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MasterCard 1Q profit up 24 pct on higher card use

MasterCard Inc. says its first-quarter profit jumped 24 percent as consumers swiped their credit and debit cards more often. The results topped analysts’ estimates. Its shares edged up $1.71 to $277 in pre-market trading. The payment processor said Tuesday its net income rose to $562 million, or $4.29 per share, in the three months ended… Continue Reading MasterCard 1Q profit up 24 pct on higher card use

More than half a million retailers will get an early holiday gift this year. Checks totaling more than $1 billion will be mailed to more than 635,000 retailers as part of a federal judge’s approval of an early payout of money remaining from a 2003 settlement of a class action suit against Visa and MasterCard’s… Continue Reading Retailers receive early holiday gift from Visa, MasterCard

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Congress considers credit card legislation

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Congress is considering legislation that would require the two major credit companies to negotiate hidden credit card processing fees. The fees cost the average household more than $400 annually. “In the middle of one of the worst recessions seen in decades, consumers can’t continue to pay artificially inflated prices just so the credit card industry can… Continue Reading Congress considers credit card legislation

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