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The Dodd-Frank Act in the US has shifted the cost of debit card payment services from retailer to consumers, and as a result customers may soon be paying their banks to use debit cards. Bank credit card and debit card transactions will be affected by the law, which requires the Federal Reserve to set fixed upper limits that banks can charge retailers for each card transaction.

The rule only applies to those banks with more than $10 billion in assets, and it goes into effect this October. This is causing banks to look for other ways to replace the lost revenue, and some have concluded that charging a monthly fee to customers for debit card use is the best solution. This is far from an industry standard at this point, but large banks like Wells Fargo have announced that they will begin charging their debit card users $3 per month, per account.

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Santander is offering a new cash back bank credit card to attract more customers in the UK. The new 123 cash back credit card will be available this September, and it will offer customers cash back on everyday purchases.

It is the first card of its type to offer this level o f cash back rewards on a monthly basis. The 123 cash back credit card differs from other cards in that it rewards customers with monthly cash back based on their level of spending. The card will pay 1% cash back on supermarket purchases, 2% on department store purchases, and 3% on fuel. The average account will earn up to 176 pounds cash back per year. The account is being launched in concert with a new bank account which will also pay up to 300 pounds cash back to customers for switching their main account to Santander.

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ICICI Bank in India has launched a major campaign to expand its bank credit card offerings by including EMV Standard chips in its new ICICI Bank Coral Credit Card. EMV stands for Europay, MasterCard, Visa, and this type of chip offers the benefits of added security to cardholders by protecting them against counterfeiting and account skimming.

The embedded microchips contains encrypted information about the card holder. The Coral Credit Card is the latest offering in the ICICI Gemstone Collection of credit cards, and it offers the added benefit of cash back rewards on all purchases via the multi partner loyalty program called PAYBACK. Card holders can redeem PAYBACK points they earn as cash that is credited to their account at Rs. 25 per point, or they can redeem points for gifts.