U.S. credit card balances surged to a record in the third quarter as banks bet that consumers with less-than-stellar credit will be able to handle more debt. 

The Federal Reserve's latest rate hike will cost Americans with outstanding credit card debt more than $5 billion in additional interest over the next 12 months, according to an estimate from the personal-finance site WalletHub.

Canadian merchants are now allowed to add a fee for Mastercard and Visa credit card transactions. But early indications suggest few will do so, fearing consumer backlash.

The credit card issuer is still dealing with the effects of a technical glitch in July that affected customer payment rates. But card sales rose in the most recent quarter, and the company is bullish about its positioning in the buy now/pay later market.

Nickels, which works with the credit union service organization Reseda Group, is using its $4 million seed funding to give financial institutions more visibility into consumers' debts.

U.S. Bank's new M&A closing date, and new rewards card, and more in banking news this week.

A Bloomberg News analysis found more than 45 groups and pages — with more than 1 million combined members — where the spoils of cyber crimes and the tools needed to carry them out were offered for sale.

While Citigroup's Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation.