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 [...]
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 …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 [...]
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