late payment

Barclaycard trials e-invoicing service with KashFlow

August 4, 2010 - 11:42am | News | Plastic cards

A UK major card network Barclaycard has entered into a partnership with Software-as-a-Service (SaaS) accounting firm KashFlow to pilot an e-invoicing service for merchants. According to the reports of TechCrunch, Barclaycard is running the pilot test with 100 merchants so as to trial the KasFlow-based system for creating, sending and managing invoices through a Web browser.

Apart from this functionality participants will also be able to track late transactions and receive payments via the Barclaycard gateway, for which the firm charges a three per cent fee.

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Final rule to protect credit card holders was approved by the Fed

June 16, 2010 - 2:52am | Law aspects | News

The Federal Reserve has approved the final rule to protect customers against unfair fees imposed by credit card issuers.

"The new rules require that late payment and other penalty fees be assessed in a way that is fairer and generally less costly for consumers," said Federal Reserve Governor Elizabeth A. Duke. "Card issuers must also reevaluate recent interest rate increases and, if appropriate, reduce the rate."

Thus, the final rule, which amends Regulation Z (Truth in Lending) includes the following provisions among other things:

card issuer | Credit card | Federal Reserve | late payment | unfair fees

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Chinese banks were asked to rein in their credit card marketing campaigns

July 17, 2009 - 7:13am | Banks and internet banks | News

According to the latest report of Reuters China Banking Regulatory Commission (CBRC) ordered banks to rein in their credit card marketing amid concern over a rise in late payments in a country where paying with plastic is growing fast from a low base. Banks were told to stop promising clients some presents if they take out a credit card and to cease setting quotas for credit card sales staff.

china bank | Credit card | late payment | The People's Bank of China

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More than half of Canadians are getting seriously indebted on credit cards

July 3, 2009 - 11:10am | News | Plastic cards

According to the data provided by the Equifax Canada over half a million Canadians are more than three months behind on their credit payments which is a 19% increase in the average delinquency rate in the year ending May 31. The agency says that the double-digit jump is "alarming” but still the overall average delinquency rate for Canada is 1.52%.

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Heavy credit card debt? Your bank can help you!

February 6, 2009 - 2:03pm | Articles | Plastic cards

Late credit card payments are hitting record highs. In December, the amount of credit card debt delinquent over 60 days made up 3.75%. The previous high of 3.73% was set in February, 1997. Slowing economic activity, collapse of the subprime mortgage market, job losses, raising gasoline and food prices have strained the budgets of many Americans. If you can’t afford to pay your credit card bills on time, lenders are ready to help you.

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