Mastercard launches Shop Openings tool that allows customers to identify nearby stores that are open
ShopOpenings.com is a new online search tool that allows you to confirm which stores and businesses are open to customers and if they accept contactless payments.
Netflix to Invest $100 Million Into Banks Supporting Black Communities
Netflix said it will allocate 2% of its cash on hand — with an initial outlay of up to $100 million — to banks and other financial institutions that directly support Black communities in the U.S.
Mobile Banking: Financial Institutions Must Clean Up Their Apps
Competitive mobile banking apps have to be fast and convenient. Otherwise consumers will look elsewhere. Beyond speed, apps must be able to accommodate a wide range of user needs. But the good news is that those fixes may help everyone.
It’s harder to get a credit card: ‘Issuers have really tightened up’
With the economic fallout of the pandemic continuing to unfold, credit card issuers have been issuing fewer cards to Americans and those who are approved are getting significantly lower credit limits.
American credit card debt plunges during coronavirus pandemic
First time since September 2017 that card balances have fallen below trillion-dollar mark.
Top 100 Credit Unions Using Social Media for the Second Quarter of 2020
The top credit unions using social media ranked by their overall Power 100 score for the second quarter of 2020
July 6th, 2020
More than a third of Americans have a credit score that’s considered subprime—here’s what that means
CNBC Select reviews what it means to be subprime, how subprime credit cards work and tips on improving your credit score.
Apple launches Path to Apple Card, a 4-month credit worthiness improvement program
Apple is launching an interesting new Apple Card program for people who have their application declined.
The firm behind your credit score just launched a new score to rate your credit resilience
Starting today, banks and credit card companies have one more tool to help them decide if you’re a safe credit risk.
FICO aims to measure how you’ll fare in the economic downturn
The firm’s new Resilience Index takes a closer look at key credit scoring factors. Here’s what that could mean for your credit approval odds. FICO says more “resilient” consumers tend to have lower revolving balances, fewer recent credit inquiries, fewer active accounts and more experience managing credit. Using those criteria, it’s developed a new index to gauge how consumers fare in an economic crisis.
US challenger ban Chime launches Credit Builder, a credit card that works more like debit
U.S. challenger bank Chime, now valued at $5.8 billion, is entering the credit card market with today’s launch of a new card designed to help consumers build their credit history by way of everyday transactions. With the Chime Credit Builder Visa Credit Card, users can control how much they want to spend by transferring funds from a “Spending Account” to their Credit Builder Secured Account, and can then charge up to this amount wherever Visa is accepted.
8 Ways Financial Institutions Must Prepare for the Next Pandemic
Chances are many of the coronavirus issues banks and credit unions have been facing during 2020’s first half could surface again, either in a second wave of COVID-19 come fall or in the form of some new disease. Special readiness testing performed internally or by outside experts could help ensure that your institution learned the key lessons of the unprecedented outbreak and its massive economic upheaval.
June 29th, 2020
Verizon launches no-annual-fee Visa card with competitive rewards on groceries, gas and dining
CNBC Select breaks down five things you should know about the new Verizon Visa Card so you can decide if it’s the right choice for you.
Unifimoney to Use Ocean-Bound Plastic for Contactless
Unifimoney Inc. will use ocean-bound plastic for their Visa contactless cards. Over 6.4 billion payment cards are made globally each year (Nilson).
Credit card industry reins in balance-transfer offers as banks from JPMorgan to Amex fear defaults
Banks have pulled back from a popular credit card promotion on concerns that borrowers struggling during the coronavirus crisis may leave them with defaulting loans.
Can Credit Card Spending Predict Coronavirus Spread?
Credit card companies have released some interesting data about how consumer spending patterns have changed in recent months. For example, in mid-May Chase revealed that credit card spending was down 40%, and that spending in non-essential categories was down 50%.
Could credit card spending actually predict where the next coronavirus spike will happen? A new study suggests so…
Meet Karat, Creating The Credit Card For Influencers And Creators
If there’s one thing Eric Wei wants people to know, it’s that creators and influencers are businesses.
June 22nd, 2020
The COVID-19 Pandemic’s Financial Impact on U.S. Consumers
The COVID-19 pandemic is creating a new reality as its impact has stretched to consumers of all generations and income levels. TransUnion is tracking consumer behavior changes and providing results to all to inform understanding and decision-making during this time of uncertainty.
Why the ‘all-in-one’ channel is rising in B2B payments
While a business seeking payments and business management services could piece together what it needs from a few different providers, it’s increasingly easier to find fintechs and startups demonstrating how all services can funnel through one platform.
Annual fee credit cards have surprisingly added value during pandemic
Some 81% of annual fee cardholders believe they’re receiving either the same (58%) or more (23%) value from their annual fee cards during the pandemic, according to a new CreditCards.com poll.
Visa Launches Advanced Identity Score To Help FIs Fight Application Fraud
It’s the battle against fraud that can be lost right at the beginning.
Bad actors, are, increasingly, targeting online card applications, using stolen personally identifiable information to apply for credit, leveraging those ill-gotten credit lines to make fraudulent purchases.
BMO Harris Bank offers True Name credit cards to create comfort for transgender customers
Small gestures can go a long way. Something as simple as calling someone by their preferred name can have a positive impact on that person.
June 15th, 2020
Financial Peace of Mind May Be Key Banking Product in COVID’s Wake
As America continues to reopen, banks and credit unions have an opportunity to show consumers how to regain their financial footing in an economy walloped by coronavirus closings. Ultimately, helping create financial well-being could mean more than product sales.
Credit, Debit Volume Picks Up: Here’s Where CO-OP Says People are Spending Money
Credit and debit spending began picking up in May, as parts of the economy started to reopen, reported CO-OP Financial Services.
Banks alter security policies to let customers wear masks
As branches reopen, many banks and credit unions will ask customers to wear masks, adding a layer of health safety while creating potential security concerns.
Card aggregator Curve targets U.S. expansion
The European startup consolidates all of your credit cards onto a single piece of plastic (or metal). Will it take off in America?
BitPay’s Prepaid Mastercard Launches in US to Make Crypto Accessible
BitPay rolls out prepaid Mastercard for U.S. crypto customers, hoping to further drive adoption and purchasing power of crypto holders.
June 8th, 2020
Is the Coronavirus Destroying Americans’ Finances?
The novel coronavirus, COVID-19, first appeared in November 2019, but really started to affect the United States in late February and March 2020.
Green Dot To Launch Mobile Banking For US Immigrants
Welcome Technologies, which works to aid immigrants as they integrate into life in a new country, is partnering with Green Dot for the PODERCard, which will help U.S. Hispanic immigrants access digital banking services, according to a press release.
Consumers might abandon credit cards and push $100 billion of spending onto debit cards every year because of coronavirus, a Visa executive says
Consumers are likely to pull billions of dollars of spending away from credit cards and onto debits cards in the coming years, driven by the fear of being in debt during the coronavirus pandemic, a senior Visa executive said this week.
Tailoring Banking to the Needs of Today’s Gig Economy Workers
Gig economy work has grown more common over the past decade, and some forms of it have come very visibly to the forefront as the COVID-19 pandemic spreads.
OakNorth partners with major US lender PNC Bank
The UK challenger bank, which began outsourcing its self-built lending technology to banks abroad in September 2018, will be deploying its COVID Vulnerability Rating (CVR) framework across PNC’s commercial & industrial (C&I) and commercial real estate (CRE) loan books.
June 1st, 2020
The Role Of Unbiased AI In Financial Services
Financial services firms have always grappled with creditworthiness, deciding how much credit a borrower can handle and who is likely to default on a loan.
Half of Americans say their finances are getting worse amid COVID-19
After an 11-year climb out of the depths of the Great Recession, the share of Americans feeling optimistic about their financial situation plunged dramatically as a result of the coronavirus crisis, while those with a negative outlook rose to a new high.
Credit Card Companies Expanding Options For Cash-Back Reward Programs
The ability to earn rewards points when users swipe their credit cards has long been a selling point for credit card companies.
Coronavirus crisis mobile banking surge is a shift that’s likely to stick
Digital banking isn’t new, but with the coronavirus pandemic, young and old Americans suddenly flocked to online and mobile banking en masse.
New Stimulus Check “Debit Cards” Show America’s Banks Are In Big Trouble
A new wave of stimulus payments is hitting people’s mailboxes. But they’re NOT coming in the form of checks. Instead, millions of Americans are now receiving pre-paid debit cards.
May 18th, 2020
Credit card companies are tracking shoppers like never before: Inside the next phase of surveillance capitalism
On Privacy.com, shrouding your online shopping habits sounds easy: Enter your debit or bank account information, and the website generates a virtual debit card.
PayPal Processed More Transactions On May 1 Than On Black Friday
For many firms, the last two months have represented the absolute worst of times as social distancing and forced closures have ground their businesses to a halt.
Only a small number of people are swapping cash for credit during coronavirus, but this expert says that will change
It might be easy to assume that most people are relying on their credit cards to help make ends meet during the coronavirus outbreak — but credit card usage has only captured an additional 3.4% of all in-store transactions since January.
Mastercard sees slight rebound in credit-card use in recent weeks
Mastercard Inc. MA, +0.58% said late Wednesday it has detected a slight rebound in credit-card use in the two weeks ended May 7, in part due to the loosening of social-distancing rules in several areas and the impact of fiscal stimulus in the U.S.
Millennials and Gen Z Need Fresh Approaches from Consumer Lenders
Tens of millions of American consumers are either “credit thin” or “credit invisible” — without enough credit history, or any, for a lender to evaluate.
May 11th, 2020
Credit card applications have dropped by 40% amid coronavirus—here’s when to apply for a new card
When consumers face economic hardship, opening a new credit card may be a helpful option to get by. But surprisingly, many Americans aren’t taking this approach during the global coronavirus pandemic.
Citi announces changes to help cardholders maximize benefits during coronavirus
Shortly after American Express and Chase, announced exciting changes in credit card benefits, Citi became the latest issuer to make changes to help cardholders maximize benefits to fit altered spending habits during the coronavirus pandemic.
Samsung will introduce an ‘innovative’ debit card this summer
It wants to go where Apple, Google and others are going.
Visa is planning changes to swipe fees: report
Payments processing company Visa Inc. is coming up with changes to the rates that merchants will pay to accept its cards, according to a news report from Bloomberg.
One-in-Four Americans Report Card Limit Reductions in Last 30 Days
Approximately one-in-four credit card-holders, or about 50-million Americans, have seen a reduction in their card limits over the past 30 days, according to a new survey by LendingTree’s Compare Cards website.
May 4th, 2020
How COVID-19 Is Changing the Way Consumers Pay for Purchases
Shelter-at-home protocols have caused many Americans to rethink the way they pay for purchases. Whether you’ve actively been in quarantine or you’re out every day as an essential worker, chances are you’ve made some adjustments to your payment strategies.
Americans Are Squirreling Away the Savings, As CFPB Data Show Big Decline in Credit Apps, With Big Variances by Region
As many credit unions are becoming aware, those Americans who can do so are stashing away money in savings in response to nervousness over the economy.
Poll: 23% of consumers added to their card debt during the pandemic
Sickness isn’t the only symptom of the novel coronavirus – 23% of U.S. adults with credit card debt have added to it during the pandemic, according to a CreditCards.com poll.
Amex adds new benefits to most of its premium cards in streaming, wireless, grocery and dining categories
Consumers with premium or travel credit cards may be second-guessing their card’s value given the ongoing coronavirus pandemic.
Latest PSCU Card Spend Analysis Reveals Big Decline in Credit, Uptick in Debit
A sharp decline in overall credit card spending but a small uptick in debit card spend can be seen in the latest transaction analysis released by PSCU of data from its member credit unions.
What Banks Can Learn from Mastercard’s Innovation Lab Chief
“I’d much rather be in the business of selling painkillers than vitamins,” says Ken Moore. Pain points mean opportunity to Moore, who heads up Mastercard Labs, an international network of innovation labs for the financial giant.
AmEx Retools Platinum Card as Pandemic Crimps Global Travel
American Express Co., long synonymous with premium travel rewards, will now offer a meditation app and credits for streaming services as the coronavirus pandemic forces its customers to stay home.
April 27th, 2020
How FIs And FinTechs Are Expanding The Credit Card Paradigm
As consumers shop amid ongoing public health restrictions, they almost invariably reach for their credit cards — whether the physical varieties in their wallets or the digital versions stored on their browsers and mobile devices.
Credit card issuers like American Express and Capital One are adding new ways to earn and redeem rewards during quarantine
In the scheme of things, not being able to fully maximize your rewards credit cards during the coronavirus pandemic isn’t the biggest problem.
CREDIT CARD COMPANIES ARE SUDDENLY LOWERING LIMITS, ANALYSTS OFFER ADVICE ON HOW TO PROTECT YOUR BORROWING POWER
Analysts warn that credit card companies are lowering credit limits and canceling cards—often without warning—amid the pandemic-induced economic crisis, just as they did during the Great Recession
Millions of credit card customers can’t pay their bills and lenders are bracing for the impact
Millions of Americans are skipping their credit-card payments as the coronavirus pandemic puts them out of work.
Mobile finance apps surge in market share
Financial apps are surging in use, with an increasing number off users embracing mobile for digital banking, lending, investing and other needs around the world, according to a report by AppFlyer, a specialist in mobile app marketing.
April 20th, 2020
Harris calls for credit card fees to be suspended during coronavirus crisis
Sen. Kamala Harris (D-Calif.) on Wednesday said that all credit card interest, fees and penalties should be suspended during the coronavirus crisis, as many people have lost their jobs and are struggling to cover their expenses.
Consumers Pay Down Credit Card Debt As Businesses Ramp It Up
As the coronavirus pandemic continues, a sharp difference emerges between the ways consumers and businesses are dealing with credit: Consumers are spending less and have reduced debt, while businesses are drawing on their credit lines more than usual, according to Seeking Alpha.
The checks are flowing: Here’s how Americans are spending coronavirus stimulus payouts
Checks for millions of Americans, a central part of the $2.2 trillion stimulus bill, began cropping up in bank accounts last week.
Leaked pics reveal Google smart debit card to rival Apple’s
Would you pay with a “Google Card?” TechCrunch has obtained imagery that shows Google is developing its own physical and virtual debit cards.
How the coronavirus pandemic could impact women
Due to business closures and a significant drop in travel stemming from the COVID-19 pandemic, an unprecedented number of workers are facing unpaid time off or unexpected layoffs.
April 13th, 2020
Kiplinger’s Personal Finance: Changes are coming to your credit score
FICO, the credit scoring giant, is adjusting how it calculates its three-digit key to your creditworthiness….
Top 5 Digital Banking Transformation Trends Shaping 2020
Nobody will disagree that the banking industry is going through massive changes unlike anything seen in decades. New technologies are impacting legacy banking models and consumer expectations, as well as the competitors in the marketplace.
Consumers Shift Buy Now, Pay Later E-commerce Spending Away From Apparel and Footwear and Toward Health & Beauty and Leisure Categories
Klarna, a leading global payments and shopping provider, today released new data that indicate consumers in the US are shifting their e-commerce spending away from apparel, footwear and accessories and toward health and beauty and leisure items as the COVID-19 outbreak continues.
Mastercard Pledges $250M In Help For Small Businesses
Recognizing that Main Street is being hard hit by the coronavirus pandemic, Mastercard committed $250 million over the next five years to support small- to medium-sized businesses (SMBs), according to a press release.
How the Virus Transformed the Way Americans Spend Their Money
The coronavirus has profoundly altered daily life in America, ushering in sweeping upheavals to the U.S. economy. Among the most immediate effects of the crisis? Radical changes to how people spend their money.
COVID-19 Provides Opportunity For Digital Transformation
COVID-19 has become a digital banking ‘reality check’ for both financial institutions and the federal government.
Survey: Americans Are Very Worried About Their Job Security & Finances Due to Coronavirus
At the time of this writing, Johns Hopkins’ Coronavirus Resource Center has reported 353,692 cases of Coronavirus around the world and 15,430 deaths.
April 6th, 2020
Reimagining Banking During and After COVID-19
Before COVID-19, the banking industry was experiencing an unprecedented period of growth and prosperity.
More people are avoiding cash. That might not be a good thing
More people following “stay at home” orders during the coronavirus outbreak, and cash is no longer king. With concerns about passing around bills, the homebound are ordering take-out and shopping online using credit instead.
In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more
Not only has COVID-19 led to a dramatic dip in the stock market, but the coronavirus pandemic has also resulted in both temporary and permanent layoffs.
Credit card skimming is new threat in coronavirus era
Credit card skimming is on the rise as online shopping explodes in the wake of the coronavirus pandemic.
Direct Banks Earn Higher Customer Satisfaction than Traditional Retail Banks, but Face Call Center Challenges, J.D. Power Finds
Even before the COVID-19 pandemic thrust digital banking into the global spotlight, branchless—or direct—banks were already taking deposit market share from traditional retail banks, particularly among younger customers.
Home lenders brace for up to 15 million mortgage defaults
Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: mass foreclosures and mortgage market mayhem.
Consumer Group Blasts New CFPB Position on Credit Reporting, Collection
A consumer group is blasting a new statement from the CFPB on responsibilities of credit reporting companies during the coronavirus pandemic, saying the Bureau may even lack the legal authority to take the position it has.
March 30th, 2020
Allianz: Americans Not Panicking, Trying To Stay The Course
With the stock market experiencing some of the biggest swings in history and the bull run officially over, Americans are concerned that the worst is yet to come. But the good news is, they are not panicking quite yet.
Credit Card Reporting and FICO Scores: Less to Worry About During COVID-19
There’s enough to worry about as countries and central banks fortify against financial shock. For consumers in the U.S., credit bureau updating will have flexibility because of actions taken by the CFPB. This affects updates to Equifax, Experian, and TransUnion.
In echo of ’08, coronavirus threatens billions in credit card losses for banks
For Bethany and Derick Hingle, every dollar counts now. In just a matter of weeks, the New Orleans couple — he’s a self-employed photographer, she works at a jewelry store — watched most of their income evaporate as the coronavirus pandemic shuttered businesses.
6 Things To Know About Coronavirus And Your Credit
COVID-19 has thrown the economy into disarray and millions of people have had income disruptions we couldn’t have imagined earlier this year.
Amex waiving interest, late fees on accounts requesting COVID-19 relief
Over the weekend several TPG readers commented in our Facebook groups they had received relief from interest, late fees and other fees on both their personal and business American Express cards when requesting help over the chat feature on the American Express website.
Revolut finally launches debit card and app in the United States
Revolut, one of Europe’s hottest fintech startups, is launching in the U.S.
March 23rd, 2020
Apple Card users can request to skip their March payment, penalty-free
On Sunday, March 15, the Goldman Sachs-backed Apple Card emailed its customers to offer support as more and more consumers are bracing for the negative economic impact of the coronavirus outbreak.
Here’s how banks and credit card companies are helping during the coronavirus outbreak
The coronavirus isn’t just a minor inconvenience for some. Its growing impact is causing financial hardship for millions of people.
Department of Justice Launches Investigation against FICO for Exclusionary Conduct
Last Friday, the Department of Justice opened a civil investigation against the Fair Isaac Corporation. (FICO). The DOJ’s Antitrust Division is looking into FICO’s policies for signs of “potentially exclusionary conduct.” The full extent of the investigation is unknown at this time.
Key Customer Experience Trends in Mobile Photo Deposits
There’s a reason that mobile banking apps can be downloaded for free: No one uses them for fun. They’re tools to get financial chores done. Yet they are becoming essential.
Credit Card Stats & Studies
67 Million Americans Anticipate Trouble Paying Credit Card Bills Due to Coronavirus.
Why Millennials and Gen Z Love Megabanks
For years, bank and credit union leaders in the U.S. have looked at the Canadian banking model — five huge banks and a few small and midsize institutions — and said, “That will never happen here.”
March 16th, 2020
Fed slashes interest rates to near-zero amid coronavirus fears
The Federal Reserve has voted to cut its benchmark interest rate by a full percentage point amid fears over the coronavirus outbreak.
Divided Supreme Court debates constitutionality of Consumer Financial Protection Bureau
A sharply divided Supreme Court on Tuesday debated the constitutionality of the Consumer Financial Protection Bureau and whether a president should be able to remove its head for any reason, including disloyalty or policy differences.
If Tim Cook Won’t Tell The World How The Apple Card Is Doing, I Will
If there’s one thing I’ve learned as a technology analyst for more than 20 years it’s this: When companies have good news to report, they don’t hold back on publicizing key performance metrics.
How Will The Coronavirus Impact The Banking Ecosystem?
The growth in the impact of fintech firms did not abate as we entered 2020, with venture capital funding for private U.S. fintechs coming off a strong 2019, where $18 billion was invested compared to $13 billion in 2018, according to CB Insights and PwC.
Coronavirus Crisis: The Future of Cash, Checks, Credit Cards & Crypto
Someone with COVID-19 hands a cashier their credit card. The transaction is processed. You’re next. When the cashier hands you your credit card back, it may have viral matter smeared all over it.
Credit card issuers are helping consumers affected by coronavirus—what you need to know
On Monday, the FDIC encouraged financial institutions to prepare for more American consumers experiencing financial hardship due to the coronavirus pandemic.
March 9th, 2020
Visa Cut Its Revenue Forecast Because the Coronavirus Is Hitting Credit-Card Spending
The coronavirus outbreak is hitting credit-card spending and that trend has yet to hit bottom, Visa said in a filing with the Securities and Exchange Commission on Tuesday.
Credit-card borrowing declines in January, second drop in past three month
Consumers are pulling back from using their credit cards, according to data released by the Federal Reserve on Friday. Revolving credit, namely credit cards, declined at a 3.3% annual rate in January. That’s the second decline in the past three months.
Credit card benefits are changing: What’s going on?
I’ve been using credit cards for more than 30 years and I’ve been covering the credit card industry as a journalist since 2008. Until two years ago, credit card benefits were all but chiseled in stone.
Fed cuts rates sharply in response to coronavirus risk to economy, markets
The Federal Reserve cut interest rates Tuesday in a rare emergency move, responding aggressively to the growing threat the coronavirus poses to the economy and financial markets.
New tech startups challenge AmEx in the niche corporate card market
For decades, corporate credit cards were a boring industry, dominated by money-colored AmExes, the default choice for power lunches and client dinners around the world.
March 2nd, 2020
Why more issuers see profit in secured credit cards
Ally Financial’s recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.
Credit Union’s New Card Goes All-In With 3X Points
It happened quietly, but it’s a big deal: In early February, a credit union launched a no-annual-fee credit card that earns an unlimited three points per dollar spent on all purchases — effectively 3% back, since points can be redeemed for 1 cent each. In the world of credit card rewards, that offer is head-and-shoulders above other ongoing rates.
99% of merchants in the U.S. who accept credit cards now take American Express
It may seem like a minor issue, but it can be rather annoying when you pull out an American Express card to pay for your dry cleaning only to have the store owner tell you they only accept Visa or Mastercard.
Chase and United extend cobranded card partnership through 2029
The longstanding relationship between Chase and United will carry on for at least another decade, as the two companies announced an extension of their cobranded credit card partnership on Friday.
More than a third of families rely on credit cards, survey says. Here’s why you need to be careful
Credit cards may be a helpful tool for consumers, but they should be used for the convenience and benefits they offer.
Venmo prototypes a debit card for teenagers
Allowance is going digital. Venmo has been spotted prototyping a new feature that would allow adult users to create for their teenage children a debit card connected to their account. That could potentially let parents set spending notifications and limits while giving kids more flexibility in urgent situations than a few dollars stuffed in a pocket.
February 17th, 2020
1 in 3 consumers fear they will max out a credit card
Despite the dangers of high-interest debt, more consumers are testing the limits of plastic.
Ramp, a corporate credit card to rival Brex and Amex, raises $25 million
A new credit card startup is taking aim at American Express and other stalwarts that have long dominated corporate expense accounts.
US Credit Card Debt Hits All-Time High Of $930B, Delinquencies Rise
Debt from credit cards hit a record high in 2019, driven by young borrowers and aggressive spending, according to The Wall Street Journal. Despite a healthy economy and robust job market, the number of people who fell behind on payments increased.
Payment Apps Popular Among All Age Groups
In the last few years, the market has become saturated with payment apps. From peer-to-peer transfer platforms to invoicing tools, there are countless ways for people to manage their money online.
Apple Card Takes Over Google Search for Big Marketing Launch
Virtually any time Apple introduces a new product to consumers, it’s going to be a big deal for competitors. And when it enters a completely new vertical— like financial services — the impact has the potential to be devastating.
February 10th, 2020
Consumer Credit Card Satisfaction Survey: How Issuers Stack Up
CREDIT CARDS DON’T COME with satisfaction guarantees. What’s more, there is no surefire way to choose a credit card you’ll be happy with, although research helps.
Holiday on plastic: US credit card debt surged in December
Americans gave their credit cards a real workout this past holiday season. The Federal Reserve said Friday that borrowing on credit cards rose by the largest amount in more than two decades in December.
A Case for Paying With Your Phone
Thanks to “contactless” payment systems, there’s a revolutionary change going on in how credit cards are used. While mildly convenient for purchases in the United States, the technology is a huge improvement for overseas travelers.
93% of attempted mobile transactions in 2019 were fraudulent
93 percent of total mobile transactions in 20 countries were blocked as fraudulent in 2019 according to a report on the state of malware and mobile ad fraud released by Upstream.
Visa Is Planning the Biggest Changes to Swipe Fees in a Decade
Visa Inc. is planning the biggest changes in a decade to the rates U.S. merchants pay to accept its cards, hoping to persuade more people to abandon checks and adjusting its fees for new businesses such as ride-hailing services.
Be Careful What You Ask For, As Banks Increase Credit Lines
Banks love to collect interest so they’ve been increasing customers credit limits, even without them asking for it. In the new golden age of plastic, more people are getting unsolicited access to additional credit from U.S. banks, putting even more pressure on Black households as more than 27% of them are late on paying their debts.
February 3rd, 2020
Stolen credit card info on the dark web tripled in 6 months
The amount of stolen credit card numbers on the dark web in the last six months of 2019 tripled compared to the first six months, a sign that credit card frauds and hacks are getting worse.
50% of Gen Z has a credit card and a prime credit score—and they’re more credit active than millennials were
Younger generations often get a bad rap for how they manage their finances and among the many sticking points, they typically opt for debit or cash over using credit cards.
Is cash still king? Reviewing the rise of mobile payments
The U.S. House Financial Services Committee Task Force on Financial Technology held a hearing on Thursday, January 30, entitled: “Is Cash Still King? Reviewing the Rise of Mobile Payments.” My answer to that provocative question is: Yes, cash is still king.
BankThink Most consumers don’t trust mobile payments. There’s a way to fix that.
While convenience, time savings and innovation are important, customers also need to feel the information they share is secure.
More than half of people with rewards cards miss out on points or cash back, and it’s a mistake that can add up quickly
The cardinal rule of using credit cards responsibly is to treat them like debit cards, only spending what you can afford to pay off each month.
Why Digital Payments Innovation Sticks To Gen Z
Things move fast – perhaps too quickly at times – in payments and commerce. A fresh sign of that is how much focus is turning toward the emerging consumer group known as Generation Z.
January 27th, 2020
Changes are coming to your credit score
Your credit score could soon go down — or up.
Banks Are Handing Out Beefed-Up Credit Lines No One Asked For
It might sound like a risky strategy at a time when millions of Americans are drowning in debt: keep raising the limit on people’s credit cards, even if they don’t ask.
Many millennials are drowning in credit card debt
We constantly hear about millennials and student loan debt. But a 2019 study by Northwestern Mutual, finds that credit card debt is the biggest source of debt for one in four millennials.
JPMorgan Chase Ranked Best Mobile Deposit User Experience
Cornerstone Advisors released the 2020 Mobile Deposit Benchmark Report which ranked the top 20 US-based banks on their mobile deposit user experience.
History of the Credit Card: Origins, Laws and Timeline
America increasingly has a genuine love/hate relationship with credit cards.
January 13th, 2020
Only 18% of Americans Have Reached This Simple Financial Milestone
It’s important to have goals in life, especially when it comes to your finances. Setting a target for how much you want to have saved for retirement or the amount you want to have stashed away for a down payment on a house, for example, can help motivate you to save more and reach your goals on time.
Mastercard Launches Augmented Reality App to Help Cardholders Understand Their Benefits
Mastercard has created a new augmented reality app to help customers better understand their card benefits.
51% of Americans are planning to eat out less in 2020—here’s how to save money without cutting costs
January is a popular time to make New Year’s resolutions, and nearly half of Americans (44%) have financial goals for 2020, according to a new CreditWise from Capital One Financial Milestones survey. Of those surveyed who have a financial resolution, 71% are planning to save more money and 34% are planning to pay off debt.
Financial Institutions Must Rethink Digital Delivery in the Next Decade
The ability to compete in the future will require new systems, new processes and a new culture. Banks and credit unions may determine that transforming the entire existing organization to ‘become digital’ is the way to proceed.
Fed: Card balances fell by $2.4 billion in November
Consumer revolving debt – which is mostly based on credit card balances – declined $2.4 billion on a seasonally adjusted basis in November to $1.086 trillion, according to the Federal Reserve’s G.19 consumer credit report. Card balances were off 2.75% on an annualized basis.
January 6th, 2020
Credit card debt is worse for those with high income
Credit cards are a growing problem for everyone.
Americans’ near-record levels of credit card debt help bolster banking industry
Americans have accumulated near-record levels of credit card debt over the past year as card companies have increased interest rates and fees.
76% of Americans Are Misinformed about How Balance Transfer Cards Work
Balance transfer cards provide a convenient opportunity for cardholders to lower their interest or consolidate credit card debt. However, many Americans do not fully understand how these cards work, even if they have owned a balance transfer card in the past.
I was shocked to see my friends pay a restaurant bill with debit cards, but it turns out they’re perfectly representative of millennials on the whole
My friends are millennials, and they’re generally pretty good with money. They’re all frequent travelers and love to spend money on experiences like dining out.
Four digital banking trends to watch in 2020
Banks and credit unions have faced unprecedented levels of competition over the past year. Challenger banks and technology companies have attempted to disrupt traditional banking relationships and gain deposit share, threatening institutions’roles in their customers’and businesses’financial lives.
December 16th, 2019
Bank of America will pay people $15 to use its app
Bank of America (BAC) has close to 40 million customers who bank digitally. Around 30 million of which use the bank’s app and 10 million use its virtual assistant, Erica — a cornerstone of the bank’s digital strategy.
Americans’ Credit Card Debt Poised to Reach 10-Year High
Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic.
Could PayPal co-founder’s new company disrupt the credit card industry?
PayPal co-founder and Affirm CEO and co-founder Max Levchin discusses the future of digital currency and his company, Affirm. He says Affirm has gained young consumers’ trust over traditional banks by aiming to be transparent, with features like no overdraft fees.
TransUnion: Credit card delinquencies could reach 10-year high in 2020
Credit card delinquencies past 90 days are expected to reach a 10-year high next year, but the projected total is still less than the last recession, according to new forecast unveiled by TransUnion on Thursday.
One-third of credit card debt is caused by medical expenses. These steps can help you manage those bills
For millions of Americans, unexpected bills can be summed up in two words: medical debt.
December 9th, 2019
Hitting the plastic: US credit card use jumped in October
U.S. consumers ramped up their credit card spending in October.
Apple Card Beginning to Show Up on Credit Reports, APR Range Lowered
Goldman Sachs has confirmed that it is working with credit bureau TransUnion to begin reporting Apple Card information, informing cardholders that they will see full details on their credit report within the next five days. This includes the date the Apple Card account is opened, credit balance, payment status, and more.
3 Major Ways Credit Cards Have Changed in the Past Decade
The credit cards of the future are here — and they’ve improved in some big ways in the past decade.
Black Friday Through Cyber Monday, Suspicious Transactions Rose 29% from Last Year
While last weekend’s holiday-shopping extravaganza unleashed a geyser of payment transactions, it also uncorked a flood of potential fraud, data released Thursday show.
Digital bank Chime quadruples valuation in less than a year to $5.8 billion as it takes on megabanks
A war is brewing in digital banking, and one leading player just loaded up on ammunition.
December 2nd, 2019
Banks Losing Customers Who Want Seamless Digital Experiences
Digital banking alternatives from the largest traditional banks, smaller fintech firms and big tech companies are increasingly making loyalty at most banks and credit unions tenuous.
Millennials rebelling against credit cards: PayPal co-founder
As consumers gear up for Black Friday and Cyber Monday deals, we may be witnessing the twilight of the credit card thanks to millennials.
Mobile payments undermine banks’ battle for credit card dominance
Banks are battling to get consumers using their credit cards for holiday shopping. But faster mobile payment options are making that more difficult.
The fastest-growing debt category in U.S. is not student loans or credit cards
It’s the fastest-growing debt category in the country, but if you are thinking student loans or credit cards, you’re wrong.
Baby boomers big on credit cards for holiday shopping, study shows
Three-quarters of American consumers expect to conduct at least half their holiday shopping online this year, and 1 in 3 say a credit card is their preferred method of payment. But some generations prefer shopping with credit cards more than others.
November 25th, 2019
New Google Checking Accounts Threaten to Shake Up Banking Industry
Even after many warnings about the Big Tech threat — and several concrete developments, notably the launch of Apple Card with Goldman Sachs — the banking industry was still jolted by Google’s plan to offer “smart checking accounts” in partnership with financial institutions.
Most Retail Banks Score Poorly for Digital Marketing
Fintechs and other challenger brands have been outdistancing many traditional financial institutions in key aspects of digital marketing efforts, according to a Gartner financial marketing study.
Equifax And Neustar Enter Into Agreement To Deliver Superior Segmentation Solutions For The Financial Services Industry
Equifax Inc. and Neustar, Inc., announced a strategic agreement designed to deliver superior segmentation solutions to the financial services industry. This new relationship will bring together the unique data assets of both companies for offerings designed to meet the needs of financial services institutions.
PayPal acquires app Honey to help launch personalized shopping experiences
PayPal has acquired popular deal-finding tool Honey for $4 billion in its largest acquisition to date. The deal promises to integrate Honey’s product discovery, price tracking and savings functionality into the PayPal and Venmo payment experiences.
Survey: 40 percent of credit card debtors have higher balances than over past decade
Over the past year, American consumers have seen record stock market highs, the lowest unemployment rate in 50 years and continued wage growth.
Millions Sign Up for Mobile Payments—But How Many Stick Around Long Term?
Observers of mobile wallets have focused attention on user counts as a sign of adoption, but that leaves open the question of how many of these consumers are turning into habitual users.
November 18th, 2019
Payment Methods Significantly Impact Mobile Shopping Decisions
When it comes to mobile commerce, consumers know what they want. According to a new study from PayPal and Ipsos, the number one reason why consumer’s abandon mobile purchases is because a store does not offer their preferred payment method.
Millennials worry more than older generations about their credit
As millennials get older, they’re becoming increasingly preoccupied with their credit scores.
SmartMetric Introduces New Component to Use Credit Card
SmartMetric, USA based company with sales and marketing partnerships in Latin America, Europe the United Stated, Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
2019 Credit Card Fee Survey: Premium rewards, card missteps get costlier
It’s getting more expensive to miss a credit card bill, or take out a cash advance.
Google is getting into banking with the search giant set to offer checking accounts next year
Google will offer checking accounts next year as it partners with financial institutions including Citigroup, representing Big Tech’s boldest move yet into consumer banking.
November 11th, 2019
Big Banks Line Up Against Smaller Rivals in War for Faster Payments
Both consumers and businesses want payments to be faster and simpler — witness on the consumer side the boom in the use of Zelle, Venmo and other services. The Federal Reserve has announced plans for its own faster payments initiative.
More than half of consumers may go into credit card debt for the holidays
Do millennials like credit cards, or don’t they? That’s the question for retailers, and the answer to it continues to flip flop.
Millennials’ Credit Card Debt Is Rising Thanks To A Lot Of Dining Out And Traveling
Household debt has been rising for five straight years, and credit cards are a big reason why.
Apple’s credit card is being investigated for discriminating against women
Apple’s new credit card is being investigated by financial regulators after customers complained that the card’s lending algorithms discriminated against women.
4 Out of 5 People Who Use Digital Banks Would Switch to Amazon
Nearly two-thirds of U.S. consumers are thinking about opening a new savings account, and about half of them (47%) say they would be comfortable with an online-only provider like Ally, Discover or Synchrony, according to a survey conducted by the Consumer Bankers Association and Novantas.
November 4th, 2019
Poll: 61 percent with credit card debt are willing to get in deeper for the holidays
With the holidays right around the corner, it’s time to start thinking about whether or not you’re willing to take on debt to get through them.
Credit cards have gone out of style in China — will the U.S. be far behind?
Imagine opening Instagram not to post a photo or comment on someone’s story, but instead to pay for your groceries.
You’ll Never Guess How Few Gen Zers Have Credit Cards
While millennials tend to get tons of attention when it comes to financial issues, they aren’t the only generation whose money habits will affect the future economy. In fact, Gen Z is the newest-named generation and these young people, born between 1995 and 2015, are already making their own money management choices.
Goldman Sachs leads $50 million investment in millennial credit-card start-up Deserve
Goldman Sachs is betting on a Silicon Valley start-up that’s seeking to modernize the systems underpinning the credit-card industry.
Current Retail Banking Distribution Models Are Destined to Fail
The banking industry realizes that it must build a new distribution model — one that reflects consumers’ desire for cross-channel experiences like those they receive when shopping, paying and even selecting music or podcasts.
October 28th, 2019
Nearly one-third of people say they’ll take out a store credit card this holiday season — read this before you do
Retail credit cards have some of the highest interest rates on the market — and those rates are reaching new heights.
Revolut to Launch Multi-Currency Debit Card in the U.S. by Year’s End
Revolut, a global digital banking service, is planning to launch a multi-currency debit card in the United States by the end of the year. The card can be used in over 150 currencies using the current interbank exchange rate.
Survey: Despite safety concerns, 64% of U.S. cardholders save their information online
As new digital products and services enter the market and continue to make sharing personal financial information like credit and debit cards the norm, online safety is more important than ever.
At 50, American Express’ most famous card no longer holds its charge
The credit-card issuer announced Thursday that it had overhauled the iconic credit card, which debuted 50 years ago. Among the most drastic changes was switching the card, now known as Green from Amex, from a charge card to a credit card. That means that for the first time, card holders won’t have to pay off their entire balance every month.
Engaging Millennials with Mobile Banking Tools
People are buying more through their phones. Confidence in mobile payments raises the stakes for marketers trying to reach a consumer at the right place and the right time.
October 21st, 2019
Amex now letting cardholders split purchases via Venmo or PayPal
American Express cardholders now have the option to split purchases with their friends on Venmo or PayPal directly from the Amex mobile app.
How rewards programs for the rich could push credit-card costs higher — even though interest rates are falling
While interest rates plateaued and then moved steadily lower this year, credit card costs have headed in the opposite direction.
PayPal Launches Venmo Credit Card
Online payments giant PayPal is teaming with Synchrony Financial to roll out a Venmo co-branded credit card next year, marking a first for the peer-to-peer (P2P) money transfer platform, the companies announced in a press release on Thursday (Oct. 17).
How millennials are being tricked into crippling credit card debt
Do you ever feel like you’re in credit card hell and can’t escape?
Apple and Goldman Sachs don’t report Apple Card information to credit bureaus
If you’ve signed up for the Apple Card, your payment history won’t be reflected on your credit reports.
October 14th, 2019
Three Keys to Debit Cards’ Future as Mobile Banking Builds
Debit cards keep churning out revenue. But for how long? Unless banks and credit unions proactively integrate this payment product into their mobile banking apps, they could miss connecting with Millennials. Rewards, ease of use and security features are key elements.
Upgrade Card Combines Credit Card Acceptance With Installment Payments Flexibility
Twelve years ago, LendingClub Founder Renaud Laplanche built a business to help consumers manage the $800 million in outstanding credit card debt. That product was an unsecured personal loan that consolidated the debt into a lower interest option with fixed monthly payments.
Sallie Mae is expanding from student loans to credit cards. Should you get one?
Sallie Mae, the student loan provider once sponsored by the government, is expanding into credit cards.
Nearly half of Americans have let their airline or hotel rewards expire
Rewards earned from spending with a credit card can help you obtain cash back, airfare, hotel stays, gift cards and more. So why let them go to waste?
Average retail credit card’s interest rate surges to 26% — despite Fed cuts
Shopping for bargains at discount stores makes financial sense, so long as one isn’t running up a tab on a store-branded credit card with an exorbitant interest rate.
October 7th, 2019
Walmart unveils new rewards credit card, but some experts say proceed with caution
Walmart WMT, -0.45% on Wednesday is rolling out a new credit card designed to compete with cards from Apple AAPL, +0.94% and Amazon AMZN, +0.23%.
A peek behind the curtain at American Express
I recently had a fascinating discussion with Gunther Bright, American Express’s executive vice president of merchant services.
The Apple Credit Card: Trouble in Paradise?
Apple’s credit card mantra, “created by Apple, not a bank” probably missed the mark on credit fundamentals. Perhaps there should have been a banker or two on the design committee.
Are Americans Embracing Mobile Payments?
Americans typically make purchases with cash, credit cards, or debit cards, but many are also conducting financial transactions using web browsers, text messaging, or apps on phones and tablets.
Watch for these 5 big credit card changes coming soon
Credit cards are a little like sports cars: A newer, shinier, more exciting version that includes richer rewards or better fraud protection is often just around the corner.
September 30th, 2019
The U.S. Dollar Will Back 50% of Libra, Facebook’s Cryptocurrency
The U.S. dollar will represent 50% of the backing for Facebook’s proposed cryptocurrency, according to reports from Reuters.
Digital Banking Transformation Thwarted by IT/Marketing Disconnect
For years, no one in banking gave much thought to how well the top marketing officer and the top technologist were working together. The CMO labored away at the creative side, supervising production of advertising and communications.
Airline Cards Represent 38% of Co-Branded Credit Card Purchases
According to new research from Packaged Facts, airline cards make up over 38% of co-branded credit card purchases. Airline co-branded cards represented $379 billion of the $990 billion purchase volume of co-branded cards in 2018, an increase of 7.9% over 2016.
2 in 5 millennials are making a big credit card mistake
There are lots of good reasons to have a credit card, including building credit and earning rewards. There are also some very bad reasons. And unfortunately, millions of millennials have a terrible reason for carrying plastic.
How Banks and Credit Unions Can Solve the Personalization Riddle
The personalization engines of retail giants, including Amazon, have established a new standard for customer experience. As a result, consumers now have the same expectations outside of retail environments.
September 23rd, 2019
Credit card rates continue to rise
Americans are getting hit by rising credit card interest rates. On average, the American household carries a $6,028 credit card balance.
15% of Americans Think They Will Never Get out of Debt
Americans carry an average of $29,800 in personal debt, excluding mortgage loans. The 2019 Northwestern Mutual Planning & Progress Study reveals that most consumers dedicate one-third (34%) of their monthly income to debt repayment, and 15% believe they will never be out of debt.
A quarter of millennials say most of their debt is credit cards, not student loans
Student-loan debt feels ubiquitous among young Americans, but about 40% of millennials say it’s actually not the biggest balance they owe.
Credit card start-up Petal raises $300 million debt round from Jefferies
Credit card start-up Petal just completed a new financing round.
Millennials shop for credit cards more than older generations: Report
Millennials are much more likely to look for a new credit card, according to a new report.
Walmart launches two new credit cards offering 5% back on digital purchases
Walmart is partnering with Capital One to launch a new credit card program, which rolls out on September 24, and includes both co-branded and private-label cards.
September 16th, 2019
Payments giant Stripe debuts a credit card in its latest step into the financing fray
Last week, when the popular payments startup Stripe made some waves with its first move into money lending through the launch of Stripe Capital, we reported that the company was also soon going to be launching a credit card.
Should Visa Worry About Apple’s New Credit Card?
With the unveiling of Apple’s (NASDAQ:AAPL) new Apple Card in August, war-on-cash investors would be remiss not to ponder what this venture means for some of the companies operating in this space.
Americans are piling on credit card debt, despite recession warnings
One analyst’s estimate this week that “real” debt could be nearly 2000 percent of GDP attracted plenty of attention, but analysts who study consumer spending habits say there’s a real debt risk much closer to home: The amount and pace at which American consumers are racking up credit card debt.
Retail credit cards are squeezing the financially vulnerable as their delinquency rate rises
For the past two months, Becky Beach, an avid shopper, found herself trapped in the “shop more, earn more points” game that retailers play.
AmEx Says 70% of Its New Credit Card Customers Pay Annual Fees
Annual fees aren’t scaring customers away from American Express Co.’s credit cards.
September 9th, 2019
Fewer women now pay their credit card balances in full
Americans — especially women — are feeling less secure about their finances today than just a few months ago.
Some college students think credit cards are free money
There are lots of new experiences ahead for your college freshman: making new friends, learning to tend to themselves a bit; and, understanding when something isn’t good for them like those credit card offers that are filling their mailboxes.
Credit Card Companies Take Cue From Start-Ups to Offer Flexible Payment Plans
Spend too much on your summer vacation? Need to replace that sputtering air-conditioner?
Why Apple Is Entering The Crowded Credit Card Field
The new titanium Apple credit card launched last month. It certainly looks different from the cards you’ve already got in your wallet – sleek, all white, no number on it and so delicate that the company warns you have to be careful how you store it so it doesn’t get stained.
Citigroup doubles down on credit cards even as U.S. economy softens
Despite signs that the U.S. economy is slowing, New York-based Citigroup Inc is betting big on credit cards.
Amazon’s New Payment System Scans Your Hand Instead Of A Credit Card
Amazon just announced its newest piece of identification technology, and, frankly, I’m totally freaked out. If you thought the iPhone X’s face scanner was high-tech, brace yourself.
August 26th, 2019
Here’s how many Americans are struggling to pay their credit card balance in full
Many Americans are struggling to pay their credit card balances Opens a New Window. in full, according to a new report.
Discover tops other major card issuers in customer satisfaction ranking
Card issuers are under pressure to add new incentives and rewards as the fight for customers heats up, with economic expansion fueling consumption.
As Americans Stick With Cards, JPMorgan Drops Its Chase Pay App
Will anything ever pry old-fashioned credit cards out of Americans’ hands?
Total Household Debt Continues Consecutive Quarterly Increase
Consumer household debt balances have been on the rise for five years and quarterly increases continue on a consecutive basis, bringing the second quarter 2019 total to $192 billion, according to the Federal Reserve Bank of New York’s Household Debt and Credit Report.
Why streaming services are the new credit card rewards binge
When it comes to credit card rewards, it’s not all about gas, groceries and restaurants anymore. Issuers are moving beyond suburban staples to include millennial-friendly categories such as transit and streaming subscriptions.
August 19th, 2019
More credit card accounts are open than ever before – but new ones are declining
The pace of consumers opening new credit card accounts has fallen from its peak from a couple of years ago, but that hasn’t stopped growth in super-prime accounts from pushing the total number of cards to an all-time high.
Visa, Forrester: More Mobile Payments, More Fraud Attempts
Scott Adams, as only he could, once described an economic phenomenon: “Wherever there is money, there are weasels, usually in direct proportion.”.
How Goldman Sachs Could Lose Money on the Apple Credit Card
The new Apple-Goldman Sachs credit card, which is now being issued to select U.S. users, may have limited scale, and its lack of fees could lead to losses if the economy turns sour. That’s according to Nomura’s Bill Carache.
More consumers using credit cards for purchases under $10, though cash is still king
While about half of consumers still use cash for small purchases, many are turning to credit cards.
As they reach adulthood, Gen Z isn’t shying away from credit cards, loans and other debt
The number of credit-eligible Gen Zers carrying a credit card balance — meaning they have an active credit card — increased 41% year over year to 7.75 million in the second quarter, according to a new report from TransUnion.
August 12th, 2019
Most Wish Their Families Had Talked More About Financial Products
A new LIMRA Secure Retirement Institute (LIMRA SRI) study finds only 13% of American adults feel very knowledgeable about financial products and investments.
Mastercard announces its largest acquisition yet in further attempt to move beyond cards
The company plans to acquire the account-to-account business of Danish payment-technology company Nets for €2.85 billion, or about $3.19 billion, in a deal expected to close during the first half of 2020. Mastercard MA, -1.11% will be gaining infrastructure, bill-payment technology, and open-banking capabilities through the acquisition.
Goldman Sachs, bank of the rich and powerful, is dipping into subprime lending with Apple Card
Goldman Sachs is casting a wide net for customers of its new credit card with Apple, approving some subprime borrowers for the product.
New Bank of America App Offers Spanish Language Option and Better Navigation
Bank of America is experiencing a tremendous growth in mobile banking, and has enhanced its mobile app to better meet its customers needs.
Credit Card Stats & Studies
By law, Americans cannot get a credit card before they are 18 years old. But that doesn’t mean that people younger than 18 can’t use credit cards at all.
54% of Americans Have Maxed Out Credit Lines Due To Student Loans
Student loan debt in America is nearly double the country’s credit card debt. For many households, the cost of education is starting to bleed into other debt sources.
August 5th, 2019
Mobile payment adoption just might be on the verge of a breakthrough
Mobile payment adoption has been a long running promise in the U.S., as overhyped data on mobile wallet use and millennial spending patterns have teased a sudden shift in consumer purchasing and payment behavior.
The $3 billion mistake Americans are making with their credit cards
Did you make a late payment on your credit card recently? If so, you’re far from alone.
Apple Card for iPhone: August launch, sign-up, credit rewards
Apple Card is coming in August, meeting its broad release deadline for “summer”. Although we still don’t know the date that Apple’s credit card for iPhone users will launch, we do know that Apple employees have been beta testing the payment card.
Green Dot launches high-yield mobile banking app with cash back
Green Dot Corp., a company that offers reloadable prepaid debit cards, launched a mobile bank account that offers 3% cash back for online or in-app purchases, a 3% high-yield savings account and free cash withdrawals.
Digital Transactions Driving Growth in Debit, Survey Shows
Debit card use and market penetration continued to grow last year, while fraud losses declined, according to Pulse’s debit issuer survey released this morning. Americans conducted 68.5 billion debit transactions in 2018, a 6.7% rise from the year before.
Zerocard aims to reduce overspending with “debit-style” credit card and rewards
Fin-tech company Zero announced on Tuesday, July 30, the public release of Zerocard, a credit card providing a “debit-style experience” issued by WebBank and backed by Mastercard.
July 29th, 2019
Americans Use Credit Cards to Travel But Don’t Budget for Fees
In the first quarter 2019, over 9.5 million Americans traveled internationally. TD Bank took a closer look at how Americans plan and pay for their travels in the Spending Abroad Study.
Over 23 million stolen credit cards are being traded on the Dark Web
Over 23 million credit and debit cards were on offer in underground forums in the first half of 2019, researchers claim.
Cash is king when it comes to credit card rewards
Cash is king in many of life’s situations, from wedding presents to real estate transactions. It’s also the most preferred credit card perk in the U.S.
Equifax to Pay up to $700 Million Settlement for Data Breach
Equifax has agreed to a settlement regarding the company’s 2017 data breach. Equifax will pay a minimum of $575 million and up to $700 million in a global settlement with the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories.
Apple’s credit card is on track to launch in early August
The Apple Card, a high-profile credit card partnership between Goldman Sachs and Apple, is scheduled to launch in the first two weeks of August, a person familiar with the project told CNBC.
July 22nd, 2019
This new credit card automatically cancels free trials so you won’t be charged
If you forget to cancel subscriptions after getting a free trial and you hate being charged for it, there’s a new credit card that can help.
SmartMetric Biometric Credit Cards the Next Big Thing for the Banking Industry
According to independent consumer research contracted by SmartMetric, 80% of U.S. cardholders are seriously concerned about credit card and identity theft, and 67% say they wouldn’t mind paying for biometric cards.
First interest rate cut since CARD Act appears imminent
The Fed appears likely to cut interest rates later this month for the first time in the CARD Act era. Many assume credit card issuers will respond by reducing APRs, but that may not be the case. We could see higher card fees and less generous 0 percent APR promotions.
New Amazon Credit Card Targets Financially Vulnerable Consumers
When Amazon and Synchrony Bank introduced a secured credit card offering called Amazon Credit Builder, Margaret Keane, CEO of the bank, portrayed the product as an assistance to lower-income consumers who wanted to shop on the ecommerce site while establishing or rebuilding credit.
July 15th, 2019
Americans With Credit-Card Debt Refuse To Cut Back On Travel
Most Americans saddled with credit-card debt aren’t willing to substantially cut back their travel expenses, a new survey finds.
Chrome Now Auto-Fills Payment Details without the Need to Sync Browsers
Google’s team is focused on “making payments in Chrome more convenient.” As a result, users can now access their saved payment details without turning on Chrome sync. This data can be used to auto-fill payment forms at online stores.
Contactless cards: ‘Whoa, it’s the future!’
I’m a big fan of contactless cards. I had an amusing experience at the grocery store a couple of weeks ago. I touched my card to the payment terminal and the cashier began to shake his head.
Credit card mismanagement adds to millennials’ financial woes
Once derided on the cover of Time magazine as the “Me Me Me Generation,” millennials have, in fact, become the “Owe Owe Owe Generation.”
Study Shows 1 in 6 Preteens Has a Credit Card
According to the 2019 Parents, Kids & Money Survey from T. Rowe Price, 17% of children ages 8 to 14 now have a credit card. This is significantly up from the 2012 study, when only 4% of preteens had a credit card.
July 8th, 2019
Playing Your Cards Right: Younger millennials late to the credit cards party
For years, we’ve heard that millennials don’t want credit cards. The truth is, they do, especially once they hit their 30s and become more established.
Visa, PayPal May Bear a ‘Heavy Burden’ With Facebook Crypto Plan
Visa Inc., Mastercard Inc. and PayPal Holdings Inc. may have boosted the single, greatest risk they face — that of tougher regulation — by becoming early backers for Facebook Inc.’s new digital money, called Libra.
Complexity Is Turning Off Mobile App Consumers, Study Finds
Feature overload is straining the relationships many mobile banking users have with their financial institutions, according to new research from J.D. Power.
How to Manage Your Credit Card Bills, Which Experts Say Are Late More Often
Even with a strong economy, a growing number of people are having trouble paying their credit card bills.
July 1st, 2019
A shocking number of Americans don’t know whether they have credit card debt or not
Americans need a credit check.
Debit Card Rewards Are in Decline, but Still Used by a Valuable Consumer Segment:
Rewards offered with traditional debit cards are still available from large and small financial institutions but are on the decline as debit card issuers look to cut costs in the face of ever smaller product margins.
Charlotte-based BofA rolls out digital debit card
Bank of America Corp. (NYSE: BAC) is offering faster access to customers waiting for a debit card to arrive in the mail.
Citi makes sweeping changes to its credit-card rewards programs
Citi is overhauling its credit-card rewards programs — and consumers may not be all too pleased with the changes.
Sallie Mae launches new credit cards aimed at millennials and Gen Z. Are they right for you?
Sallie Mae, the giant student loan lender, is rolling out a trio of credit cards aimed at college students, recent graduates and young adults already in the workplace.
June 24th, 2019
Apple Expands Goldman Credit Card Test to Thousands of Retail Workers
Apple Inc. is ramping up a test of a digital-first credit card with Goldman Sachs Group Inc. by expanding its use to tens of thousands of the iPhone maker’s U.S. retail employees.
Healthcare Credit Card Leader CareCredit Announces Strategic Partnership with Loyale Healthcare to Help Patients Tackle Rising Out-of-Pocket Costs
CareCredit and Loyale Healthcare™ today announced a strategic partnership to provide consumers with an expanded payment option to help them with rising out-of-pocket healthcare costs.
Mobile payments up but pace of growth slows
Payments made through mobile apps like Apple Pay are rising, but at a slower rate than in past years, according to a report by the Electronic Transactions Association.
More Retailers Than Ever Are Accepting American Express
First impressions are incredibly important because it takes much more work to change an opinion once someone has made up their mind.
Mastercard will allow transgender customers to use their preferred names on debit and credit cards
Mastercard MA, +0.50% has adopted a new policy aimed at reducing a major source of stress for transgender and non-binary consumers.
June 17th, 2019
Which Credit Cards Have the Best Mobile Apps?
Since smartphones have become commonplace, more and more people are turning to their mobile device to manage their bank and credit card accounts, which leads many to wonder: which credit cards have the best mobile apps?
Places Where People Are Most Likely to Have 5-Figure Credit Card Balances
About 1 in 6 credit cardholders in America’s biggest cities carry a balance of $10,000 or more, according to a new report from CompareCards, and none of those cities has a higher percentage of these cardholders than Bridgeport, Conn.
Columbia Care Launches First Credit Card for the Cannabis Industry
Cannabis is now legal for medical use in 33 states and for recreational use in 10 states. However, the use and distribution of marijuana remains illegal at the federal level. Major credit card issuers like Mastercard and Visa are hesitant about entering the cannabis industry until federal laws change.
Three Surprising Ways the Apple Card Is Changing the Credit Card Market
The Apple Card announced in late March is about to come to market and like many Apple products, it has generated a strong response long before consumers have had a chance to use it.
Amazon’s new credit card could backfire on people with bad credit
Amazon’s newest credit card is designed to appeal to consumers who are looking to improve their credit score. It comes with an unusual structure — and some major caveats.
June 10th, 2019
Many Americans Don’t Know They Have Credit Card Debt
A surprising number of Americans seem to be rather clueless about their credit card account.
American Express relaunches Blue Cash Preferred credit card — with cashback for Netflix, Amazon, Lyft and Uber
With the refresh of the popular Blue Cash Preferred credit card, American Express is looking to get into millennials’ wallets.
Students Report Higher Credit Card Debt and Usage as They Progress through College
According to the 2019 Money Matters on Campus Report from EVERFI and AIG Retirement Services, students have an increasing amount of credit card debt and usage as they progress through college.
Better Protections for Prepaid Debit Cards
Thanks to federal rules that recently went into effect, users of prepaid debit cards enjoy protections closer to those of debit cards tied to checking accounts.
How Mastercard Is Trying to Put Cash Out of Business
Mastercard wants the world to stop paying with paper money—but that doesn’t necessarily mean paying with a plastic credit card.
June 3th, 2019
Squeezed by higher rates and living costs, young adults are falling behind on bills
Credit card holders in their 20s and 30s are having a tough time staying on top of their bills.
How Consumers Are Now Deciding on Their Bank
Consumers are changing the way they pick a financial institution. According to a new report from Kasasa, 84% of Americans choose the products they want from a financial institution; then they look for a bank that offers those services.
Over a third of college students already have credit card debt
Erza Bobo, a 21-year-old student at the Culinary Institute of America in Hyde Park, NY, balances classes with serving as a resident assistant and working at two local restaurants. Yet it’s not enough to make ends meet.
Zero raises $20 million from NEA and others for a credit card that works like debit
Just ahead of the launch of the Apple Card, a startup that has its own take on modernizing the credit card industry, Zero, is announcing the close of its $20 million Series A.
One Third of Americans Have Been Late On Paying A Bill This Year
A new survey from STASH reveals one in three Americans have paid a monthly bill late within the last year. Of those late payers, 46% have missed two or three bill payments.
May 20th, 2019
Credit bureaus draw the most consumer complaints to the CFPB
Getting incorrect or outdated information fixed or removed from one’s credit report is a problem many consumers share. It’s so common that hundreds of thousands of them lodged complaints against the three major credit bureaus last year.
What 98 Pct Of Consumers Miss About Protecting Their Cards From Fraud
From finding a nearby restaurant to finding a date, smartphone location controls are used by consumers for many cases. These mobile controls, however, also offer consumers a powerful tool for dealing with arguably higher stakes: the risk of credit card fraud.
Petal credit card launches cash back program that rewards healthy habits
Fintech startup Petal wants to change the way you build credit, and it’s starting with how you earn rewards. The company has announced a new cash back rewards program that increases your cash back percentage when you pay your bill on time each month.
Credit card rates are now at their highest level in history and may weigh on the economy
It costs more than ever to pay with a credit card. Consumers may be spending less as a result, which could be a drag on economic growth.
A credit card interest cap could actually jeopardize benefits to Americans
In 1978, the Supreme Court essentially gutted all state usury laws, freeing interest rates and sparking a credit card boom. Around that time, 38 percent of U.S. households had a credit card; as of 2014, 71 percent did, according to WalletHub . Total revolving debt rose from $48 billion — 2 percent of gross domestic product — in 1978 to $1 trillion — about 5 percent of GDP — today.
May 13th, 2019
Credit Unions Gain Share of Credit Cards & Auto Loans
Credit unions built their portfolios of consumer loans more than twice as fast as other lenders in March as they increased their share of credit cards and auto loans.
Banks Keeping Riskier Credit Card Loans With Losses Creeping Higher
More U.S. consumers are defaulting on their credit cards, but banks may be holding onto the riskiest loans instead of passing them off to investors, according to a report from Barclays Plc.
Consumers More Satisfied with No Annual Fee Cards
While most consumers prefer credit cards with no annual fees, a new survey suggests younger generations may be more willing to pay them in order to reap coveted rewards.
Cash back is king for credit card users
When it comes to credit card features, cash back and sign-up bonuses still reign supreme for many Americans, according to a new survey by CreditCards.com.
68% of millennials prefer credit cards that offer rewards—here’s why that could actually cost them
It seems every week that credit card companies are upping their rewards, adding new perks and rolling out brand new cards.
May 6th, 2019
CFPB sues credit repair firms over telemarketing, billing practices
The Consumer Financial Protection Bureau has taken legal action against two major credit repair firms.
Best Credit Score Apps for iPhone and iPad in 2019
According to a recent survey of 410 Americans, about 30% of respondents reported not knowing their credit score.
Cybercrime: 25% Of All Malware Targets Financial Services, Credit Card Fraud Up 200%
Research published on Monday by cyber threat intelligence company Intsights paints a bleak picture for cybersecurity across the global financial services industry.
Credit Card Surcharging: Know the Regulations
Each time a merchant accepts a credit card as a form of payment, it pays an interchange fee. These fees account for the cost of processing the transaction and remove merchant expenses associated with collecting funds and/or managing cash operations.
Report: Facebook looking to disrupt credit cards with cryptocurrency
Facebook is considering raising as much as a billion dollars for a new cryptocurrency-based payment network that could compete directly with conventional credit cards, The Wall Street Journal reports.
Bad Credit Card Debt Is on the Rise
Red flags are flying in the credit-card industry after a key gauge of bad debt jumped to the highest level in almost seven years.
April 29th, 2019
Chase offers digital gift card transfers to checking customers
Chase checking account holders can now send digital gift cards for more than 60 top retailers through the Chase.com website or Chase Mobile app.
Surprising Stats about Consumers and Mobile Banking
Mercator Advisory Group’s most recent Insight Summary Report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, reveals that U.S. customers are highly satisfied with their banking relationship and comfortable with their current primary bank or credit union.
55% of US mobile users can’t live without cash, study says
More than half (55%) of U.S. mobile users said they hate the idea of life without cash, signifying a major hurdle for banks, payments processors and tech companies that urge consumers to adopt digital wallets, according to a survey by Origin, Hill Holliday’s independent research arm.
Credit card charge-offs hit seven-year high
Red flags are flying in the credit-card industry after a key gauge of bad debt jumped to the highest level in almost seven years.
Apple Card vs Amazon Prime Rewards Visa: which credit card offers the most cash back and best perks?
Apple Card is Apple’s foray into personal finance, that has no fees and which pays you money every time you use it. You can use it online the instant you’re approved, and the physical card you get sent is shiny metal. Maybe the fees and cash side are more important than the metal card, but they’re all reasons to like Apple Card —which means you should also like Amazon’s equivalents.
April 22nd, 2019
Can credit card companies sustain their rewards programs?
Those credit card rewards American Express is using to entice customers seems to be paying off for now.
College students who use credit cards now carry 5 on average—here’s why experts aren’t worried
Among those who have at least one credit card, college students now have an average of 5.2, a new report shows. That’s higher than the 4.4 cards held last year by a typical card-holding American of any age, according to Experian.
PayPal Eyes Credit To Monetize Venmo
Venmo, the digital payments company, is reportedly considering launching credit cards as a way to profit from its large customer base.
T-Mobile gets into banking, offering 4% interest and no fees on its free checking account
T-Mobile is jumping into the banking business with a splash.
23% Of Americans Save No Money From Their Paycheck
A new survey found that 23% of Americans don’t save any money from their paycheck.
April 15th, 2019
Apple and Goldman Sachs Dive Head-First Into Crowded $175 Billion Credit Card Pool
Apple Inc. launched a credit card last month, hoping to upend a $175 billion industry much like it did the phone business. At a splashy event, the company made a simple sales pitch and showed off the titanium product in a slick video.
Poll: 56% of balance-carrying cardholders have had debt for at least a year
If you’ve had credit card debt for more than a year, you’ve got a lot of company.
Millennials are racking up credit card points—here’s how that could backfire
Almost 40% of rewards cardholders say they’ve paid for purchases with their cards just to earn points, according to the annual “Chasing Points ” study from Finder.com, a personal finance website.
Prepaid phone cards just got bank-level protection
A sweeping new rule is finally giving prepaid phone cards the same user benefits and protections as, say, bank debit cards. The amount loaded there is now given the same treatment against fraud, unauthorized charges or errors as, say, debit cards linked to checking accounts.
4 biggest mistakes most people make with credit-card rewards
Gaming credit-card rewards to score the best perks and free trips has become a popular hobby among many consumers these days.
April 8th, 2019
Envel bank launches “driverless” money management tech
The bank’s autonomous framework couples with Banking-as-a-Service (BaaS) solution Cambr, while using behavioural insights to centralise money management activities spread across multiple apps, platforms or services.
Tiered sign-up bonuses on the rise
Card issuers are getting increasingly annoyed with churners – people who sign up for a new credit card to earn the sign-up bonus, but stop using the card shortly thereafter.
Nearly Half of Credit Card Users Have This Dangerous Habit
Certain financial habits can really get us into trouble, and relying too heavily on credit cards is one of them. But while Americans have a tendency to charge more on credit cards than what they can afford, new data from listing service Clever reveals that 47% of Americans carry some sort of balance from month to month.
Digital wallets could become more widely accepted under new Citigroup service
Digital wallets like Apple Pay and PayPal have a problem: They’re not universally accepted.
Americans Will Pay $122 Billion in Credit Card Interest This Year — 50% More Than 5 Years Ago
With the economy booming, so too are America’s credit card debts.
April 1st, 2019
Millennials Feel Uncomfortable Performing Online Financial Tasks On Their Own
A new study from Primerica reveals Millennials are less likely than other generations to feel confident completing personal financial tasks online. Gen Xers (adults age 35 to 49) felt the most comfortable handling their personal finances online without assistance.
Poll: 8 percent of U.S. parents have children with credit cards
Six million American parents have at least one child with their own credit card, according to a new CreditCards.com poll.
Wearable Device Sales to Jump 15%, Mobile Payments Partially Fueling Growth
The global market for wearable devices including smart assistants and wireless headphones is expected to spike by 15.3% this year, according to new data from International Data Corporation (IDC), and mobile payments may be fueling some of that growth.
Mastercard Sees Other Banks Ditching Credit Card Numbers Like Apple Did
First it was the signatures. Now the biggest U.S. banks could be looking to get rid of card numbers, too.
Here’s everything Apple isn’t telling you about its new credit card
After much anticipation, Apple has finally lifted the curtain on its new credit card — well, sort of.
March 25th, 2019
Survey: 3 in 10 Americans have more credit card debt than emergency savings
Balancing your savings and debt can be difficult, and more Americans are struggling to pull it off.
Apple And Goldman Sachs Are Launching A New Credit Card. Here Is What We Know
It was reported last year that Apple and Goldman Sachs are teaming up to launch a new consumer credit card.
Everything We Know About Sephora’s New Credit Card
There are weeks it seems like we spend half a paycheck at Sephora, popping in just for a brush or eyebrow pencil only to leave with a bag full of eyeshadow palettes, shampoo and face masks. That’s what makes Sephora so magical (and dangerous, TBH).
Credit Card Fraud Is Down, But Account Fraud That Directly Hurts Consumers Remains High
Javelin Strategy & Research has some good news about fraud, and some that’s not so good. First, credit card fraud has dropped for $8.1 billion in 2017 to $6.4 billion in 2018. Forgive the consumer who shrugs — under federal regulations most of those losses were borne by banks.
70% of Americans with credit card debt admit they can’t pay it off this year
Almost half of Americans carry a balance on their credit cards, a new survey finds, and paying it off is proving a challenge: Only about 30 percent of people with credit card debt say they’ll be able to wipe it out this year.
March 18th, 2019
An alternative to credit cards? Afterpay off to strong start in US market
You may have noticed a new payment option while shopping online.
Mixed Performance For Bank Credit Card Delinquencies In February
Credit card delinquency rate reports are trickling in on a bank-by-bank basis and a spate of recent disclosures show mixed results.
Sephora Credit Cards (and Rewards) Are Coming — Here’s Everything We Know
In 2019, Sephora has really been upping its effort to give shoppers a more valuable experience. First, the wildly popular beauty boutique announced changes to the Beauty Insider program that expanded benefits at all three levels: Insider, VIB, and Rouge.
Chase Plans Expansion In Top US Markets In 2019
Chase has announced it is expanding its retail footprint into nine of the top American markets, as well as opening dozens of new locations in the greater Washington, D.C area, Philadelphia and Boston.
More refunds are being made with prepaid debit cards. Is that a good thing for consumers?
Seal Beach resident Tom Hazelleaf canceled his 90-year-old mom’s Spectrum cable service after she moved recently to an assisted-living facility.
March 11th, 2019
Where credit card debt is the worst in the US: States with the highest average balance
Americans are more likely to pay with a credit card than with cash than ever before.
Could personal loans from fintech firms give credit cards a run for their money?
Startups have spent the past decade trying to reinvent everything from taxis (so far so good) to squeezing juice out of fruit and vegetables (facepalm). Lately, entrepreneurs have been giving consumer debt a digital makeover.
Comment: An Apple Store credit card would be a big win for consumers and Apple
When I turned 18, one of the first things I did was sign up for a Best Buy store card. If I look at my credit report, it’s my longest running active card (which means I’ll never cancel it since it helps my credit report).
Millions Of Credit Card Holders Never Switch Cards And Shun Free Flights, Hotel Rooms
More than 50 million Americans have never changed the credit card they use most often, and only a tiny percentage use their go-to credit card for free airline flights or hotel stays.
Half of New Peer-to-Peer Payment Users Are Over 45
Peer-to-peer payment platforms like Zelle and Venmo are typically associated with younger generations. However, a new study reveals that older generations are just as curious about P2P as younger generations.
March 4th, 2019
A better alternative to credit bureaus already exists
While much attention was focused on a different congressional hearing this week, the CEOs of the three national credit bureaus were called before the House Committee of Financial Services to discuss reforming the American credit rating system.
Millennials are changing financial services — here’s how the industry can better serve their young clients
Millennials don’t have the same relationship to money that older generations do.
American credit card debt reaches a record $1 trillion
We’ve reached another milestone. Americans owe over $4 trillion worth of consumer debt, a record number, according to new data released by the Federal Reserve.
Adults Under 30 Have Over $1 Trillion in Debt
According to household debt data from Equifax and the New York Fed Consumer Credit Panel, American adults under the age of 30 have $1.05 trillion in debt. This is the highest level of debt for this age group (18-29 year-olds) since 2007, right before America’s financial crisis.
Why don’t all retailers accept Visa, American Express, Discover, Mastercard credit cards?
Grocery giant Kroger recently decided to stop accepting Visa credit cards at its subsidiaries Foods Co. and Smith’s Food and Drug, a move designed to pressure the credit card giant into lowering its interchange fees, or “swipe” fees.
February 25th, 2019
Bye-bye boring credit card rewards — the future is flexible
As the credit card market becomes more and more crowded, issuers are striving to distinguish their card lineup from their competitors. While some issuers have adopted a “bigger is better” mindset, offering large sign-up bonuses and flashy limited time offers, others have turned to innovative rewards structures.
States Trying to Prevent Stores from Going Cashless
For years, America has been moving closer to a cash-free society. Visa foresees a cashless Super Bowl by 2025, and over half of Americans think cash payments will be obsolete by 2030.
Survey says many Americans struggle with long-term credit card debt
A new survey from creditcards.com claims that a majority of Americans with credit card debt have had their debt for at least a year.
What consumers need to know about the upcoming credit card from Apple and Goldman Sachs
Apple AAPL, +1.37% and Goldman Sachs GS, +2.35% are expected to launch a joint credit card later this year that is designed to be used in concert with the iPhone and Apple Pay.
Number of Credit Inquiries Hits Lowest Level Since 2003
The Federal Reserve Bank of New York released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2018. The research found that total household debt rose to $13.54 trillion, an increase of $32 billion.
February 11th, 2019
Fed: Card balances rose by $1.7 billion in December
Credit card balances slightly increased in December, according to a federal government report released Thursday.
What Is a Medical Credit Card?
If your health insurance doesn’t cover a medical procedure you need, you might find yourself with a medical bill that you’re unsure how to pay.
Equifax Offers Free Credit Reports for Consumers Affected by Government Shutdown
Equifax is providing free credit reports for consumers affected by the recent government shutdown. Furloughed federal employees and contractors will have access to their free credit report through April 25, 2019.
Synchrony Launches Cash Back Credit Card for Home-Related Purchases
Synchrony just unveiled a new credit card for home-related purchases. The Synchrony HOME Credit Card has no annual fee, and can be used at over one million retailers nationwide.
New Wells Fargo Propel Card Survey Decodes Millennial Relationships and Spending Habits
This Valentine’s Day, the Wells Fargo Propel® Card invites millennials to pop a question that matters: “Will you share your points with me?” A new study conducted on behalf of the Propel Card unveils millennial relationship rules, spending habits, and the role credit cards play from the butterflies in the first few months to the comforts of a lasting partnership.
February 4th, 2019
Virtual Credit Card Numbers Cut Fraud Risk
Worried about your credit card number falling prey to online breaches or fraud? A few card issuers have a solution: virtual credit card numbers.
Payday Loans, Pawnshops And Borrowed Credit Cards: How Many Americans Got By In 2018
When it comes to managing personal finances, consumers are seemingly taking one step forward and three steps back.
Card ’shimming’ could be the new card ‘skimming’
EMV cards, also known as “chip” cards for the embedded information chips they contain, have yielded some effectiveness against counterfeit credit card fraud. Unfortunately, even with this advancement in credit card security your personal information could still be at risk of getting into the wrong hands.
Banks Don’t Like Paying You So Many Credit Card Rewards — But They Will
Earlier this month, the Wall Street Journal reported major banks are looking for ways to make credit card reward and benefit programs less generous. They wrote:
How long it takes to kill the average credit card debt in every state
Lots of people make New Year’s resolutions to get their personal financial situation in order, and paying off credit card debt is usually a high priority. Credit card debt is at a $1 trillion. The combination of high borrowing limits, steep interest rates and late payment fees make it extremely difficult to get under control.
January 28th, 2019
Study: Credit line increases most likely to happen early in the year
If you’re hoping to get a credit limit increase, you might want to ask for it before summer rolls around.
Petal Raises $13 Million To Give Starter Credit Cards To Millennials
Petal, a financial technology upstart that aims to provide credit cards to young people and others who lack a credit history, has raised $13 million, it said on Wednesday.
Credit card websites use the hardest English to understand
Personal finance websites use hard-to-understand English, but credit card websites are the worst culprits. This is what researchers from the University of East Anglia and Manchester Metropolitan University found. Both universities are in the United Kingdom.
Many consumers fear maxing out their credit card
As we’ve reported, corporate leaders, from the largest companies to the smallest community banks, have recently become less optimistic about the economy in 2019.
Budgeting Still a Challenge for Most Americans
The beginning of the year is the perfect time to re-evaluate finances and create a new budget. But creating and sticking to a budget is an area where a lot of Americans struggle.
Millennials, Gen X and Even Boomers Will Ditch Banks for Amazon
According to a report from Novantas, 58% of potential switchers — those consumers who are looking to move to a new primary financial institution or would consider doing so — are open to alternate providers like Amazon, Facebook, Apple, or Google. That finding represents a startling 14-point increase over the 2017 survey.
January 21st, 2019
Mercator: Mobile Payments To Be 25 Percent Of Total Card Use By 2020
Mobile payments have been in kind of a limbo state for the last couple of years. While some evidence has shown up to suggest they’re ready for a breakout any day now, that breakout never seems to actually, you know, arrive.
Rate survey: Average card APR climbs to all-time high of 17.47 percent
The average credit card interest rate soared to another all-time high Wednesday after several card issuers pushed up interest rates. According to the CreditCards.com Weekly Credit Card Rate Report, the national average APR now sits at 17.47 percent – more than a full percentage higher than where it stood last year.
Consumers Prefer Paper Bills over E-Statements
We live in a digital world, but many consumers are sticking to tried and true financial practices. According to a new survey from Consumer Action, Americans prefer to receive bills and invoices by mail, rather than electronically.
MasterCard won’t let companies bill you after free trials for physical products (update)
We’ve all made the mistake of starting a free trial and forgetting to cancel it before the billing period kicks in. Now, MasterCard will protect against this –but only for physical products.
Rising Credit Card Use Shows Consumers Are Strapped
Even though evidence is mounting that the U.S. economy may be soon heading into a recession, there are plenty of analysts who say that the surge in credit card borrowing is a sign of strong confidence among households.
January 14th, 2019
Credit Card Spend in the Pet Vertical: From Bow Wow to Oh, Wow!
Here’s a good article from PaymentsSource today. It is not about game-changing news in the credit industry but rather how infrequently thought of verticals can generate profitable niches for credit card spend. And for Private Label Issuers who provide specialized solutions, some big ticket opportunities.
Older millennials prefer paying with debit, unlike other groups under 55
How Americans behave financially often trends pretty uniformly up or down as you look across generations – meaning the older you get or the younger you are, the more likely you’ll behave a certain way. But recent survey data show a preference for credit or debit cards is all over the board in the under-55 set.
Gambling on credit cards could be banned in overhaul of betting
The government is considering banning the use of credit cards in gambling – a move that would affect billions of pounds worth of bets a year.
5 Credit Card Trends To Watch In 2019
Credit card users enjoyed a bounty of rewards in 2018: Thanks to a relatively healthy economy and competition for consumers, issuers launched new products with attractive incentives.
Visa and SiriusXM Announce Plan for In-Vehicle Payments
Yesterday, Visa and SiriusXM unveiled their plan for in-vehicle payment solutions. The new development would allow consumers to pay for gas, coffee, parking, tolls, and an array of other products through their vehicle dashboards.
January 7th, 2019
Groceries, Travel Bring The Most Credit Card Rewards But Spending Patterns Differ By Region
A new survey reveals that buying groceries and traveling are the Top 2 ways cardholders earn most of their credit-card rewards, and cardholder spending patterns to earn rewards differ substantially by region.
Experian to Include Utility Bill Payments in New Credit Score Model
Experian has developed a new credit score model to help consumers boost their credit score.
The era of astronomical credit card rewards is waning
At first glance, the credit card points game seems like an equitable exchange.
Americans Plan to Use Tax Refunds to Pay Off Holiday Debt
Nearly two-thirds of American adults go into debt over the holidays, with one-quarter saying their debts reach over $500.
UPDATE: MasterCard (MA) Says U.S. Retail Holiday Spending Increased 5.1%, Online Holiday Spending Grew 19.1%
According to Mastercard (NYSE: MA) SpendingPulse™, which provides insights into overall retail spending trends across all payment types, including cash and check, holiday sales increased 5.1 percent to more than $850 billion this year – the strongest growth in the last six years.