Credit Cards News

LONDON (Reuters) - Tesco said on Wednesday it expected some growth in its personal finance business and it could move beyond basic insurance, savings and credit card lending to promote mortgages. Tesco Personal Finance was launched as a joint venture with the Royal Bank of Scotland a decade ago, when supermarkets moved into banking and insurance offering no-nonsense, cheap, off-the-shelf deals for customers. Though supermarket credit cards and general insurance products have grown strongly --  ...

The Office of Fair Trading has dropped its initial action against credit card giant Mastercard's transaction fees. It is six years into a probe of the "interchange fee" that Mastercard issuing banks charge retailers to recover the costs of the card system. The OFT claims the fee is too high and acts as a "tax on UK consumers". It will now concentrate on a second action focusing on Mastercard's current interchange fees policy rather than the past charges. Quick judgement Prior to November 20 ...

LONDON (Reuters) - Credit card association MasterCard said further investigation into its UK charges would be "fruitless" after the consumer watchdog on Monday scrapped a probe into past fees but said it will investigate current charges. The Office of Fair Trading (OFT) withdrew its statement of objections at a Competition Appeal Tribunal (CAT) court hearing, but said it will now shift its scruti ...