The card now offers flooded mailboxes; The Catch with Buy Now Pay Later

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It’s not just you. Banks are really sending more credit card offers

Americans have paid off their credit card debt during the pandemic. Credit card issuers spend a lot in order to be able to borrow again. Lenders spend on direct mail and generous rewards to attract customers and increase balances. Bank credit card marketing costs jumped in the last quarter. Mailed credit card solicitations are back above pre-pandemic levels. Issuers offer refund offers and other more generous rewards. [The Wall Street Journal]

The catch with buy now, pay later could be your credit

Buy now, pay later. Payment plans allow consumers to divide their total purchase at checkout into a series of smaller installments. But with promises of convenience, zero interest, and minimal fees, many buyers are asking, “What’s the matter? It could be your credit. BNPL providers typically do not report payments on time to major credit bureaus, so unlike credit cards or loans, you cannot create credit with this type of financing. However, some providers will report missed payments, which could end up hurting your score. [Associated Press]

Amazon May Ditch Visa as Partner on US Credit Card

Amazon is considering ditching Visa as a partner on its co-branded credit card in the US after earlier confirming it would stop accepting Visa credit cards in the UK as the payments dispute unfolds intensified. Since Britain’s exit from the European Union, an EU cap on fees charged by card issuers is no longer in place in the UK, meaning providers are free to ” increase costs. Last month, Visa started charging 1.5% of the transaction value for credit card payments made online or over the phone between the UK and the EU, up from 0.3%. [Reuters]

Eligible Chase Cardholders Now Receive $ 10 Per Month Per Card In Credits For Gopuff’s Fast Delivery Service

Gopuff is an online service that provides you with thousands of products for a small fee. From alcohol to electronics to drugs, you can get just about any “everyday” item through Gopuff. It prides itself on its quick 30-minute delivery time, although that isn’t guaranteed. Now Gopuff has partnered up with Chasing Credit Cards to provide certain cardholders with new benefits, namely $ 10 in statement credits for each month you use an eligible card to make a Gopuff purchase. The service charges a fee of $ 1.95 per delivery, or you can join Gopuff Fam and pay $ 5.95 per month for unlimited deliveries. The minimum order is $ 10.95 and an additional charge of up to $ 2 applies if your order contains alcohol. [Business Insider]

Majority of Americans Are Not Very Confident About Credit Card Choices

Most people are apparently not sure whether they chose the right credit card, according to a US News poll. In fact, almost half are concerned that different cards will no longer earn them rewards. Only around 38% say they are very confident that they have the right cards in their wallet. Just over 36% of survey respondents say the most important feature of their new credit card is the rewards program. Almost 15% say they have chosen a credit card in order to build up credit. [U.S. News]

Credit card startup upgrade jumps 83% in valuation in just four months to $ 6.28 billion

Upgrade, the fintech start-up that turns credit card balances into installment loans, closed a fundraiser that values ​​the company at $ 6.28 billion. Upgrade’s core product is a card that turns purchases into fixed-rate installment loans, making the startup the latest company to benefit from the “buy now, pay later” trend of fintech. While traditional cards charge over 18% interest per year, the Upgrade card starts at 8.99%. This has made it one of the fastest growing cards in the country. [CNBC]

Goodbye, Staples Center. Hello, Crypto.com Arena

Staples Center changes its name for Christmas: Crypto.com Arena. The downtown Los Angeles site, home of the Lakers, Clippers, Kings and Sparks, will bear the new name for 20 years as part of an agreement between the Singapore Cryptocurrency Exchange and AEG, the owner and operator of the arena. Crypto.com paid over $ 700 million for naming rights, making it one of the biggest naming deals in sports history. [Los Angeles Times]

Morgan Stanley and American Express announce new cash back credit card for brokerage clients

Morgan Stanley and American Express announced their first-ever cash-back credit card, exclusively for Morgan Stanley and E * TRADE customers with qualifying brokerage accounts. With the new Morgan Stanley Blue Cash Preferred American Express card, cardholders can earn 6% cash back at US supermarkets on up to $ 6,000 per year in purchases (then 1%); 6% cash back on select US streaming subscriptions; 3% Cash Back at U.S. gas stations and in transit; and 1% cash back on other qualifying purchases. New cardholders can earn a welcome bonus of $ 300 credit after spending $ 3,000 on qualifying purchases in the first six months. Plus, they get an exclusive Morgan Stanley card member benefit of $ 100 credit each year after spending $ 15,000 on qualifying purchases. [CNBC]

Banks and credit unions slip into customer satisfaction survey

Banks outperformed credit unions in a national customer satisfaction survey for the second year in a row. The U.S. Customer Satisfaction Index for 2020 saw the credit union score drop slightly from the previous year. The sector score of 77 was one point lower than that of the banking sector. Last year was the first year that banks beat credit unions, and this year’s survey marks an all-time low for credit union satisfaction rates, down 10 points from the peak of industry in 2011. While outperforming credit unions, bank scores in 2020 were also down from a year earlier. [American Banker]

U.S. Retail Sales Rise As Holiday Shopping Begins, Brightening Economic Outlook

Retail sales in the United States surged in October as Americans eagerly started holiday shopping early to avoid empty shelves amid shortages of some products due to the ongoing pandemic, giving a boost to the economy at the start of the fourth quarter. The strong Commerce Department report suggested that high inflation was not yet holding back spending, even as concerns over rising costs of living pushed consumer confidence to a 10-year low in early November. . [Reuters]

18 of the most amazing credit and debit card designs in banking

The banking industry may be accelerating digital innovation, but most credit and debit card designs are drab, boring, and downright vanilla. These little plastic (or metal) billboards are still used every day, and a handful of institutions (both traditional and digital) have found striking new ways to make their cards stand out with consumers. [The Financial Brand]

Does mobile improve the in-store shopping experience?

A new investigation finds that in-store shoppers continue to visit showrooms or use their cell phones to check competitor prices, but also use their devices for purposes beneficial to the store they are in. Most Popular Use of Cell Phones in Stores Among US consumers used loyalty cards or coupons stored on their phones (70%); visit the retailer’s website (68%); compare prices (68%); using the retailer’s app (64%); read user reviews (63%); and scanning QR codes or smart shelf labels for more information (53%). [Retail Wire]


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