THE news

FOSTER CITY, Calif.—Spending for goods and services generated by Mastercard and Visa credit, debit, and prepaid cards issued in the United States was $6.021 trillion in 2018, an increase of 9.5% over 2017, a new report shows.

NEW YORK—As tax season arrives, some consumers may find they owe money for a credit card perk. If cardholders have received a bonus from their credit card company for successfully referring friends or family for new cards, they may owe taxes on that bonus.

WASHINGTON—CUNA and the World Council of Credit Unions have written a joint letter supporting the Internal Revenue Service’s proposed rule reducing regulatory burdens related to the Foreign Account Tax Compliance Act (FATCA).