Card demand at record levels; Encrypted cards are flourishing

Borrowing is back as auto loan enrollments, credit cards hit record highs

Americans are borrowing again, in some cases at levels not seen in more than a decade. According to Equifax, consumer demand for auto loans and rentals, general purpose credit cards and personal loans rose 39% in April from levels a year ago. It was also up 11% from April 2019. Equifax said lenders have increased credit card issuance, issuing more general purpose credit cards than any other March since Equifax began trading. follow the data in 2010. [The Wall Street Journal]

Crypto related cards or those with crypto rewards have a significant impact on the industry.


Visa says crypto card spending topped $ 1 billion in first half of this year

Visa said its customers spent more than $ 1 billion on its encrypted cards in the first half of this year, as the payment processor took steps to make crypto transactions smoother. The company said it is partnering with 50 cryptocurrency platforms to make it easier for customers to convert and spend digital currencies at 70 million merchants around the world. In March, the company announced that it would allow the use of USD Coin to settle transactions on its payment network. [Reuters]

Visa and BlockFi launch 2% Bitcoin Rewards credit card

BlockFi launched its very first crypto-rewards credit card, in collaboration with Visa, to approved customers in the United States. BlockFi’s plans for a credit card were initially disclosed in December 2020 when the exchange released a waitlist for customers based in the United States, which now has more than 400,000 people. The new offering gives customers an easy way to acquire bitcoin without having to pay fees or navigate the sometimes complicated onboarding processes of exchanges. [Forbes]

The best credit card combinations: Maximize rewards and cash back for every dollar spent

Most people would like to use just one credit card for all of their purchases. However, no credit card currently offers all the benefits and rewards necessary to make it the one card to rule them all. Instead, the best way to maximize the return on your purchases is to manage a credit card wallet. By using the right combination of cards, you can earn the most rewards on each type of purchase you make. Here are some of the best two and three card combos that can help you maximize the return on every dollar you spend. [CNBC]

Verizon enters increasingly crowded teen card market

Verizon has launched Family Money, a prepaid card on the Galileo platform issued by the Metropolitan Commercial Bank. The aim is to help provide a tool for parents to help their children develop financial management skills at an early age. Parents link their checking account to the Family Money application, which allows funds to be loaded onto their children’s cards. The card comes with card checks that can block certain types of transactions and set spending limits. A savings account is also part of the service. The cost is $ 5.99 per month for up to five prepaid cards. [Payments Journal]

Wells Fargo tells customers it is closing all personal lines of credit

Wells Fargo Bank is closing all existing personal lines of credit in the coming weeks and no longer offering the product. The product, which typically offered users $ 3,000 to $ 100,000 in revolving lines of credit, was touted as a way to consolidate higher interest credit card debt, pay for home renovations, or avoid mortgage fees. overdraft on linked current accounts. [CNBC]

Emirates deploys instant direct payment method for credit card issuers bypassing travel

Emirates is rolling out a way for travelers to pay for tickets directly from their bank account to the airline’s bank account through an industry-managed system. The move comes as many travel agencies are keen to steer consumers away from credit and debit card payments as cheaper options become commercially available. Emirates Pay allows consumers in Germany and the UK to purchase tickets through the airline’s website by directly debiting their bank accounts. [Skift]

American Express Expands Digital Receipts With Increased Purchase Details

American Express announced the expansion of digital receipts functionality to provide cardholders who purchase from Amazon with increased purchase information on their recent orders with the retailer. With more and more people shopping online, Digital Receipts allows US cardholders to access additional information about their purchases from specific merchants. Amex allows cardholders using the new digital receipts for Amazon purchases to see detailed information about their order, including specific items purchased, order number, and even delivery details. [IBS Intelligence]

East Bay Member of Assembly’s Bill would regulate the burgeoning debt settlement industry

The burgeoning debt settlement industry is made up largely of online businesses that promise to reduce personal debt by negotiating with banks and credit card companies on behalf of the customer. But consumer advocates point out that these companies often grapple with financial desperation and fail to warn customers of potential consequences, such as ending up in court. California lawmakers are now considering legislation that would more tightly regulate the industry after largely ignoring personal credit card and loan debt in pandemic-era legislation focused on rental and utility debt relief . The bill reignites an eternal debate on Capitol Hill over whether alternative financial services – like payday loans, debt settlement and credit repair – are financial predators or a necessary lifeline for Californians with low or low credit. [East Bay Times]

I’m fed up with being asked to pay thousands of business expenses on my personal credit card

Employers shouldn’t put operating expenses on the backs of their employees, no matter how much those employees earn or how they spend them. Your paycheck is not a slush fund your employer can tap into to keep their books balanced. No employee should be asked or even subtly urged to do the same for the convenience of management. What if the repayment is delayed and the employee has to pay interest? What if the expense is not approved for reimbursement or the business suffers a catastrophic setback (cough-pandemic-cough)? [The Washington Post]

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