Walmart Partners with MasterCard for Store Branded Credit Cards

MasterCard will be the new payment network for Walmart’s store-branded credit cards, ending the nine year partnership between Discover and Walmart. MasterCard will also handle all the transactions on the store-branded credit cards for the Sam's club subsidiary. General Electric’s … Continue reading

Walmart Sues Visa for $5 Billion over Interchange Fees

Walmart is suing Visa for $5 billion over credit card swipe fees they believe the credit card processor illegally inflated. The complaint was filed with the U.S. District Court for the Western District of Arkansas. You may remember a similar suit … Continue reading

LowCards.com Weekly Credit Card Update–March 28, 2014

Why So Many Retail Stores Get Hacked for Credit Card Data When a big retailer gets hacked, it's often quick to note that it has complied with cybersecurity rules set by the credit card industry. MasterCard, Visa and other card … Continue reading

Retail Group Appeals Swipe Fee Settlement

After a federal judge approved the $5.7 billion settlement over interchange fees between credit card companies and retailers, the National Retail Federation has filed an appeal, claiming that the current settlement is "flawed." "The settlement does nothing to reform the … Continue reading

LowCards.com Weekly Credit Card Update–December 27, 2013

American Express To Pay $75 Million Over Credit Card Practices The Consumer Financial Protection Bureau has ordered American Express to pay more than $75 million to settle claims that it charged improper fees and misled its credit card customers over … Continue reading

Group Attacks American Express Over Small Business Saturday

American Express is receiving some heat from a group called Main Street Alliance that says the card company's "Small Business Saturday" is hypocritical in its values. Small Business Saturday is the Saturday after Black Friday, a day when consumers are … Continue reading

CloudPay Gives Credit Card Processing Fees to Charity

CloudPay is a payment processing program in northern California that acts much like any other mobile payment system on the market. When a customer makes a credit card purchase, the retailer has to pay a processing fee. But with CloudPay, … Continue reading

Dwolla Drastically Reduces Credit Card Processing Fees

Most consumers swipe their credit cards without a second thought, not realizing they're costing a business money in doing so. Business owners have to pay processing fees for every credit card transaction that comes through. These interchange or swipe fees … Continue reading

New York Judge Rules Against Credit Card Surcharge Law

U.S. District Judge Jed Rakoff ruled in favor of a group of retailers last week who challenged New York's surcharge law. The law subjects retailers to criminal penalties if they assess surcharges to customers who pay by credit card instead of … Continue reading

Interchange Fees Cut in France

The battle surrounding the interchange fee continues throughout the world, not just in the United States. In France, the French Competition Authority has reached an agreement with Visa and MasterCard to cut the swipe fees by nearly half. These are … Continue reading

LowCards.com Weekly Credit Card Update–August 16, 2013

Judge is Open to Repayment of Swipe Fees A federal judge threatened to further crimp a once-lucrative profit center for banks and credit card companies, saying they may need to reimburse retailers billions of dollars in debit card transaction fees … Continue reading

Canadians Will Not Pay More for Using Credit Cards

Canadian merchants will not be allowed to assess additional charges to consumers who use certain credit cards, according to a recent decision by the country's Competition Tribunal. Merchants had hoped to charge more for using certain credit cards than they … Continue reading

EU Puts Limit on Interchange Fees

Retailers doing business within the European Union may not have to worry about high interchange fees any longer. Yesterday, the European Commission recommended that these fees be capped at 0.2% for debit card transactions and 0.3% to credit card purchases. … Continue reading

LowCards.com Weekly Credit Card Update–May 31, 2013

Why Business Credit Card Holders Should Be Wary A majority of small business owners know their personal and business finances are connected. If they apply for a small business loan, the bank will likely need their personal credit score. Miss … Continue reading

Major Retailers Formally Oppose Swipe Fee Settlement

The National Retail Federation and 19 large retailers, including WalMart, Costco, Gap, Lowe's, Nike and Starbucks are choosing not to participate in the pending $7.2 billion class-action settlement with Visa and MasterCard over interchange fees. These retailers will be forfeiting … Continue reading

RILA Opts Out of Interchange Fee Settlement

The Retail Industry Leaders Association (RILA) has backed out of a pact with Visa, MasterCard and other major credit card providers. The class-action settlement for $7.25 billion was designed to make up for some of the interchange or swipe fees … Continue reading

LowCards.com Weekly Credit Card Update–April 12, 2013

Analysts See Steady Credit Card Use, Despite Fears of Consumer Cutbacks Analysts expect upcoming earnings from American Express, Visa and other large credit card companies to show that shoppers continued to swipe their credit cards at a healthy clip in the … Continue reading

LowCards.com Weekly Credit Card Update–March 8, 2013

Young Adults Retreat From Piling Up Debt Total debt among young adults dropped in the last decade to the lowest level in 15 years. A typical young U.S. household, defined as one led by someone under age 35, had $15,000 … Continue reading

Debit Card Swipe Fees Have Dropped Dramatically

The Federal Reserve has issued a report on the effect on the Durbin Amendment which shows a drastic reduction has taken place in debit card interchange fees. As a result, the Federal Reserve does not plan to take any further action … Continue reading

Chase Aims to Expand Business Through New Visa Agreement

J.P. Morgan Chase and Visa are entering into a partnership to develop a processing service where selected retailers give special discounts to Chase Visa cardholders that are applied at the time of purchase. The ten-year partnership, called Chase Merchant Services, … Continue reading

Nine States Considering Ban on Credit Card Surcharges

A number of states are considering banning the surcharges that merchants can now put on credit card transactions. Regulations went into effect on January 27 that allow merchants to impose a surcharge of up to 4 percent on any credit … Continue reading

Expedited Appeal of Swipe Fee Settlement Denied

The Second Circuit Court of Appeals denied a request by Home Depot and other merchants to speed up the appeals process in a class action settlement over swipe fees. The U.S. appeals court is postponing the briefing until the settlement … Continue reading

LowCards.com Weekly Credit Card Update November 30

How Four Families Conquered Their Credit Problems A Federal Reserve Board report issued in June revealed that only about 39 percent of card holders carried a balance in 2010, down from 46 percent in 2007. Those balances average $2,600, compared … Continue reading

Retailers to Appeal $7.25 Billion Swipe Fee Settlement

Retailers continue to fight hard against the $7.25 billion interchange fee settlement between merchants and Visa, MasterCard and several banks. On Tuesday, ten merchants and trade groups filed notice that they will challenge the settlement of this swipe fee price-fixing … Continue reading

Retail Trade Group Opposes Swipe Fee Settlement

The opposition continues to grow to the $7.25 billion settlement on credit card interchange fees that Visa, MasterCard and other banks agreed to pay. Yesterday, the National Retail Federation announced that it received approval from its board to go to … Continue reading

Major Retailers Oppose Swipe Fee Settlement

Many analysts considered the $7.25 billion credit card interchange fee settlement to be a significant victory for retailers. But the world's two largest retailers, Walmart and Target, have both come out against the proposed settlement. They join the National Association … Continue reading

Credit Card Users Could Lose in Swipe Fee Settlement

Retailers reached an antitrust settlement on interchange fees with Visa, MasterCard and several large banks that will be good for merchants but might penalize cardholders with higher prices or decreased credit card rewards. The $7.25 billion dollar settlement allows retailers to … Continue reading