LowCards.com Weekly Credit Card Update–April 17, 2020

Master List Of Credit Card Issuer COVID-19 Policies
In these unprecedented times, credit card companies have lined up to offer special dispensation to their cardholders. The most important thing to remember is that any conversation with a credit card company will go better if you initiate contact before you miss a payment. If you need to reach out to a specific issuer, here is how credit card companies are responding to the challenges consumers face during the COVID-19 outbreak. Story by Dia Adams for Forbes

Walmart’s MoneyCard Will Let You Direct Deposit Your Coronavirus Stimulus Check
Walmart set up a way for new MoneyCard customers to direct deposit their stimulus checks in a move that could help those who don’t have access to traditional bank accounts. The announcement also follows reports that Americans are having a hard time accessing the payout they were promised. On Wednesday, Walmart announced that new MoneyCard customers can direct deposit economic impact payments to its Green Dot-backed, reloadable debit card. The big box retailer said the entire process can be done online and is meant to be affordable and fast. Story by Dalvin Brown for USA Today

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You Can Now Redeem Capital One Miles for Food Delivery and Streaming Services
In light of people staying home and putting travel plans on hold until pandemic concerns subside, Capital One has added three new categories where you can redeem your miles at a fixed-value. Starting today, April 16, 2020, through June 30, 2020, you’ll also be able to use the Venture purchase eraser feature on takeout, delivery and streaming services. For Spark Miles business cardholders, you’ll be able to use the business purchase eraser feature for takeout, delivery and phone services. Story by Madison Blancaflor for The Points Guy

Some Amex Cardholders Can Now Enjoy 20% off Amazon Purchases and Other Limited-Time Offers During Coronavirus
American Express announced it will be offering a variety of new benefits to help cardmembers save on spending amid the ongoing coronavirus pandemic. For a limited time, eligible U.S. Amex card members enrolled in Membership Rewards can save up to $50 on Amazon.com purchases and maximize the value of Membership Rewards points through Amex’s shopping portal. Membership Rewards cardholders will soon be able to earn 2X Membership Rewards points on Grubhub and Seamless purchases through the end of the year. Story by Alexandria White for CNBC

Some Chick-fil-A Stores are Banning Cash
Chick-fil-A is making moves to keep its workers and customers safe amid the coronavirus pandemic. Certain locations of the fast-food chain are going fully cashless or strongly encouraging that customers avoid that method for payment. According to posts on Facebook from various Chick-fil-A locations in states including Florida, Indiana, Georgia, Virginia, and Maryland, stores are shifting toward cashless payment models to slow the spread of the virus. While some stores are simply encouraging the use of mobile or credit card payment, other stores are restricting the use of cash altogether. Story by Shoshy Ciment for Business Insider

Citigroup Profit Tumbles 46% on Expected Credit Card Losses
Citigroup reported a 46% plunge in quarterly profit on Wednesday as it prepared for losses driven primarily by its credit card business, and analysts raised worries that there is more pain to come as the economic outlook darkens. Citi’s high exposure to unsecured credit card loans makes the bank more susceptible to hefty writedowns, since credit card delinquencies have historically risen in lockstep with unemployment. At the same time, Citi has fewer other businesses to make up for the revenue hit. Story by David Henry and Imani Moise for Reuters

JPMorgan Chase Profit Plummets as it Sets Aside Cash to Cover Loans Hit by Coronavirus
JPMorgan Chase said its first-quarter profits plunged by 69% from a year ago, as the bank was forced to set aside billions of dollars to cover potential losses tied to the coronavirus pandemic. Chase, the nation’s largest bank by assets, is facing billions of dollars in losses, as borrowers who were in fine shape just weeks ago–ranging from individuals with credit cards to oil and gas companies–are now at risk of running out of money and defaulting on loans. Story by Ken Sweet for the Associated Press

5 Things You Should Do with Your Stimulus Check
The first set of Americans have received their economic impact payments, and more disbursements should arrive in the coming weeks. Before you run to the nearest electronics store for a $1,200 TV, take a moment to think about long-term goals. What is the best way to use your stimulus payment? How can this help you in the present and in the future? Here are some tips to help you make the most of your stimulus check. Story by Heaven Speirs for LowCards.com

EMV Chip Cards Are Slow To Reach Gas Pumps
Credit and debit cards with EMV chips have been around for five years now, except at gas stations. That’s because it is a lot harder to change card readers in gas pumps–where it may require breaking and repouring concrete–than it is to change out the card reader which sits on a countertop in a store. Changing the gas pumps is expensive and requires trained technicians. On October 1, 2020, if your local convenience station gets hit with a fraudulent transaction by a buyer using a mag stripe because his gas pump doesn’t read EMV chips, it is his loss, not the credit card company’s. Story by Tom Groenfeldt for Forbes

Mastercard Stock Could Underperform with COVID-19 Travel Woes Extending into 2021, Analyst Warns
Travel spending could be slow to recover, warns Guggenheim analyst Jeff Cantwell, which could pressure Mastercard Inc.’s stock into 2021. He became the second analyst to downgrade Mastercard shares MA-4.04% over the past two days, cautioning that sluggish travel spending may continue to dog the company’s cross-border segment even after the worst of the COVID-19 pandemic is over. Cantwell reduced his rating to neutral from buy in a Thursday note to clients. Story by Emily Bary for MarketWatch

American Airlines Brings Back Credit Card Spending Toward Million Miler Status 
American Airlines announced a slew of policy changes to its AAdvantage award program. Changes include extending elite status, reducing elite status qualification requirements, extending lounge memberships and upgrade certificates and reducing fees on award ticket cancellations. From May through the end of 2020, every dollar spent on an AAdvantage co-branded credit card will count for one mile toward Million Miler status in addition to the normal redeemable miles earned. Story by JT Genter for Forbes