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☆ America is on the cusp of a new biggest credit card company. Here’s what it means for you
▼ + stars: | 2024-02-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Discover cards are already accepted at 99% of all US merchants that allow customers to make credit card purchases, according to the company. Credit card networks are the liaison between card issuers and merchants, for whom they set fees. If Capital One flips all its credit cards to Discover, Mastercard would stand to lose a quarter of its US credit card volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.

Persons: New York CNN —, Biden, Richard Fairbank, Fairbank, JPMorgan Chase, Andrew Harrer, Democratic Sen, Elizabeth Warren, Jaret, Cowen Organizations: New, New York CNN, Discover Financial Services, Capital, Discover, Mastercard, Visa, US, American Express, JPMorgan, Bank of America, Citigroup, Bloomberg, Getty, Consumer Financial, ”, Democratic Locations: New York, Mastercard’s, Visa’s

☆ Is the Holiday Shopping Season Going to Be a Success? The Answer Is Murky.
▼ + stars: | 2023-12-01 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +2 min

kept its forecast that holiday sales — from Nov. 1 to Dec. 31 — would grow 3 to 4 percent this year. Mastercard, for example, said sales both in stores and online rose 2.5 percent on Nov. 24, from a year earlier. Like Mastercard’s estimate, the retail consultancy forecast that — adjusted for inflation — sales slipped slightly, Mr. Johnson said. If stores have too much inventory on hand, they may have to cut prices more than expected, which would erode their profits. “Really for the first time in four quarters, we are seeing retailers get inventories better aligned with sales,” Mr. Yruma said.

Persons: ” Matthew Shay, ”, Craig Johnson, Johnson, Edward Yruma, Piper Sandler, Mr, Yruma, “ Organizations: National Retail Federation, Mastercard, Growth Partners, Target

☆ Thanksgiving weekend dealhunters came broke records but their spending didn’t
▼ + stars: | 2023-11-28 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —More people than ever flocked to stores and websites over the Thanksgiving and Black Friday holiday weekend this year, but consumers didn’t quite break the spending record set in recent years. The group said consumers spent $321.41 on average (unadjusted for inflation) on these types of items compared to $325.44 over the same time last year. The Thanksgiving holiday weekend typically marks the start of the year-end gift-buying rush. The NRF’s own projection calls for a slowdown in holiday sales growth this year. And for Cyber Monday, the numbers were even stronger — consumers spent $12.4 billion, a 9.6% increase from 2022.

Persons: New York CNN —, trumping, NRF, It’s, ”, Matt Shay Organizations: New, New York CNN, National Retail Federation, Industry, ”, Adobe Analytics Locations: New York

☆ Don’t read too much into those Black Friday and Cyber Monday spending totals
▼ + stars: | 2023-11-28 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

“It shows the psychological mind frame of consumers,” said Mickey Chadha, vice president of corporate finance at Moody’s Investors Services, referring to holiday spending data. This year, dollar sales growth for the holidays in the United States is forecast to slow to 3.3% from 6% last year. It means the spending growth it reported was “driven by net-new demand, not simply higher prices,” Adobe said. The experts CNN spoke to were all in agreement: Holiday spending data — no matter how good or bad — doesn’t represent the state of the entire US economy. A report she coauthored with Chadha predicts holiday sales will grow “a fairly modest 1% to 3%” this year.

Persons: ”, Mickey Chadha, Aditya Bhave, David Paul Morris, That’s, Tamara Charm, Charm, ” Adobe, Chedly Louis, Chadha, Michael Zdinak, he’s, Bhave, that’s Organizations: New, New York CNN, Moody’s Investors Services, Adobe Analytics, Adobe, P Global Market Intelligence, Bank of America, Bloomberg, Getty, Consumer, Consumers, McKinsey, CNN, Moody’s Investors Locations: New York, United States, That’s

☆ Record-setting holiday sales hit $12 billion
▼ + stars: | 2023-11-27 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Enticed by deep discounts, Americans are expected to celebrate Cyber Monday by spending a record-setting $12 billion online shopping. The early results suggest the holiday shopping season is off to a positive start, aided in part by lower gas prices. Another popular measure of holiday spending, Mastercard SpendingPulse, found e-commerce sales jumped by an even stronger 8.5% year-over-year on Black Friday. In another sign of sturdy consumer spending, Americans continue to travel aggressively. That’s down 63 cents from the peak in September and marks 60 consecutive days of falling gas prices.

Persons: New York CNN —, ” Michelle Meyer, men’s hoodies, Mastercard SpendingPulse, ”, Mastercard’s Meyer, That’s, Sensormatic, Covid, Meyer, ” Meyer Organizations: New, New York CNN, Mastercard Economics Institute, CNN, Adobe Analytics, Adobe, JCPenney, Mastercard, SpendingPulse, Bank of America, Transportation Security Administration, Federal Reserve, AAA Locations: New York

A lot of the spending was driven by deals and buy-now, pay-later programs. The Fed’s “beige book” report on the economy is out on Wednesday, and that will show how inflation is affecting businesses and consumers. But consumers continue to express concern over inflation that has left overall prices higher by about 18% since 2021. “With inflation falling as the Fed keeps rates unchanged, real interest rates continue to tighten,” said Richard de Chazal, macro analyst at William Blair. But consumers remain concerned about inflation and just how much will be seen on Tuesday when the Conference Board releases its consumer confidence index for November.

Persons: SpendingPulse, ”, Vivek Pandya, Signifyd, Richard de Chazal, William Blair, “ Organizations: Adobe Analytics, Adobe Digital, Consumers, Retailers, Federal Reserve, Fed, Wells, ”, Conference Board

☆ Premarket stocks: How the ‘Black Ceiling’ is holding some professionals and the economy back
▼ + stars: | 2023-11-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

In his new book “The Black Ceiling” Woodson, a former attorney, sheds light on systemic issues within elite professional settings and the broader economic repercussions that come from underutilizing and marginalizing talented Black professionals. Woodson spoke with more than 100 Black professionals about what he calls the Black ceiling — a significant barrier that impedes career progression and creates stigma and anxiety in the workplace. Racial discomfort encapsulates the sense of unease that a lot of Black professionals experience working in elite white work settings. Selective punitiveness is the widespread perception that Black professionals get treated especially harshly when they make mistakes. Firms need to train their personnel, especially their senior white professionals so that they don’t judge junior Black professionals adversely for these challenges.

Persons: Kevin Woodson, ” Woodson, Woodson, Bell, it’s, who’ve, Kim Schmidt, they’re, that’s, doesn’t, It’s, Eva Rothenberg, ” Grant Gustafson, Corie Barry, “, ” Barry, Nathaniel Meyersohn Organizations: CNN Business, Bell, New York CNN — Corporate America, University of Richmond School of Law, Elite, Sensormatic, Black, Adobe, Retailers Locations: New York, underutilizing, DC

☆ Energized shoppers break one-day holiday sales record
▼ + stars: | 2023-11-25 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

CNN —Whether they jostled through brick-and-mortar stores or toggled between tabs and virtual carts, holiday shoppers were eager to participate in Black Friday this year. Both in-store and online retail sales increased year-over-year unadjusted for inflation, according to Mastercard’s SpendingPulse insights, which noted that apparel, jewelry and restaurant categories saw considerable spikes. Most shoppers did their browsing and buying on their phones, with mobile purchases accounting for $5.3 billion in sales. E-commerce platform Shopify also reported record sales totaling more than $4 billion worldwide, 22% higher than last year. As holiday shopping ramps up ahead of Christmas, analysts predict a busy time for retailers over the next few weeks.

Persons: ” Grant Gustafson, Sensormatic Organizations: CNN, Sensormatic, Black, Adobe

☆ Mastercard will soon be widely accepted in China
▼ + stars: | 2023-11-21 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

The US credit card giant announced Monday that it had received clearance from China’s central bank and the financial regulator to launch a bank card business in China through its joint venture with partner NetsUnion Clearing Corporation (NUCC). Mastercard (MA) will be able to start issuing Chinese yuan-denominated bank cards under its own brand, according to a Sunday statement from the People’s Bank of China (PBOC). Mastercard CEO Michael Miebach took part in a CEO summit on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum that Xi and other leaders from across the Pacific were in town to attend. Like other foreign payments providers, Mastercard has campaigned for years to expand its business in China. Previously, it was only authorized to issue co-branded cards, such as those with China UnionPay, the state-owned bank card network.

Persons: Xi Jinping, Joe Biden, Xi, Michael Miebach, Elon Musk, Tim Cook, Miebach, China UnionPay, Amex Organizations: Hong Kong CNN, Mastercard, NetsUnion Clearing, People’s Bank of China, New, San Francisco Bay Area, Economic Cooperation, Apple, American Express, Visa Locations: China, Hong Kong, Beijing, Washington, New York, San Francisco Bay, United States, Asia

☆ Consumers will win in cannabis-credit card clash
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

The $376 billion payments network wants its financial partners in transactions for cannabis to crack down on using its debit cards, Bloomberg reported on July 26. The budding industry is running out of convenient options for customers to pay for its products. By definition, payments networks such as Mastercard and Visa (V.N) are middlemen, facilitating the movement of money between parties. In the weed business, that means they take the money from the buyer’s bank account and ship it into the dispensary’s. In Washington, D.C., some cannabis shops peddle quasi-worthless knickknacks such as stickers to customers while “gifting” small amounts of pot.

Persons: workarounds, Mastercard’s, Anita Ramaswamy, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Mastercard, Bloomberg, Visa, D.C, Twitter, Thomson Locations: Washington

☆ How my credit card saved the day when my phone was stolen on a trip abroad
▼ + stars: | 2023-05-19 | by ( Liz Hund | ) edition.cnn.com time to read: +8 min

Why the Chase Freedom Flex saved the day when my phone was stolenMy credit card reimbursed me for my stolen smartphone. Additionally, the Freedom Flex’s cell phone insurance is secondary to any other insurance you have that covers your phone. Credit cards with cell phone insuranceA number of credit cards include cell phone insurance. However, some banks — namely Citi — have removed cell phone insurance as a credit card benefit, even for World Elite Mastercards. Check out CNN Underscored’s full guide to the best credit cards for cell phone insurance for the full list, which includes popular travel credit cards.

☆ Checkout.com turns to Mastercard to support faster payments in APAC
▼ + stars: | 2023-03-16 | by ( ) www.businessinsider.com time to read: +3 min

The news: Checkout.com started using Mastercard Send to enable faster payments for consumers and businesses in Singapore, per a press release. Mastercard Send is Mastercard’s faster payments network . It lets businesses send payments to more than 1.5 billion debit, credit, and prepaid cards. The bigger picture: Real-time payments are gaining steam across Asia-Pacific thanks to factors like new technologies, regulatory pressures, and merchant and customer expectations, per Global Payments. In the long term, expanding faster payments use cases will require collaboration between governments, banks, and fintechs.

☆ Salesforce sufficiently acquiesces to angry mob
▼ + stars: | 2023-03-02 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The software developer revealed financial progress in its quarterly results, indicated it would throttle pricey deals and installed new board members, including a representative from ValueAct Capital. Co-Founder and Chief Executive Marc Benioff said on Wednesday that improving profitability is the company’s top priority. As evidence of the commitment, Salesforce said in January that it would lay off 10% of its workers. They are Mason Morfit, chief executive of ValueAct Capital; Sachin Mehra, Mastercard’s finance chief; and Arnold Donald, the former CEO of Carnival. Assertive investors Starboard Value, ValueAct Capital, and Inclusive Capital, have held talks with Salesforce, according to Reuters.

☆ Mastercard warns of slower revenue growth as travel growth plateaus
▼ + stars: | 2023-01-26 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

[1/2] A 3D printed Mastercard logo is seen in front of displayed stock graph in this illustration taken September 20, 2021. REUTERS/Dado Ruvic/IllustrationJan 26 (Reuters) - Mastercard Inc (MA.N) forecast current-quarter revenue growth short of Wall Street estimates on Thursday, saying the boost from pent-up demand for travel will diminish going forward. After the Federal Reserve's rate hikes for most of last year, the economy has begun to show some signs of slowing down, with wide-ranging layoffs and fears of a recession spooking consumers into saving more, which is likely to impact travel growth. "Mastercard’s payment volume growth in Q4 2022 remained strong. Mastercard said it expects first-quarter revenue to grow at the "high-end of high-single digits range", while analysts had estimated a growth of 10.7%, according to Refinitiv IBES data.

☆ ‘Sonic Logos’ Struggle to Get Heard at U.S. Checkouts
▼ + stars: | 2023-01-12 | by ( Katie Deighton | ) www.wsj.com time to read: +8 min

A spokeswoman for American Express said the company’s sonic logo plays on marketing channels such as brand videos, but not at any credit-card terminals. PREVIEWPayments firms say sonic logos at cash registers can also communicate to customers that they are transacting with a trusted merchant, making the sounds akin to the stickers of credit-card logos that often appear in store windows. Visa’s spokeswoman said the company doesn’t share figures on how many businesses play its sonic logo due to the complexity of tracking rollouts. To that suggestion, Mastercard said the value of sonic logos for merchants “comes in through consumer trust and reassurance.” Visa declined to comment. But some retailers want no part of sonic logos.

☆ Mastercard loses UK ruling on three million dead claimants in $12 bln case
▼ + stars: | 2022-11-29 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, Nov 29 (Reuters) - Mastercard (MA.N) lost an appeal in a London court on Tuesday against a ruling in a 10 billion pound-plus ($12 billion-plus) collective action that allows the claims of around three million people who have died since the lawsuit began to continue. The global payments processor is facing a lawsuit brought by consumer champion Walter Merricks on behalf of approximately 46 million adults in the United Kingdom, which became the first mass consumer action to be approved in the UK in 2021. The case was certified last year after a nearly five-year journey from the first-instance Competition Appeal Tribunal (CAT), which initially refused to give the go-ahead, to the UK Supreme Court and back. Mastercard’s challenge to that decision was dismissed on Tuesday by the Court of Appeal, which ruled that the CAT was entitled to take into account that three million people who had valid claims in 2016 would be excluded. Reporting by Sam Tobin; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Expect big holiday sales on everything but the bling
▼ + stars: | 2022-09-26 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN Business —Retailers have already signaled big sales are coming for the holidays — with one major, sparkly exception. That’s because holiday jewelry sales have been on fire over the last two years. “Jewelry is in good shape heading into this holiday season,” said Marshal Cohen, chief retail industry adviser with NPD Group. “With no real overstock position, [jewelry] retailers are not anxious” and don’t see the need to run big sales, he said. Paul Zimnisky, an independent jewelry industry analyst, said Signet’s comments indicate that consumers should not expect big sales or liquidation deals.

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