Goldman Sachs plans to begin a process to unload its credit-card program in another step away from its failed foray into consumer lending. The bank on Tuesday informed a group of employees within its Platform Solutions division, who work on the GM card, that a process to find a new…

Credit card and payments giant Visa on Wednesday announced the launch of a new consulting division to provide clients with insights and recommendations for unlocking the potential of artificial intelligence (AI) in their businesses. Visa’s AI Advisory Practice will operate through its Visa Consulting & Analytics (VCA) arm, which focuses…

Americans are increasingly turning to their credit cards to cover everyday expenses, with debt hitting a new record high at the end of September, according to a New York Federal Reserve report published Tuesday.  In the three-month period from July to September, total credit card debt surged to $1.08 trillion,…

Americans are racking up more credit card debt as still-high inflation and steep interest rates continue to make the cost of everyday necessities more expensive.  The New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit, slated for release on Tuesday morning, is expected to show that credit…

Credit card giant American Express on Friday reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns about an economic downturn. AmEx, which caters to a premium customer base, has largely been able to mitigate the hit from inflation and the Federal…

A coalition of groups is calling for the Biden administration to withdraw the new rule put forward by the Consumer Financial Protection Bureau (CFPB) to impose a stricter cap on credit card late fees, arguing the regulation will hurt consumers and economic growth. In a letter sent to President Biden…

Free-market principles made America the economic powerhouse of the globe and the most prosperous nation in history. The economic philosophy that transformed our country into the envy of the world is increasingly coming under attack. Failed big-government policies of yesteryear have slid back into political discourse. Price caps are a…

Americans are dealing with record levels of credit card debt and it could be why nearly three in four Americans said credit cards are a challenge to managing finances, according to a recent survey. Most Americans (64%) said they felt “in control of their finances,” but 79% think they could…

Payments processor Visa on Monday launched a $100 million venture fund for generative artificial intelligence (AI) startups, joining a list of investors who have flocked to the sector this year. Several high-profile names such as Microsoft and Alphabet’s Google have backed the AI space, a buzzword in technology circles this…

Consumer satisfaction with credit card perks is suffering as debt balances balloon to new highs, according to a recent report. Credit card rewards top the list of what consumers are the least satisfied with, according to the  J.D. Power 2023 U.S. Credit Card Satisfaction report. The dissatisfaction stems from the…