Latest news with #Kiernan
1News
19-05-2025
- Business
- 1News
Holiday planning? Here's where your dollar might go further
New Zealand's dollar has become a little stronger against the US in the past month - but if you're looking for a holiday where you can make the most of the exchange rate, that's not the part of the world to be looking in. The NZD has been worth as much as US$0.60 in recent weeks. But based on historical performance, it remains weak. Data from Infometrics chief forecaster Gareth Kiernan showed, at an exchange rate of one dollar buying US58c, the dollar is 12% down on the USD's average exchange rate of the last 10 years and down 17% over 20 years. It's down 12% against the euro over the 10-year period, and against the British pound. But there are parts of the world where the New Zealand dollar is going further than normal at present. Travelling to Australia isn't so bad. The dollar is down 1% compared to the average of the last 10 years, but up 4% over the last 20 years and 5% over the last 30. On a 10-year average basis, the dollar is also up against the Japanese yen, up 9%, Indian rupee, up 3%, Indonesian rupiah, up 2%, and South Korean won, up 4%. It is up 30% compared to a 30-year average for the Indian rupee, 20% for the Japanese yen and 41% for Indonesia. Kiernan said the fact that the strength was limited to a smaller group of countries was due to a few factors. "New Zealand's growth performance over the last couple of years, plus immediate prospects, remain relatively poor, so international investors are looking at other places to put their money where the expected returns might be better. "Secondly, there's a high level of risk aversion and uncertainty at the moment, which typically count against New Zealand as well," he said. "The latter factor might not be helped by our fiscal position, with negative comments from credit ratings agencies last year and close attention being paid to the track back towards balancing the books at next week's Budget. "Our government debt levels might not be as high as many other countries, but we tend to get held to a higher standard because we're relatively small, which adds to the perception of risk." David Coombes, chief executive of House of Travel, said there had been a slight softening in bookings to the US in the last few weeks, and the dollar could be playing a part in that. "Our stores across the country are saying that the current exchange rate, with the New Zealand dollar weaker against the US, is influencing customer destination choices, with many looking to places where their money goes further on the ground." A report from Mastercard analysed exchange rate movements and the number of tourist arrivals from 2000 to 2024 across 24 tourism markets to determine how much of an impact currency movements could have. Across six tourism destinations - Japan, US, Australia, Hong Kong, Singapore and Switzerland - it estimated the change in the number of tourists arriving when the currency dropped 1%. It found the biggest impact was for travel from China to Japan - a 1% depreciation of yen against the renminbi was associated with a 1.5% increase in tourists to Japan. New Zealand visitor numbers only lifted 0.2% in response to the same degree of depreciation and were also less responsive to changes in the USD. "Travellers from Asia tend to be more sensitive to exchange rate fluctuations, as such movements can significantly impact their purchasing power during international travel - an important factor in their outbound travel planning. "In comparison, the long distances between New Zealand and most travel destinations mean that New Zealand travellers may not be able to easily alter their travel decisions based on changing foreign exchange conditions. "Additionally, travellers from more developed markets are generally more influenced by local economic conditions than by FX changes." The Mastercard analysts said the dollar would need to shift by 10% or 15% against another currency to have an impact on travel decisions.
Scoop
18-05-2025
- Business
- Scoop
Planning A Holiday? Here's Where Your Dollar Might Go Further Than Normal
, Money Correspondent New Zealand's dollar has become a little stronger against the US in the past month - but if you're looking for a holiday where you can make the most of the exchange rate, that's not the part of the world to be looking in. The NZD has been worth as much as US60c in recent weeks. But based on historical performance, it remains weak. Data from Infometrics chief forecaster Gareth Kiernan showed, at an exchange rate of one dollar buying US58c, the dollar is 12 percent down on the USD's average exchange rate of the last 10 years and down 17 percent over 20 years. It's down 12 percent against the euro over the 10-year period, and against the British pound. But there are parts of the world where the New Zealand dollar is going further than normal at present. Travelling to Australia isn't so bad. The dollar is down 1 percent compared to the average of the last 10 years but up 4 percent over the last 20 years and 5 percent over the last 30. On a 10-year average basis, the dollar is also up against the Japanese yen, up 9 percent, Indian rupee, up 3 percent, Indonesian rupiah, up 2 percent, and South Korean won, up 4 percent. It is up 30 percent compared to a 30-year average for the Indian rupee, 20 percent for the Japanese yen and 41 percent for Indonesia. Kiernan said the fact that the strength was limited to a smaller group of countries was due to a few factors. "New Zealand's growth performance over the last couple of years, plus immediate prospects, remain relatively poor, so international investors are looking at other places to put their money where the expected returns might be better. "Secondly, there's a high level of risk aversion and uncertainty at the moment, which typically count against New Zealand as well," he said. "The latter factor might not be helped by our fiscal position, with negative comments from credit ratings agencies last year and close attention being paid to the track back towards balancing the books at next week's Budget. Our government debt levels might not be as high as many other countries, but we tend to get held to a higher standard because we're relatively small, which adds to the perception of risk." David Coombes, chief executive of House of Travel, said there had been a slight softening in bookings to the US in the last few weeks, and the dollar could be playing a part in that. "Our stores across the country are saying that the current exchange rate, with the New Zealand dollar weaker against the US, is influencing customer destination choices, with many looking to places where their money goes further on the ground." A report from Mastercard analysed exchange rate movements and the number of tourist arrivals from 2000 to 2024 across 24 tourism markets to determine how much of an impact currency movements could have. Across six tourism destinations - Japan, US, Australia, Hong Kong, Singapore and Switzerland - it estimated the change in the number of tourists arriving when the currency dropped 1 percent. It found the biggest impact was for travel from China to Japan - a 1 percent depreciation of yen against the renminbi was associated with a 1.5 percent increase in tourists to Japan. New Zealand visitor numbers only lifted 0.2 percent in response to the same degree of depreciation and were also less responsive to changes in the USD. "Travellers from Asia tend to be more sensitive to exchange rate fluctuations, as such movements can significantly impact their purchasing power during international travel - an important factor in their outbound travel planning. "In comparison, the long distances between New Zealand and most travel destinations mean that New Zealand travellers may not be able to easily alter their travel decisions based on changing foreign exchange conditions. Additionally, travellers from more developed markets are generally more influenced by local economic conditions than by FX changes." The Mastercard analysts said the dollar would need to shift by 10 percent or 15 percent against another currency to have an impact on travel decisions.
Business Post
17-05-2025
- Business
- Business Post
Recruitroo targets €2.5m to expand global hiring platform
Recruitroo, a Dublin-based HR tech company, aims to raise €2.5 million in its next funding round, which it expects to close later this year. The company, which also has an office in Cork city, was founded by Shane Kiernan and Stephen MacCarthy in 2022. The core focus of the business, which has 12 staff and has raised €1 million to date, is helping its clients hire and manage staff from outside of the European Union. 'We basically built a software platform to make it easier for companies and candidates to connect around the world. That allows them to go through a recruitment process on the platform, covering technical assessments, interviews and contract offers,' MacCarthy said. 'In the process of that, we collect a huge amount of data on the candidate and the company. We then collect the last bits necessary to process what is needed for their immigration requirements.' MacCarthy first developed the idea while in the Ignite centre in UCC. He was working on an interview simulator for students and then repurposed the platform to help founders assess talent abroad. In the process of that, he met Kiernan who had several colleagues in the construction sector that were struggling to staff their sites. That led to the duo coming together to repurpose the software again to develop Recruitroo. 'In the process of doing the assessment and recruitment side of the platform, we found that doing the visa processing was one of the big pain points that needed addressing,' MacCarthy said. Kiernan had been through the visa process on a personal level, sorting out his partner's visa during the pandemic. He found the cost involved was onerous and felt there had to be an easier approach. 'There's been a huge growth across Ireland and the UK in demand for these workers. With Stephen, I felt we could find a way to create an offering that provided a compelling price point to customers,' he said. 'We're really growing fast. In first quarter of this year alone, we did as much as the entirety of last year.' The business recently made its first hire in the UK and is being supported by Enterprise Ireland as it seeks to expand. 'They have provided support to help us map what types of clients are good for us in a territory. On top of that, there are grants to provide further development including to our website,' Kiernan said. The funding round targeted for later this year is aimed at helping the business expand rapidly as it is forecasting substantial demand for its services. 'The UK is going to be a huge market for us. This year is about doubling down on Ireland and taking what we've built here and growing in the UK. Our projection for this year is €1 million in revenue, then €4 million next year and €10 million the year after that,' Kiernan said. 'The funding is a stepping stone for us to expand our presence in other jurisdictions because there's a lot of demand out there.'
Yahoo
15-05-2025
- Business
- Yahoo
Are rewards credit cards worth it with surcharges, transaction fees? We explain.
Heather Bernhardt is a small business owner. But she has a rant as a business owner and a customer. She can't stand the growing practice of businesses charging consumers a surcharge to use their credit card. "Let me tell you, if you own a small store, you own a store, whatever, restaurant, and you charge me a surcharge for using a credit card, I'm not coming back," Bernhardt said in a Tiktok post. "Eat it. It's good customer service." Bernhardt's ire about credit card surcharges is not unique. In two separate national surveys of consumers, shoppers have said they are sick of being nickel-and-dimed to pay a surcharge that used to be a cost of doing business. The practice of charging consumers a surcharge on transactions is allowed based on a 2012 settlement between credit card networks and a group of U.S. merchants, according to an article by Wallethub. The surcharges, can range from 1.5% to 3%. The practice of passing along credit card transaction fees to consumers by adding a surcharge to their bill began showing up during the COVID-19 pandemic, when more consumers were moving to e-commerce and in-person businesses and restaurants were dealing with higher costs, said John Kiernan, WalletHub editor. However, the 2012 settlement only covered credit card transactions and not debit cards or pre-paid gift cards. Visa and Mastercard rules prohibit transaction fees for debit card transactions, but enforcement is pretty lax since that is not widely known, especially among smaller businesses and consumers, Kiernan told USA TODAY. For credit card transaction fees, the consumer is supposed to be notified in some manner before the transaction takes place. If not, the consumer can file a dispute with the credit card issuer, Kiernan said. Additionally, some states, such as Connecticut, Maine and Massachusetts, have state laws that prohibit credit card surcharges for consumers, Kiernan said. The credit card surcharge fee usage is widespread in practice and also causes widespread annoyance. In a recent study by WalletHub, 87% of people said "they are being nickel-and-dimed when they are asked to pay an extra fee for credit card payment processing." More than 4 in 5 Americans said they were charged a fee for paying with a credit card and 2 in 3 consumers said they would not use their credit card if they were charged a fee. More than 3 in 5 people also said they thought it was unfair for merchants to pass their payment processing fees on to their customers. Kiernan said the practice of adding the surcharge for credit card payments – or offering a discount for cash, which is common at many gas stations – has been growing in recent years. "I think businesses and consumers for that matter, are always going to kind of push the boundaries and try to test the waters to see what they can get away with," said Kiernan. Once businesses started seeing that other companies were charging the surcharge without much backlash, they started doing it, too, he said. In a J.D. Power 2025 U.S. Merchant Services Satisfaction Study released in January, 34% of merchants said they were adding surcharges for customer purchases made using credit cards. In the latest data from the JD Power US Credit Card Satisfaction Study, 82% of shoppers who said they faced a surcharge for using credit cards chose an alternative method of payment. John Cabell, managing director for payments intelligence said the survey did not ask whether any of those customers walked away from the transaction. Consumers don't like such add-ons, said Ted Rossman, Bankrate senior industry analyst. "A surcharge is kind of a way to raise prices without raising prices," Rossman told USA TODAY. While they may be legal, "in the court of public people would frown upon any sort of add-on." Consumers may complain to management, or on social media, which "is actually even worse because they're telling all their friends about this bad experience," he said. Most shoppers aren't carrying cash and they are fighting both inflation and other rising costs, Rossman said. Businesses are also facing similar headwinds. "People feel like everything costs enough already, so businesses are looking to shift some of the cost burden onto the customer," he said. Many customers are stuck paying the surcharge since they aren't carrying cash or don't have a debit card, said Rossman. But some customers are pushing back. Rossman said he doesn't understand the philosophy of businesses adding surcharges since it angers customers and probably loses sales. "We're not going back to a cash-first economy," said Rossman, adding that such extra fees are "a deterrent to sales." Is cash king?: Are we moving toward a cashless, checkless society? Bernhardt owns Blackbird Boutique in Marine City, Michigan. She sells women's clothing, gift items and small home decor pieces. Bernhardt said it's hard enough to compete as a small business owner and she wants to please her customers. She doesn't tack on a credit card surcharge. But she was mad enough recently after visiting another store that charged her to use her debit card – she didn't know it wasn't allowed until a reporter notified her – that she put her rant on TikTok. In her video, Bernhardt said businesses should either eat the cost or "bake it in" to the price of the goods, which she doesn't do. Such surcharges are bad for business, she said. "You've probably lost a customer and you're not getting that returning customer and future sales," she said. If more consumers are having to pay surcharges, is it worth using a credit card to earn cash-back rewards or other perks? Rossman said consumers should weigh how much they're paying in a surcharge versus what they're earning in rewards. Consumers should also pay their credit card bill each month to avoid paying extra interest fees, he said. But credit cards can also offer extra perks, such as extended warranties, purchase protection or travel insurance, so that is something to think about as well, said Rossman. Consumers can also get ahead by picking the right credit card, said Kiernan. "Set yourself up to ignore a lot of this if you have the right card or right collection of cards," he said. "There are a number of cards that give you 5% cash back in custom categories and you can pick two categories a quarter; the categories you spend the most in." Use those cards for your common purchases, then "even if you get charged the surcharge, you're still coming out ahead," he said. You won't come out ahead in all transactions since the surcharge may be more than what you are earning in rewards, he said. But there are credit cards that also give you initial points or cash-back bonuses, he said. "If you're making a bunch of small purchases, even if they have a small surcharge added on, if you're saving $1,000 at the end of the day, it's still coming out way ahead," he said. Some consumers will use multiple cards, or debit cards or store credit cards, which may offer better rewards or incentives, Kiernan said. Some consumers may also opt to do automatic payments via their bank account or link their checking account to a retailer or business account to get a discount, he said. Kiernan suggests having a credit card with good rewards and then having a debit card on hand for the times when a retailer wants to charge a surcharge for the credit card. But remember, he cautions, that debit card transactions come right out of the checking account and the fraud protections on debit cards are not as strong as credit cards. Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@ or follow her on X, Facebook or Instagram @blinfisher and @ on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here. This article originally appeared on USA TODAY: Are rewards credit cards worth it with surcharges? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Are rewards credit cards worth it with surcharges, transaction fees? We explain.
Heather Bernhardt is a small business owner. But she has a rant as a business owner and a customer. She can't stand the growing practice of businesses charging consumers a surcharge to use their credit card. "Let me tell you, if you own a small store, you own a store, whatever, restaurant, and you charge me a surcharge for using a credit card, I'm not coming back," Bernhardt said in a Tiktok post. "Eat it. It's good customer service." Bernhardt's ire about credit card surcharges is not unique. In two separate national surveys of consumers, shoppers have said they are sick of being nickel-and-dimed to pay a surcharge that used to be a cost of doing business. The practice of charging consumers a surcharge on transactions is allowed based on a 2012 settlement between credit card networks and a group of U.S. merchants, according to an article by Wallethub. The surcharges, can range from 1.5% to 3%. The practice of passing along credit card transaction fees to consumers by adding a surcharge to their bill began showing up during the COVID-19 pandemic, when more consumers were moving to e-commerce and in-person businesses and restaurants were dealing with higher costs, said John Kiernan, WalletHub editor. However, the 2012 settlement only covered credit card transactions and not debit cards or pre-paid gift cards. Visa and Mastercard rules prohibit transaction fees for debit card transactions, but enforcement is pretty lax since that is not widely known, especially among smaller businesses and consumers, Kiernan told USA TODAY. For credit card transaction fees, the consumer is supposed to be notified in some manner before the transaction takes place. If not, the consumer can file a dispute with the credit card issuer, Kiernan said. Additionally, some states, such as Connecticut, Maine and Massachusetts, have state laws that prohibit credit card surcharges for consumers, Kiernan said. The credit card surcharge fee usage is widespread in practice and also causes widespread annoyance. In a recent study by WalletHub, 87% of people said "they are being nickel-and-dimed when they are asked to pay an extra fee for credit card payment processing." More than 4 in 5 Americans said they were charged a fee for paying with a credit card and 2 in 3 consumers said they would not use their credit card if they were charged a fee. More than 3 in 5 people also said they thought it was unfair for merchants to pass their payment processing fees on to their customers. Kiernan said the practice of adding the surcharge for credit card payments – or offering a discount for cash, which is common at many gas stations – has been growing in recent years. "I think businesses and consumers for that matter, are always going to kind of push the boundaries and try to test the waters to see what they can get away with," said Kiernan. Once businesses started seeing that other companies were charging the surcharge without much backlash, they started doing it, too, he said. In a J.D. Power 2025 U.S. Merchant Services Satisfaction Study released in January, 34% of merchants said they were adding surcharges for customer purchases made using credit cards. In the latest data from the JD Power US Credit Card Satisfaction Study, 82% of shoppers who said they faced a surcharge for using credit cards chose an alternative method of payment. John Cabell, managing director for payments intelligence said the survey did not ask whether any of those customers walked away from the transaction. Consumers don't like such add-ons, said Ted Rossman, Bankrate senior industry analyst. "A surcharge is kind of a way to raise prices without raising prices," Rossman told USA TODAY. While they may be legal, "in the court of public people would frown upon any sort of add-on." Consumers may complain to management, or on social media, which "is actually even worse because they're telling all their friends about this bad experience," he said. Most shoppers aren't carrying cash and they are fighting both inflation and other rising costs, Rossman said. Businesses are also facing similar headwinds. "People feel like everything costs enough already, so businesses are looking to shift some of the cost burden onto the customer," he said. Many customers are stuck paying the surcharge since they aren't carrying cash or don't have a debit card, said Rossman. But some customers are pushing back. Rossman said he doesn't understand the philosophy of businesses adding surcharges since it angers customers and probably loses sales. "We're not going back to a cash-first economy," said Rossman, adding that such extra fees are "a deterrent to sales." Is cash king?: Are we moving toward a cashless, checkless society? Bernhardt owns Blackbird Boutique in Marine City, Michigan. She sells women's clothing, gift items and small home decor pieces. Bernhardt said it's hard enough to compete as a small business owner and she wants to please her customers. She doesn't tack on a credit card surcharge. But she was mad enough recently after visiting another store that charged her to use her debit card – she didn't know it wasn't allowed until a reporter notified her – that she put her rant on TikTok. In her video, Bernhardt said businesses should either eat the cost or "bake it in" to the price of the goods, which she doesn't do. Such surcharges are bad for business, she said. "You've probably lost a customer and you're not getting that returning customer and future sales," she said. If more consumers are having to pay surcharges, is it worth using a credit card to earn cash-back rewards or other perks? Rossman said consumers should weigh how much they're paying in a surcharge versus what they're earning in rewards. Consumers should also pay their credit card bill each month to avoid paying extra interest fees, he said. But credit cards can also offer extra perks, such as extended warranties, purchase protection or travel insurance, so that is something to think about as well, said Rossman. Consumers can also get ahead by picking the right credit card, said Kiernan. "Set yourself up to ignore a lot of this if you have the right card or right collection of cards," he said. "There are a number of cards that give you 5% cash back in custom categories and you can pick two categories a quarter; the categories you spend the most in." Use those cards for your common purchases, then "even if you get charged the surcharge, you're still coming out ahead," he said. You won't come out ahead in all transactions since the surcharge may be more than what you are earning in rewards, he said. But there are credit cards that also give you initial points or cash-back bonuses, he said. "If you're making a bunch of small purchases, even if they have a small surcharge added on, if you're saving $1,000 at the end of the day, it's still coming out way ahead," he said. Some consumers will use multiple cards, or debit cards or store credit cards, which may offer better rewards or incentives, Kiernan said. Some consumers may also opt to do automatic payments via their bank account or link their checking account to a retailer or business account to get a discount, he said. Kiernan suggests having a credit card with good rewards and then having a debit card on hand for the times when a retailer wants to charge a surcharge for the credit card. But remember, he cautions, that debit card transactions come right out of the checking account and the fraud protections on debit cards are not as strong as credit cards. Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@ or follow her on X, Facebook or Instagram @blinfisher and @ on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here. This article originally appeared on USA TODAY: Are rewards credit cards worth it with surcharges? Sign in to access your portfolio
