor of a different one, according to a report from the tech news site CNET. Instead of being involved in payment processing, mobile wallet companies may instead be trying to earn profits from allowing retailers to have greater access to consumer information.

Borrowers seemed to become more comfortable with their credit use during the second quarter of the year, as they slashed delinquency once again, while still increasing borrowing and new account origination, according to the latest report from the credit reporting bureau TransUnion. In fact, 90-day delinquency fell to just 0.63 percent of all accounts, down from 0.73 percent in the first quarter of the year.

Isis - the joint mobile wallet venture from AT&T, T-Mobile and Verizon Wireless - recently revealed that it would begin pilot testing of its payment program in both Salt Lake City, Utah, and Austin, Texas, within the next few weeks, according to a report from Bloomberg News. While the exact date of the rollout is not yet available, a spokesperson for the company told the news source that it would take place in the summer, which ends on September 21.

Google recently unveiled more of its future plans for its existing Wallet mobile purchasing platform, which it believes will both make it more convenient for users, and more competitive with Apple's forthcoming offering, according to a report from the San Jose Business Journal.

On a scale of 1,000, consumers' happiness with their credit card and lender now ranks at 753, according to the latest annual U.S. Credit Card Satisfaction Study issued by J.D. Power and Associates. That rating is up from 731 in 2011, and 714 in 2010.

Both Square and Dunkin' Donuts announced new plans for dealing with certain kinds of mobile payments this week; the former fundamentally changing the way in which it processes transactions, the latter allowing consumers to make purchases using their various mobile devices.