Credit Card News

Credit Card News

Currently, many merchants are unhappy with the price they pay to credit and debit card transaction processing companies for every purchase they accept using these accounts, according to a report from Tech Crunch. These charges can range between 2 and 4 percent of a total purchase price, meaning that even relatively small businesses can end up paying thousands of dollars or more per year just for having the ability to accept card transactions.

Most of the nation's top credit card lenders said they observed improvements in delinquency and default rates in the month of July, though it was perhaps more of a mixed bag than in the past, according to a report from Dow Jones Newswires. However, those who saw these rates worsen did so very slightly, and one lender saw instances of both hold steady.

One of the best-known names in cellphones and computers recently filed another patent that may hint at its plans for producing a mobile wallet program.

The $7.25 billion settlement between Visa and MasterCard and a number of sizable merchant groups has been at the center of controversy for some time and the criticisms of the deal have grown more intense in recent weeks, according to a report from the New York Times.

Currently, there are relatively few businesses of any size that are accepting mobile credit card transactions, but that number is growing rapidly, driven largely by interest from smaller merchants, according to a report from USA Today.

The Small Business Administration recently noted that the amount of small loans to businesses- defined as those of $1 million or less - dipped 4.7 percent in 2011, and this change may be due to an increase in credit card use among business owners, according to a report from Bloomberg Businessweek.

Consumer credit on non-mortgage accounts rose on a year-over-year basis in the month of June, climbing to $2.43 trillion, up more than $70 billion from the same period in 2011, according to the latest National Consumer Credit Trends Report issued monthly by the credit reporting bureau Equifax. The latest level was a high not seen in 28 months, and was largely driven by an increase in borrowing on new accounts so far this year.

Bank of America will soon begin issuing some of its more affluent credit cardholders new pieces of plastic that not only carry the magnetic strip on the back of nearly all credit cards issued in the U.S. over the last 50 years, but also a newer technology that experts say is far safer, the lender recently announced.

Though many have criticized the federal government's Credit Card Accountability, Responsibility and Disclosure Act of 2009 as being overly regulatory, there are now some even within the lending industry who are seeing that it had its benefits as well, according to a report from Businessweek.

As a result of the class action settlement between numerous merchant groups and Visa and MasterCard, merchants of all sizes can now charge consumers an additional fee for paying with a credit card, but that newfound capability is vexing to small business owners, according to a report from the Wall Street Journal.