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More Card Use, Fewer Defaults Drive Discover Profits

More Card Use, Fewer Defaults Drive Discover Profits

More Card Use, Fewer Defaults Drive Discover Profits

More card use, increased transaction value and fewer defaults caused profits for Discover Financial Services to rocket to $593 million in the three-month period ending on May 31. That was up from just $185 million in the same quarter last year. Discover profits rose largely as a result of far fewer defaults suffered by the… Read More

Foreign Credit Card Transaction Fees May Be Rising

Foreign Credit Card Transaction Fees May Be Rising

Foreign Credit Card Transaction Fees May Be Rising

Foreign transaction fees – charged by lenders for converting U.S. dollars into another currency – are still applied to many American credit card accounts and can add up quickly for consumers, according to a report from the International Business Times. A recent study by Pew Trust found that more than 90 percent of credit cards… Read More

Lower Swipe Fees Could Benefit Restaurants Considerably

Lower Swipe Fees Could Benefit Restaurants Considerably

Lower Swipe Fees Could Benefit Restaurants Considerably

A proposed rule from the Federal Reserve Board will limit the amount credit networks can charge for processing debit purchases to just 12 cents per transaction, and this is likely to be a boon to the restaurant industry, according to a report from The Associated Press. A new report from KeyBanc Capital Markets shows the… Read More

What Does the Debit Card Fee Cap Mean for You? An Inside Look.

What Does the Debit Card Fee Cap Mean for You? An Inside Look.

What Does the Debit Card Fee Cap Mean for You? An Inside Look.

The average small business will save $1,000 a year thanks to new limits on debit card swipe fees, according to a new estimate by Robert Baldwin, president of Heartland Payment Systems. Small restaurants will save $2,000 a year. Will those savings be passed on to consumers? Or will it be a wash, as banks hike… Read More

Choosing a Rewards Credit Card? Avoid These 7 Common (and Not So Common) Traps

Choosing a Rewards Credit Card? Avoid These 7 Common (and Not So Common) Traps

Choosing a Rewards Credit Card? Avoid These 7 Common (and Not So Common) Traps

If you have excellent credit, you’re no doubt receiving tons of offers for rewards credit cards. And because there’s so much competition among credit card issuers, the bonuses and perks are getting sweeter by the day. It’s certainly a great time to get a rewards card if you’re in the market for one. But don’t… Read More

Credit Cards that Help You Build a Nest Egg

Credit Cards that Help You Build a Nest Egg

Credit Cards that Help You Build a Nest Egg

It’s June and that means a lot of weddings are taking place. If you’re a newlywed, it might not sound very romantic to discuss finances so soon after a dreamy ceremony. But getting old and then facing a lousy retirement together doesn’t sound romantic either, does it? It’s so much better to grow old together when you can afford… Read More

Are Prepaid Cards Worth It?

Are Prepaid Cards Worth It?

Are Prepaid Cards Worth It?

I’ve never been a big fan of prepaid cards, as many charge exorbitant fees from monthly maintenance to reloading fees. But with such rapid growth in the industry, this category of plastic is becoming a fierce contender to credit and debit cards, and I can’t help but take notice. Americans spent $140 billion using prepaid… Read More

The Durbin Amendment: Swipe Fees Impact On Credit and Credit Scores

The Durbin Amendment: Swipe Fees Impact On Credit and Credit Scores

The Durbin Amendment: Swipe Fees Impact On Credit and Credit Scores

The past year has seen quite a bit of focus and serious lobbying action in Washington regarding pending legislation under the Durbin amendment.  Among other things, this legislation affects the amount of money your bank receives from the retailer when you use your debit card to pay for the transaction. Many consumers may be surprised… Read More

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