American Express will acquire AOL co-founder Steve Case's Revolution Money Internet-based payment platform for $300 million, the credit card company and network said Wednesday.

U.S. credit card defaults fell more than expected in October, but delinquencies rose in a sign that consumers remain under stress and the sector can expect more pain ahead, credit card companies reported on Monday.

Moody's Investors Service on Wednesday raised its rating on Nasdaq OMX to investment grade from junk status, citing success in diversifying revenues, integrating mergers and boosting profits.

Stubbornly high joblessness threatens to trigger loan defaults and drag on consumption next year, hobbling a U.S. economy struggling to rebound from recession, World Bank President Robert Zoellick said Wednesday.

Banks are struggling to make money in the credit card business these days, and consumers are paying the price. Interest rates are going up, credit lines are being cut and a variety of new fees are being imposed on even the best cardholders. The New York Times reports.

Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.

Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions.

Community bankers are responding coolly to the Obama administration's plan to free up small business lending, saying the programs unveiled last week involve unattractive government capital injections and mountains of paperwork.

American Express reported a profit that fell from a year ago but topped Wall Street's expectations as the credit card company trimmed costs, a decline in consumer spending stabilized and bad loans eased.

With a key Congressional committee  beginning markup of legislation creating a consumer financial products watchdog, the Federal Reserve's unusual role as a source of funds will likely draw attention.

Consumers are increasingly late paying off loans on their primary home, as the highest unemployment in a quarter of a century pushes up delinquency rates on most types of loans.

A combination of falling revenues, high debt and tougher lending standards by banks has pushed up dependence on alternative lenders in the UK.

The best mortgage rates are not necessarily offered by the big volume players or the bank where you currently do your checking. Instead, they can often be found at smaller banks and credit unions.

Bank of America on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February.

Consumers will end up paying more money to banks if the numerous regulations proposed for the financial sector come to fruition, said Dick Bove, financial strategist for Rochdale Securities.