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CFPB chides retailers on fees for cash back

Payments Dive

The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.

Retail 394
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From Retail To Restaurants, Holiday Gift Card Sales Are Hot

PYMNTS

In a year that’s been filled with lifestyle changes, personal pivots and business adaptations, 2020 may also go down as the year of the gift card as studies show an outsized increase in sales leading up to the busy holiday season. InMarket’s data also showed customers were spending about 17 percent more on gift cards in 2020.

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Vyze Survey: Consumers Aware Store Cards Are A Financing Option

PYMNTS

In a press release , Vyze said the survey also revealed consumers continue to show loyalty to retailers with whom they have store cards , with 40 percent saying they are more likely to shop at that retailer again. Vyze found Amazon wins when it comes to store cards, with 32 percent of survey respondents having one.

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Can Low Credit Card Balances Save Holiday Spending? Don’t Bet On It

PYMNTS

They have paid down their credit cards. The main one centers on the drop in credit card spend. A new report from TransUnion shows that average consumer-level credit card balances have declined during the course of the COVID-19 pandemic and now stand at $5,075 as of Q3 2020, down from $5,668 in Q3 2019. Here’s the scenario.

Cards 302
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Retail Data Shows Online Dominance, Gift Card Momentum For Holiday Spending

PYMNTS

According to an exclusive consumer survey, 27 percent of shoppers expect to spend less money than they did in 2019. And when consumers do go online, gift cards are winning the season. When asked if they would purchase gift cards as part of their online shopping for the holidays, 29.6 percent said they planned to spend more.

Online 176
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How Music Retailers Keep Card-Not-Present Fraud From Sounding A Sour Note

PYMNTS

Consumers who previously paid for purchases by swiping or inserting their cards at in-store point-of-sale (POS) terminals are now turning to contactless cards and online shopping to safely and easily obtain needed goods. Almost 65 percent of FIs said in a recent survey that their customers are now making more CNP payments, for example.

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Retailers? Bankruptcies Shine A Light On Gift Cards And So-Called ?Breakage Income?

PYMNTS

Gift cards may be the gift that keeps on giving – not just for the recipients, but also for the companies that issue them. But then again, we’re pretty apt to forget to use these gift cards at all. A recent Bankrate.com survey of 2,600 consumers found that roughly half of all Americans own at least one unredeemed gift card.

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