Latest Credit card services News

Fed to fight inflation with fastest rate hikes in decades

May. 02, 2022 11:21 AM EDT

WASHINGTON (AP) — The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans' financial strains and likely...

Visa's 2Q profits jump 21% as pandemic eases across globe

Apr. 26, 2022 18:22 PM EDT

NEW YORK (AP) — Payment processing giant Visa's profits rose 21% in the first three months of the year fueled by a large jump in spending on the company's namesake credit and debit card network. The San Francisco-based company reported Tuesday that it earned $3.65 billion, or...

American Express profits fall slightly, but spending jumps

Apr. 22, 2022 12:27 PM EDT

NEW YORK (AP) — American Express' first-quarter profits fell roughly 6% from a year earlier, but the company saw a 30% jump in spending on its namesake cards in the quarter as its cardmembers returned to their habits of shopping, traveling and dining. The New York-based company...

Report: Chinese credit card processor rebuffs Russian banks

Apr. 21, 2022 02:59 AM EDT

BEIJING (AP) — China’s credit card processor has refused to work with banks in Russia for fear of being targeted by sanctions over its war on Ukraine, cutting off a possible alternative after Visa and Mastercard stopped serving them, according to the Russian news outlet RBC. ...

Cashless and flightless, Russian tourists stuck in Thailand

Mar. 12, 2022 09:07 AM EST

BANGKOK (AP) — Thousands of Russian tourists are stranded in Thailand's beach resorts because of the war in Ukraine, many unable to pay their bills or return home because of sanctions and canceled flights. The crisis in Europe also put a crimp in recovery plans for the Southeast...

Russian banks mull China UnionPay; big accounting firms exit

Mar. 07, 2022 11:01 AM EST

LONDON (AP) — Leading Russian banks are looking into using a Chinese payment rival after Visa and Mastercard suspended operations, while all the big global accounting firms said they would pull out of Russia in the latest corporate fallout over the invasion of Ukraine. Ernst &...

Live updates: Ukrainian paramedic remembered for bravery

Mar. 05, 2022 22:31 PM EST

The latest developments on the Russia-Ukraine war: KYIV, Ukraine — A Ukrainian paramedic who was shot while on her way to evacuate injured people from the outskirts of Kyiv was buried in the country’s capital on Saturday. Valentyna Pushych was known locally as...

Mastercard, Visa suspend operations in Russia after invasion

Mar. 05, 2022 19:06 PM EST

NEW YORK (AP) — Mastercard and Visa are suspending their operations in Russia, the companies said Saturday, in the latest blow to the country's financial system after its invasion of Ukraine. Mastercard said cards issued by Russian banks will no longer be supported by its network...

Visa lowers merchant credit fees for small businesses

Mar. 04, 2022 12:49 PM EST

NEW YORK (AP) — Visa says it will lower its credit card “swipe” fees for online and in-store transactions by 10% for small businesses starting in April. The move comes as the pandemic continues to accelerate a shift to digital payments. Visa, one of the world's largest payment...