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Keywords:Credit cards 

Discussion Paper
Consumer credit counseling: credit card issuers' perspectives

On Friday, May 23, 2003, the Payment Cards Center hosted a workshop led by collections managers from J.P. Morgan Chase and Juniper Bank. The managers provided the credit card issuers' perspective on the consumer credit counseling industry. The day's discussion complemented an earlier workshop at which representatives from local consumer credit counseling services (CCCS) discussed their business model. After describing the ways in which new market entrants have affected the counseling industry, the issuers discussed the challenges associated with administering and appropriately valuing the ...
Consumer Finance Institute discussion papers , Paper 03-13

Working Paper
Competition and credit and debit card interchange fees: a cross-country analysis

This paper seeks to provide a bridge between the theoretical and empirical literatures on interchange fees. Specifically, the paper confronts theory with practice by asking, to what extent do existing models of interchange fees match up with actual interchange fee practices in various countries? For each of four countries?Australia, the Netherlands, the UK, and the United States?models that ?best? fit the competitive and institutional features of that country?s payment card market are identified, and the implications of those model are compared to actual practices. Along what competitive ...
Payments System Research Working Paper , Paper PSR WP 05-03

Journal Article
The economics of payment finality

Payment finality is critical to decentralized exchange. By specifying how the transfer of one type of claim extinguishes another, the rules governing finality minimize opportunities for default along credit chains and allocate other risks. ; The authors provide a basic analysis of finality and its role in facilitating exchange. They first present a simple, historically based model of transferable debt and finality. The discussion demonstrates the desirability of transferable debt and why rules governing payment finality are needed to sort out who will bear the losses in the event of default. ...
Economic Review , Volume 87 , Issue Q2 , Pages 1-12

Conference Paper
Risk: remarks (Visa)

Proceedings – Payments System Research Conferences

Discussion Paper
Where is the missing credit card debt? Clues and implications

Jonathan Zinman, an assistant professor of economics at Dartmouth College and a visiting scholar with the Payment Cards Center, makes a casual comparison of industry and household data sets which suggests that households underreport credit card borrowing by a factor of three. This paper offers some reassurance and several new stylized facts. Accounting for differences in definitions between household and industry measures reduces debt underreporting to a factor of two. Underreporting is less severe for general-purpose than for other cards. The true underreporting factor has remained stable ...
Consumer Finance Institute discussion papers , Paper 07-11

Discussion Paper
Who pays for credit cards?

We model side payments in a competitive credit-card market. If competitive retailers charge a single (higher) price to cover the cost of accepting cards, banks must subsidize convenience users to prevent them from defecting to merchants who do not accept cards. The side payments will be financed by card users who roll over balances at interest if their subjective discount rates are high enough. Despite the feasibility of cross subsidies among cardholders, price discrimination without side payments is Pareto preferred because of the costliness of the card network--unless banks have other ...
Occasional Paper; Emerging Payments , Paper EPS-2001-1

Journal Article
Why has stored value not caught on?

Why have general-purpose stored-value cards been unsuccessful in penetrating the U.S. market? Three necessary conditions for a payment instrument to be successful are discussed: consumers and merchants need to be convinced of its advantages over existing payment alternatives for at least some types of transactions; payment providers must convince consumers and merchants simultaneously of its benefits to achieve critical mass; and assure them that adequate safety and security measures have been implemented. This article discusses the credit card industry's success in meeting these necessary ...
Emerging Issues , Issue May

Conference Paper
Credit card securitization, recourse, and regulatory arbitrage

Proceedings , Paper 851

Merchant steering of consumer payment choice: lessons learned from consumer surveys

Recent policy changes allow merchants to influence consumers? choice of payment instruments by offering price discounts and other incentives. This report describes lessons learned from using consumer survey responses to assess whether merchants tried to influence buyers? choice of payment method. To measure the effects of these recent policy changes, we included questions about merchant steering in pilot versions of a new diary survey of U.S. consumers. Our findings are inconclusive because some respondents interpreted the questions differently from the way we intended. This report aims to ...
Research Data Report , Paper 13-1

Conference Paper
Central Bank session comments

Proceedings – Payments System Research Conferences , Issue May , Pages 265-268



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