By Lisa Gerstner From Kiplinger’s Personal Finance Is your old rewards credit card not so rewarding any more? If so, you might want to shop for a new one. “Many changes over the last few years have brought more value to regular, everyday spending,” says Cyndie Martini, CEO and founder of card-processing platform Member Access…
Mastercard’s Probe Disclosure Clouds Profit Beat
Mastercard Inc. beat estimates for quarterly profit as consumer spending surged against a turbulent economy, but the card company’s disclosure of a probe by the U.S. Justice Department unnerved investors. The regulator has demanded that Mastercard provide documents tied to its U.S. debit program and competition with other payments networks, the card company said. Visa…
Visa Pauses Work on Code to Track Gun Purchases
Visa confirmed Mar. 9 that it is pausing implementation of a new code that will help track gun purchases. Visa is among other companies that were working on a new merchant category code (MCC) for gun and ammunition stores. The company, explaining the pause, said that it stemmed from how legislators in multiple states are considering…
Visa, Mastercard Pause Implementation of New Code to Track Gun Purchases
Visa and Mastercard confirmed on March 9 that they’re pausing the implementation of a new merchant category code (MCC) that will help track cardholders’ purchases at gun stores. The pause stems from legislation advancing in several states that would restrict the use of the new code, and complicate matters, Visa said. “There is now significant confusion and legal uncertainty in the payments…
Cheques Make a Comeback as Small Businesses Look to Avoid High Credit Card Transaction Fees: Bank of Canada
January 7, 2023
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Bank of CanadaCanadacredit cardFinance Minister Chrystia FreelandMasterCardSmall and medium enterprisessmall businessWorld
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The paper cheque is gaining back its popularity among small businesses as they look to offer more payment options to avoid the high transaction fees that come with accepting credit cards, according to a study by the Bank of Canada. “Merchants mentioned accepting a wider range of payment methods because they need to make sales…
Most Canadians Would Stop Using Credit Cards at Businesses That Charge Additional Fees: Survey
Amid rising prices on everything from home heating and gas to food and other necessities, a new survey suggests most Canadians would stop using credit cards at businesses that charge an additional processing fee. The non-profit Angus Reid Institute asked 2,774 credit card holders if a new credit card surcharge of 1.5 percent would change…
Gun Control Group Wants Credit Card Companies to Flag Firearm Purchases
August 30, 2022
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American ExpressammunitionBusiness & MarketsCompaniescredit card companiesfirearm purchasesGabby GiffordsGun ControlMarketsMasterCardshooting incidentsSocial Issuessporting goodsUSUS News
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A gun control advocacy group is seeking to make credit card companies flag “suspicious purchases” of firearms, suggesting that restricting such activities might end up saving lives. “The shooters in at least five mass shootings have stockpiled guns and ammo using credit cards and killed 145 people. @Visa, @Mastercard, @americanexpress have the power to flag…
Mastercard, Visa Suspend Ties With Ad Arm of Pornhub Owner MindGeek
WASHINGTON—Visa and Mastercard on Thursday said they had suspended ties with the advertisement arm of MindGeek, owner of website Pornhub, after a lawsuit raised questions over whether the payment firms could be facilitating child pornography. A federal judge in California last week rejected Visa’s motion to dismiss a lawsuit by a woman who alleges the…
Mastercard Warns of Inflation Pinch After Solid Quarter for Card Issuers
Mastercard Inc. warned on Thursday that runaway inflation was sapping spending from lower-income customers, after rounding out a strong quarter for card issuers. Consumers across the globe have been showing signs of cracking in the face of decades-high price pressures, with purchases at retailers including Walmart shifting away from big-ticket items to essentials and groceries….
Mastercard Tops Profit Estimates on Travel Spending Boom
Mastercard Inc. sailed past market estimates for quarterly profit on Thursday as a surge in cross-border spending sparked by this year’s travel boom more than offset higher costs. Pent-up demand and the easing of COVID-19 curbs have led to the strongest summer travel season in three years, a boon for card companies that can charge…
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