| Frommer: Check bank charges before using credit card overseas
What credit cards should you use if you plan to travel abroad? The mathematics are fairly clear. You start with the fact that all the big banks issuing credit cards charge as much as 3 percent of the total when that card is used for a transaction in a foreign currency. And that expense is over and above the 1 percent charged by Visa and MasterCard for converting the foreign currency payment into U.S. dollars. Visa and MasterCard perform a service in return for their 1 percent charge. The largest credit-card issuers in America -- Bank of America, Citibank, Fifth Third Bank, JP Morgan Chase, Simmons First Bank and Wells Fargo -- all charge 3 percent for doing nothing. American Express charges 2 percent. Wachovia and Washington Mutual charge 1 percent.
MasterCard spent $1.8M lobbying
MasterCard International Inc. spent $1.8 million in 2007 to lobby on Internet-related issues and on fees merchants pay when customers use credit cards. The Purchase, N.Y.-based company spent $880,000 in the second half of 2007 to lobby Congress, according to a disclosure form posted online Feb. 13 by the Senate's public records office. It lobbied on gambling regulations and the use of credit cards to purchase illegal material on the Internet. The company spent $880,000 lobbying in the first half of the year on financial literacy, data security, microchip technology and fees banks pay to credit card networks. Congress is weighing tighter regulations on the credit card industry. The industry came under fire in December, when a Senate subcommitee issued a report denouncing practices that include raising interest rates for customers whose credit ratings decline, even if they make their card payments on time.
Heartland Payment Systems buys majority stake in Collective Point of ...
PRINCETON, N.J. - Heartland Payment Systems Inc., which offers payroll and debit and credit card processing services, said Tuesday it bought a majority stake in Canada's Collective Point of Sale Solutions Ltd. Terms of the deal for the payment processing and secure point-of-sale services company were not disclosed. Heartland said it does not expect the purchase of a controlling stake in Collective, which has about 5,000 Canadian customers, to have "a material impact" on the New Jersey's company 2008 revenues or net income. Shares of Heartland fell 6 cents to $21.95 in afternoon trading. .
Chase Paymentech Debuts Website for Small and Medium Businesses
DALLAS, Feb. 8 /PRNewswire/ -- Chase Paymentech Solutions, LLC, has launched a new website designed to help small and medium sized businesses affordably accept credit card payments. The new site, http://merchantaccount.chasepaymentech.com, provides business owners with a simple, easy to use guide to access the latest Chase Paymentech payment processing tools. The site allows businesses to research payment products that fit their needs and offers quick access to experts who can customize a program to each business' requirements. These programs feature reliable terminals, low interchange rates to process credit card transactions and even custom gift card programs. Solutions can be designed for merchants who need secure payment solutions over the Internet, point-of- sale, telephone, or mail order.
Visa plans IPO aimed at raising over $18 bln
Visa Inc, the world's biggest electronic payment processing company, announced on Monday that it was planning an initial public offering (IPO) in the United States, saying it hoped to raise over 18 billion dollars. Visa, which processes payments for credit and debit cards, said it plans to offer just over 400,000 shares for public purchase. It expects its shares to be priced at between 37 and 42 dollars per share. The San Francisco-based company said in a statment that it plans to launch its IPO as soon as possible. Investors will be able to purchase shares in Visa from a pool of 447 million shares of Class A stock the company intends to sell. The company has hired a group of well-known investment banks to support its IPO, including Goldman Sachs, JP Morgan and HSBC Securities (USA) Inc.
Interest rates rise yet again
PRIME Minister Kevin Rudd says the latest rise in official interest rates will be a great blow for families still struggling with last month's increase. Rates have this afternoon been increased by another 0.25 per cent, adding an extra $50 a month to the average $300,000 mortgage. "Today's news is a double blow for the family budget," Mr Rudd said in Canberra. .
News Corp first-half profit hits $1.74b
NEWS Corporation has booked a first half net profit of $US1.564 billion ($1.74 billion), helped by growth in the media group's cable network. The result compared to a net profit of $US1.665 billion ($1.85 billion) in the previous corresponding half. News Corp also said operating income in the six months to December 31 rose to $US2.465 billion ($2.74 billion) from $US1.995 billion ($2.21 billion) in the same period a year ago. For the second quarter, operating income rose 24 per cent to $US1.4 billion ($1.55 billion) after revenue increased by 10 per cent. News Corp is the parent company of the publisher of NEWS.com.au. Second quarter net profit was $US832 million ($923.26 million), up from $US822 million. Revenue rose to $US15.657 billion ($17.37 billion), from $US13.758 billion in the half year and was up to $US8.590 billion ($9.53 billion) from $US7.844 billion in the quarter.
Most Improved Debater
With the fifth anniversary of the 9/11 attacks approaching, I thought it would be a good idea to check up on Rudy Giuliani. He is the last remaining political action figure from that tragedy, having left office at the top of his game, before anything like the Iraq war could tarnish him. After years of private-sector buck-raking, the mayor is back in campaign mode, traveling across the country to help Republican candidates and thinking about running for president. But is he ready for the brutality of a presidential race? This would be the week for him to practice savaging Democrats. The GOP effort to caricature Iraq war opponents has become both more coordinated and more creative. Would the nation's mayor talk about appeasing terrorists as Defense Secretary Rumsfeld did? Or would he use Vice President Cheney's line about self-defeating pessimism? Would he at least dish out a little "cut and run?" I drove Wednesday night through rush hour to see Giuliani in Potomac, Md., a wealthy Washington suburb and sanctuary for bad architecture.
In the world of online community, one authoritative man can dictate ...
"Cops'll smell your fingers," says Black Lips drummer Joe Bradley about the difficulty of staying out of trouble while on tour in Mexico. He should know. His volcanic Atlanta band documented a blowout show in Tijuana for its live album, Los Valientes del Mundo Nuevo, released earlier this year to rave reviews. "There's actually a vital scene in Mexico, not that you'd know it," Bradley quips. Black Lips had played previously in Mexicali, but after a "powwow" with their new bosses at Vice Records, Tijuana was chosen for the sweaty setting of Los Valientes. The Black Lips managed to squeeze in one more album before 2007 ends. Their fourth studio showing in as many years, Good Bad Not Evil may be the best garage record since White Blood Cells. Country, psych, and blues are chewed up and spit out as gritty punk, every song blessed with rickety hooks, a swaggering rhythm section, Cole Alexander's frazzled sing-alongs, and an old-school aroma of smoke and reverb.
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