This Week In Credit Card News: Amazon Will Offer Small Business Card; Amex Cuts Its Merchant Fees

business credit card, which will feature rewards points for purchases, will also let it eventually add offerings such as business insurance through a portal designed for its small business customers.  [Bloomberg]

Good news for merchants---American Express is cutting their interchange fee (Shutterstock)

Amex Makes Biggest Fee Cut In Two Decades

Good news for retailers doing business with American Express: The company is planning to cut its fee more than it has in two decades. Amex said the global average of the fees it charges its merchants (known as its discount rate) would decline five or six basis points this year, to about 2.37%. With about 1.3 million fewer locations in the U.S. accepting American Express over Visa and MasterCard, this move is engineered by chief executive Stephen Squeri to entice merchants to accept his company's card. In fact, Squeri has said he is willing to make "conscious trade-offs" to get more businesses to take Amex. [PYMNTS]

Citigroup Says 'Malicious Actor' Tried to Hack Credit Cards Tied to the Defense Department

Citigroup said a "malicious actor" attempted to gain access to several Citi credit card accounts tied to the Department of Defense. Citi provides financial services for the Government Travel Charge Card, or GTCC, which is used by Department of Defense personnel to pay for authorized expenses when on official travel. CitiManager is the online portal used by the Defense Department to view statements online, make payments and confirm account balances. [CNBC]

Why Are People Still Using So Much Cash?

Cash use is on the rise across the world. Cash in circulation as a share of GDP rose from 7% to 9% for a group of countries that comprise more than 80% of the world's economy. One might think people are keeping more cash for use in small transactions. But the data show that the trend is using credit and debit cards for smaller transactions. The average value of a card payment across the world has nearly halved since 2000, from $61 to $36. [Quartz]

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Amazon Wants to Dominate Office Supplies With Its Credit Card

Amazon plans to offer a credit card to U.S. small business customers, furthering its push to supply companies with everything from reams of paper to factory parts. The e-commerce giant has been in talks with banks including JPMorgan Chase & Co. on a co-branded credit card for small-business owners who shop on its website. In October, the company launched a Prime membership program offering fast free delivery for businesses. Amazon is hoping the new business credit card, which will feature rewards points for purchases, will also let it eventually add offerings such as business insurance through a portal designed for its small business customers.  [Bloomberg]

Good news for merchants---American Express is cutting their interchange fee (Shutterstock)

Amex Makes Biggest Fee Cut In Two Decades

Good news for retailers doing business with American Express: The company is planning to cut its fee more than it has in two decades. Amex said the global average of the fees it charges its merchants (known as its discount rate) would decline five or six basis points this year, to about 2.37%. With about 1.3 million fewer locations in the U.S. accepting American Express over Visa and MasterCard, this move is engineered by chief executive Stephen Squeri to entice merchants to accept his company's card. In fact, Squeri has said he is willing to make "conscious trade-offs" to get more businesses to take Amex. [PYMNTS]

Citigroup Says 'Malicious Actor' Tried to Hack Credit Cards Tied to the Defense Department

Citigroup said a "malicious actor" attempted to gain access to several Citi credit card accounts tied to the Department of Defense. Citi provides financial services for the Government Travel Charge Card, or GTCC, which is used by Department of Defense personnel to pay for authorized expenses when on official travel. CitiManager is the online portal used by the Defense Department to view statements online, make payments and confirm account balances. [CNBC]

Why Are People Still Using So Much Cash?

Cash use is on the rise across the world. Cash in circulation as a share of GDP rose from 7% to 9% for a group of countries that comprise more than 80% of the world's economy. One might think people are keeping more cash for use in small transactions. But the data show that the trend is using credit and debit cards for smaller transactions. The average value of a card payment across the world has nearly halved since 2000, from $61 to $36. [Quartz]

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