The number of American small business owners reporting increases in company revenue this year are beginning to decline.
Wells Fargo credit card third quarter outstandings were up 14.1% year-on-year (YOY) to $32.3 billion reflecting new account growth and growth in private label and co-brand outstandings driven by the Dillard’s card portfolio acquisition in the fourth quarter.
Wells Fargo is now the only major U.S. bank not charging a foreign transaction fee on all of its small business credit cards. The bank removed its foreign transaction fees on all business credit card and business line of credit access card transactions made outside the U.S,. effective October 1st.
The third quarter earnings report season launches next week as Chase is slated to report on October 13th after the market close. Discover will release October 20th and American Express on October 21st, both after the market close. MasterCard is set to report the morning of October 21st.
When asked about personal finances, on average 60% of African American, Asian and Hispanic consumers said they expect their financial situation to be “somewhat” or “much” better a year from now, compared to 48% of the combined general population.
First Data expects to raise $3.7 billion in its initial public offering. The deal involves 160 million shares of its Class A common stock. The initial public offering price is expected to be between $18.00 and $20.00 per share.
Google is finally rolling-out Android Pay in the U.S., enabling seamless and secure contactless payments at millions of locations.
A new report suggests co-branded credit cards last year generated 31% of general purpose credit card purchase volume, or $809 billion among Visa, MasterCard, Discover and American Express branded credit and charge cards. Roughly 43% of U.S. adult consumers own at least one co-branded or affinity credit card.
CardWeb.com’s CardPixes database of more than 7,000 images today features the Wells Fargo Cash Back College Visa Card.
In today’s CardFlash News Que: AMEX (UNSTAGED); GOLDMONEY (Aurum); ACCEPTEMAIL (CEO); and HELPSHIFT (growth).
A majority of small business owners are unaware of the impending EM liability shift coming in October. Less than half of small business owners who accept point-of-sale card payments today report being aware of the October 1 liability shift, the date when a card issuer or merchant that does not support EMV chip card technology will assume liability for any fraudulent point-of-sale card transactions.
CardWeb.com’s CardData Reports today features the Private Label Credit Cards by Packaged Facts.