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Cash rewards credit cards
What do a unisex hair salon, an ice cream parlor, a liquor store, a martial arts and fitness studio, and an outdoor furniture and billiards company have in common? First, they are all in New York state.And second, each business and its owners have challenged the state’s no-surcharge law that prevents them from imposing “swipe fees.” The fees charge consumers for the higher costs that merchants bear by allowing customers to use credit cards. The businesses claim the law violates their First Amendment rights because it prohibits them from informing consumers they are paying a surcharge for credit. On the other hand, the merchants say, it allows them to offer discounts for those paying in cash.The law provides that any business violating the provision may be guilty of a misdemeanor and face a $500 fine, up to one year in prison or both.“This state-imposed speech code prevents the plaintiffs from effectively conveying to their customers—who absorb the costs of … [Read more...] about Merchants say loss of credit card ‘swipe fees’ violates their 1st Amendment rights
Credit cards, particularly for college students, can allow students to buy school supplies, pay for tuition, and set up an early history of credit [i] They can also entrap students in debt, representing a higher risk of being overwhelmed by debt.[ii] Having a credit card as a student can be a life-altering choice as there are legitimate reasons a student may need a credit card.[iii] In 2008, 56% of undergraduates held credit cards at the age of 18 and 91% of students had at least one credit card by their final year of college; by graduation, 56% of students carry four or more cards.[iv] From 2004 to 2008, the average college student card debt went up from $2,169 to $3,173.[v] While making a choice about having a credit card as a student can be difficult, credit card marketing can push students to obtaining credit cards for the wrong reasons. Marketing strategies such as on-campus marketing, rewards, college affinity cards and college logos on credit cards have been effective ploys to … [Read more...] about Credit Card Marketing Geared Towards Students and the Policies to Address the Dilemma: Can More Be Done?
Home Daily News Cashing in with credit-card processing software Legal Technology By Nicole Black Posted August 24, 2018, 6:34 am CDT Nicole Black. In prior columns I have covered time-tracking software and legal billing software with the promise that I’d eventually focus on payment processing software for law firms. Well that time has come, and in this column I’ll explain the ins and outs of choosing the right payment processing vendor for your law firm. You’ll learn why law firms should consider using payment processing software, the types of legal-specific tools available, and how to determine which one will be the best fit for your law firm. First, let’s talk about what payment processing software does and why it benefits law firms. Simply put, this tool allows your law firm to accept automated clearing house (e-check) and credit card payments from clients. Why should your firm accept these types of payments? Because that’s what 21st-century legal … [Read more...] about Cashing in with credit-card processing software
The Consumer Financial Protection Bureau (CFPB) recently released rules that impose specific requirements applicable to prepaid accounts, including prepaid cards.BackgroundGiven the rise in consumers’ use of prepaid cards, the CFPB has spent nearly two years developing a final rule to regulate this type of account. According to the CFPB, the amount of money that consumers put on “general purpose reloadable” prepaid cards grew from less than $1 billion in 2003 to almost $65 billion in 2012 and is expected to reach $121 billion by 2018. Effective October 1, 2017, the final rule requires (1) protections for prepaid accounts under the Electronic Fund Transfer Act, (2) mandatory consumer disclosures, and (3) credit protections that arise out of the Truth in Lending Act and the Credit Card Accountability Responsibility and Disclosure Act.The New CFPB FrameworkThe final rule covers far more than prepaid cards. Although denominated the “prepaid rule,” the CFPB … [Read more...] about CFPB Releases Final Rule on Prepaid Cards