Central Banking

Fed's Smith - Rates dominate credit card pricing

US - The Federal Reserve's director of consumer affairs told a house panel Thursday that interest rates have come to dominate pricing practices for credit cards in recent years, although there is little systematic information about other aspects of card pricing.

"Prior to the early 1990s, credit-card issuers competed primarily by waiving annual fees and providing credit-card enhancements," the Fed's Dolores Smith said to a subcommittee of the House Financial Services Committee. "Since then

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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