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
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
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
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
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
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
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
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
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 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
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
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
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