Delinquencies on bank-issued credit card accounts, which declined for six consecutive quarters, were less than half the record high of 5.01% set in 2009 and well below the 15-year average of 3.87%.
In Europe things are about to change.European Union’s executive arm aiming to draw a line under a decade-long battle with payment groups such as Visa Europe and MasterCard. Under a draft European Commission plan, seen by the Financial Times, a ceiling would be introduced for charges on all consumer debit and credit card transactions, scaling back a multibillion-euro revenue stream for EU banks. The measure stops short of a full ban on debit-card fees, a more far-reaching intervention envisaged in earlier drafts. Even so, the assault on fees will be a setback for the payments industry, which has warned it will raise banking fees for consumers rather than cut retail prices.
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Tags: Credit card