The average yield among the nations’s top six bank credit card issuers came in at 11.16% for the second quarter. Capital One (COF), the nation’s fastest growing major credit card issuer, again posted the highest yields, besting the average by 279 basis points (bps) in the second quarter, according to CardData
American consumers continue in the solid buying mode after ratcheting up revolving credit by $4.5 billion or 7.4% year-on-year (YOY) in June. Total revolving credit for the fourth quarter stood at $890.0 billion, compared to $890.9 billion for the first quarter and $906.5 billion in the second quarter 2015.
UK consumer spending increased again in July, on an annual basis, household expenditure rose +1.9%, up from +1.4% in June, and slightly stronger than the average annual increase seen over the first half of 2015. Spending volumes also rose on a monthly basis in July (+0.1%), following declines in the prior two months. Meanwhile, expenditure declined fractionally on the quarterly measure (-0.1%), after a slight rise in June (+0.9%).
Ngzhou-based Alibaba and Suning Commerce have inked a deal wherein Alibaba will invest approximately RMB28.3 billion (US$4.63 billion) for a 19.99% stake in Suning, one of the largest consumer electronics retail chains in China. After the closing of the investment in Suning, Alibaba will be the second-largest shareholder in the company.
Overall, parents anticipate spending an average of $1,239 this back-to-school season, up 8% from 2014, and up 24% since 2011. Technology for classroom use is a significant contributor to the added costs, with 82% saying their children use tech for learning (vs. 77% in 2014), including the following:
There are universal truths about the technology and safety behind electronic payments, in contrast to everyday misperceptions. MasterCard has traced some common myths about cashless payment solutions, and has ‘busted’ them with the truth, to help provide peace of mind.
American Express has become the first major U.S. Corporate Card portfolio to be activated for Apple Pay. American Express added Apple Pay for Consumer Cards and OPEN Small Business Cards in late 2014.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Hassan Mayassi, CEO, Acquiring Payments Solutions and MD, Emerging Markets Payments Jordan.
The quick service restaurant (QSR) market in the US to grow at a CAGR 3.11% in terms of revenue over the period 2014-2019. However, consumers these days prefer flexible menu and delivery options, such as home or online delivery.
The demand for contactless cards is set to grow substantially over the period 2015-2019 in Brazil due to upcoming 2016 Olympic games. Meanwhile, contactless cards became available in the country in 2013 after the launch of the Ourocard card by Banco de Brasil.
CardWeb.com’s CardData database of Company Profiles today features TouchMate.
CardWeb.com’s CardWatch database of more than 57,000 marketing items today features the Bank of America Cash Rewards Card TV commercial, “Discover” featuring Sig Hansen.