Kate Fitzgerald is an Arizona-based senior editor for American Banker and longtime payments reporter. Fitzgerald began her journalism career at the San Diego Tribune, and has worked as a reporter and editor at several other publications, including Advertising Age and the Arizona Republic. She is a graduate of Lewis & Clark College and holds a master’s degree from Northwestern University’s Medill School of Journalism.
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The trend of U.S. credit cardholders putting credit card payments ahead of mortgage payments that began in early 2008 shows no sign of abating in the immediate future even as the economy gradually improves, TransUnion analysts say.
December 6 -
The average U.S. consumer credit card chargeoff rate declined again in October as more consumers met their monthly payment due dates and the delinquency rate on late payments held steady, according to the latest data from Moody's Investors Service.
December 2 -
Lightweight phone-based merchant terminal being tested in New York, San Francisco, Dallas and Chicago.
December 2 -
The hotel industry successfully introduced "resort fees." The airlines gradually added baggage-handling fees. Cell phone and cable TV marketers steadily increase fees for expanding services. But when banks tried to introduce a $5 monthly debit fee, consumers revolted.
November 18 -
Target's U.S. credit card segment churned out a $143 million third-quarter profit, up 10% from a year earlier. But it could be the unit's last such impressive quarter for a while, an executive warned on Wednesday.
November 16 -
Smart card shipments could rise 16.7% in 2012 to 7 billion units from 6 billion units this year, Eurosmart announced today. The rise is being fueled primarily by strong smart card growth in Latin America and China, the vendor trade group said at the Cartes & IDentification conference in Paris.
November 15 -
Wall Street analysts throw cold water on mobile payment initiatives.
November 8 -
Bank of America is the second major issuer to buck a recent trend by using a PIN when it offers U.S. commercial customers cards that incorporate the EMV chip-card standard that is prevalent in Europe.
November 8 -
Executives from Wal-Mart, 7-Eleven and McDonald's are raising concerns that the new debit-fee regulations they fought for are unlikely to boost their bottom lines.
November 8 -
Customers who use debit cards are still a more profitable group overall, even with the Durbin rule capping interchange rates. The challenge is finding a workable pricing formula.
November 4 -
The bank wanted to be up front with consumers about its short-lived debit card fee, senior executive Laurie Readhead said. She acknowledged a lack of initial planning, saying B of A has "a lot to learn."
November 3 -
Citing higher purchase volumes for credit and debit cards in all regions, MasterCard Inc. earned net income of $717 million for the third quarter, up 38.4% from $518 million a year earlier.
November 2 -
A large number of card-fraud arrests in October prompted some to predict that chip-card technology could soon put an end to such crimes. Not so fast. Even in the best-case scenario, it would be several years before the technology could make a meaningful dent in skimming fraud in the U.S.
October 31 -
It's not just banks that are raising prices after changes to the rates that merchants pay to accept debit cards — on Thursday, Coinstar's Redbox DVD rental service said debit fees are driving its prices up by 20 cents a day. Other kiosk-based businesses may have to follow its example.
October 28 -
Visa Inc. next year plans to ramp up a series of incentives for merchants and acquirers, as the world's largest payments network braces for new regulations that are expected to cost it some debit transactions.
October 27 -
Reversing its longtime policy of accepting only American Express Co. cards and its own private-label card at its stores, Neiman Marcus Inc. said Thursday it will also start accepting cards backed by Visa Inc. and MasterCard Inc.
October 27 -
To address what one might call a "flight risk," MasterCard Inc. plans to test contactless payments at 30,000 feet, enabling airlines to accept more secure plastic — and potentially mobile — payments aboard planes.
October 25 -
Citigroup Inc. will continue issuing private-label credit cards for Sears Holdings Corp. and its brands, including Kmart and Lands' End, the companies said on Tuesday.
October 25 -
Latest survey finds 47% of U.S. adults are interested in mobile payments.
October 24 -
Capital One Financial Corp. is looking for another private-label credit card portfolio to buy, as it absorbs the U.S. card business of HSBC Bank USA and the Kohl's Corp. store card portfolio, CEO Richard Fairbank said on Thursday.
October 21
