Payments News

On The Web

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Systems

Credit Cards Revive Rewards Battle With New Cash-Back Offerings

“There’s a new battle brewing in the credit-card rewards war, this time over putting cash back in customers’ wallets. Bank of America Corp. became the latest lender to debut a cash-back offering on Monday, when it unveiled its Unlimited Cash Rewards credit card, offering users 1.5% cash back on all purchases. That follows new products […]
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Systems

Citigroup Cuts Off Its $495-a-Year Rival to AmEx’s Platinum Card

“Citigroup Inc. stopped taking applications for its $495-a-year Prestige card, a competitor to American Express Co.’s Platinum line and JPMorgan Chase & Co.’s Sapphire Reserve. The bank will still serve existing Prestige customers, according to an emailed statement Friday, and encouraged prospective customers to instead consider products including the no-annual-fee Citi Custom Cash Card, which […]
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Global

India’s RBL Bank Signs up Visa After Cenbank Ban on Mastercard

“India’s RBL Bank (RATB.NS) said on Thursday it has signed up Visa Inc (V.N) for its credit cards, a day after India’s central bank decided to bar rival payments company Mastercard Inc (MA.N) from issuing new debit or credit cards in the country. The lender aims to issue new credit cards under the Visa network […]
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Systems

Visa, Mastercard Face Antitrust Suit Over Square Payment Fees (1)

“Visa Inc. and Mastercard Inc. are facing a new, proposed class action from small business owners who allege the credit card giants conspired with banks to improperly hike transaction fees on purchases made on Square Inc.’s devices. Hiking the “interchange” fees, which are charged by the credit card companies when customers swipe their cards using […]
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On The Wires

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Global

FICO UK Credit Market Report May 2021: Markedly Lower Year-On-Year Increase in Credit Card Spend Suggests Consumers Are Adjusting to ‘New Normal’

“Global analytics software provider FICO today released its analysis of UK card trends for May 2021, which suggests that some consumers are practicing pragmatic financial management, as well as continuing to make use of savings accrued during the pandemic. There are, however, warning signs of the financial pressure growing for those already in debt. Whilst the […]
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