The banks have lost the swipe fee battle, and soon it’s expected that every time a debit card is used, the store where that card is swiped will collect a little more money, and the institution issuing that card will collect a little less. While the fight is being waged between banks and retailers, it’s (surprise!) the consumers who will ultimately pay the war’s costs.
After years in which the credit card scene has changed dramatically—with landmark legislative reforms that prompted more fees and higher interest rates, a steep rise in how complicated card offers have become, millions of customer accounts involuntarily closed followed by a time when card issuers are actively pursuing customers even if they have bad credit—consumers [...]
Some credit card industry observers are asked to predict what’s in store for plastic with the new year and new legislation.
Survey results released this week say that 39% of consumers who had the terms of their credit cards changed either stopped using the card or cancelled the account entirely.
