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...The top US consumer finance watchdog has raised doubts about megamergers in the credit card industry, just as Capital One attempts to close its $35.3bn takeover of card issuer Discover Financial Services...
...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company, as the largest US bank pursued ways to get control...
...By contrast, Zopa — which has 1mn customers — has focused on savings accounts and offering credit cards, car finance and personal loans....
...The odds are it will be coming from card-issuing banks such as JPMorgan, Citigroup or Bank of America rather than Visa or Mastercard. Banks have plenty of ways to offset lower interchange fees....
...and small banks as merchants gained the ability to steer customers to preferred credit cards....
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...card, internet and mobile banking services....
...Capital One Financial, which is buying rival Discover Financial Services, is up 50 per cent. Americans held more than $1.1tn on their credit cards at the end of 2023, an all-time high....
...“People could also be applying for cards and being turned down, if in the credit crisis their record has got worse and banks are tightening their criteria.”...
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...Credit card lending is a concentrated business: about half of the loans are made by four big banks, led by JPMorgan Chase, with the next two dozen largest banks accounting for the majority of the rest....
...Live On Crypto, an alt-coin issuer that says it supports food banks, bought space on CoinTelegraph last week to advertise that its gift-card shop asks for “no personal information on sign-up and checkout...
...Blackstone’s credit and insurance division will buy the US credit card receivables from Barclays for an undisclosed sum, and the bank will continue to service the accounts for a fee....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...Then there are the banks....
...Whilst the card companies do not receive the fees themselves, offering issuers higher rates acts as an incentive for banks to choose one network over the other....
...Multiple times the US Department of Justice name-checked Nvayo, which provided payments cards to clients of Scanlon-owned “lifestyle and concierge services” companies, alongside a company called Aurae....
...Often, travel insurance is included either as an extra benefit or service through your bank or credit card company as part of a package of services for which you pay a monthly or annual fee....
...On Monday, the Virginia-based bank said it had agreed to acquire Discover Financial Services for $35bn, to be paid all in stock....
...Apple wanted to market the card as “the most secure credit card ever”, but cooler heads at the bank warned that superlatives would open the product up to lawsuits....
...They rely on physical payment cards. Direct bank-to-bank payments are the only threat to their use. For these to really take off, payments must shift further into the digital realm....
...The bank said much of the jump in loan losses was tied to credit cards and commercial real estate. The bank said it took losses on 16 different office loans in the quarter....
...But what once seemed like niche, add-on services and products are now becoming mainstream....
...if they did not receive a good or service....
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