LowCards.com Weekly Credit Card Update–April 24, 2020

LowCards.com Weekly Credit Card Update–April 24, 2020

April 24, 2020         Written By Bill Hardekopf

Credit Cards Start Cutting Limits for People Facing Tough Times
Major U.S. credit-card issuers are starting to lower customer spending limits as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans. Discover just became the largest lender yet to acknowledge it’s begun reining in lines of credit for new customers. In a regulatory filing late Wednesday, the firm said it’s also easing off efforts to sign up new customers and that it expects to take a hit from programs letting existing borrowers skip payments or delay the accrual of interest. The announcement came a day after Synchrony Financial, the company behind cards for J.C. Penney Co., Gap Inc. and American Eagle Outfitters Inc., said it will try to stem losses by closely managing customers’ accounts. Story by Jennifer Surane for Bloomberg

Still Have Not Received Your Stimulus Check? Here Is How to Get It
The first week of the economic impact payments have gone out but many Americans have not received theirs yet. Due to COVID-19 many Americans have found themselves with partially or fully reduced hours at work and receiving their economic impact payment is more important now than ever. There are a few reasons you may not have received your economic impact payment. Here are some of the ways you may be able to get it faster. Story by Travis Short for LowCards.com

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Treasury Plans to Use Prepaid Debit Cards for Coronavirus Relief Payments
The Treasury Department plans to get some people their coronavirus relief payments by sending them prepaid debit cards in an effort to get people their payments faster, Treasury Secretary Steven Mnuchin said Tuesday. During a White House press briefing, Mnuchin said Treasury is “going to be supplementing our capability and sending prepaid debit cards so we can get money out quickly to people.” Story by Naomi Jagoda for The Hill

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. The Google card and associated checking account will allow users to buy things with a card, mobile phone or online. It connects to a Google app with new features that let users easily monitor purchases, check their balance or lock their account. The card will be co-branded with different bank partners, including CITI and Stanford Federal Credit Union. Story by Josh Constine for Tech Crunch

Rep. Tlaib Proposes Giving Everyone—Including Illegal Aliens—$2,000 Debit Cards
Rep. Rashida Tlaib (D-Mich.) is proposing giving debit cards initially worth $2,000 and $1,000 monthly after that for everyone in America, including dependents and illegal immigrants and temporary visitors who have been in the United States for more than three months. Her proposed bill – the Automatic BOOST to Communities Act – would give every person in America $2,000 on a debit card and then $1,000 every month after that until one year after the coronavirus pandemic ends. Story by Melanie Arter for CNSNews.com

SBA Says Data Breach Affected Nearly 8,000 Small Businesses
A glitch in the Small Business Administration’s Economic Injury Disaster Loan portal has led to a breach of personal data of 7,913 small-business business owners. The agency is offering identity theft protection services to victims through ID Experts. Breached information may have included names, Social Security numbers, addresses, birth dates, emails, marital status, citizenship status, household size, disclosure inquiry, financial and insurance information. Story by Penny Crosman for American Banker

Pandemic Shopping: Your Best Options for NFC and Contactless Payments
It’s April 2020, and we’re living through a global pandemic. While delivery services are an option for some of us, there are times when at least one member of the household has to go out to buy critical food and supplies and makes purchases at retailers — and that requires paying for goods in person. Physical contact through using paper money, even passing a physical credit card or check, is less than desirable. Here are some electronic payment systems you can use to avoid using greenbacks, or plastic. Story by Jason Perlow for ZDNet

Mastercard To Launch Online Course On Digital Ethics, Privacy And AI
A partnership between The University of Oxford, Saïd Business School and Mastercard will launch an online education program to teach business leaders about the strengths and perils of the modern day internet. Called the Oxford Cyber Future Program, the six-week class will cover artificial intelligence, cybersecurity, threat analytics, data privacy and digital ethics. The class partners with a number of experts related to each of those fields and aims to “reframe” the world for business leaders, teaching them to navigate the cybersecurity landscape that grows more convoluted and intricate as the internet grows up. Story in PYMNTS

Featured Fair Credit Card
Top Features :All credit types welcome to apply!

Curve Allows Users to Switch Pre-COVID-19 Purchases 
Curve, a London banking platform that lets users consolidate multiple cards into a single smartcard and app, has expanded a feature called Go Back in Time that will allow users to switch old purchases up to 90 days back onto a different card. Curve already offered the feature to let users go back two weeks, but has now extended the feature in response to COVID-19 so consumers can free up available funds to pre-pandemic levels. Story in Mobile Payments Today

Beware of Scammers as Paper Stimulus Checks Hit the Mail
The U.S. government has begun sending paper check coronavirus stimulus payments in the mail. An estimated 101 million payments could be sent this way, if Americans don’t provide their direct deposit information to the government beforehand. Paper checks are also susceptible to fraud. Here’s what to watch out for in case you fall prey to scammers. Story by Lorie Konish for CNBC

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. The data shows that finance apps have jumped almost 90% in global market share between 2018 and 2019, with finance apps representing about 4.5% of worldwide installations in 2019, compared with about 2.4% the prior year. Story in Mobile Payments Today

Will Citigroup’s Credit Cards and Commercial Real Estate Drag It Down Going Forward?
Like all of its peers, Citigroup is adjusting to the new Current Expected Credit Loss framework and announced big provisions for future loan losses when it reported first-quarter earnings last week. Citi’s incremental provision for loan losses was higher than most of its peers, and its current provision for loan losses is higher as well. Aside from the provisioning, Citi reported strong numbers to start the year, especially in the Institutional Group. But non-performing loan percentages are creeping up in the credit card portfolio. Story by Brent Nyitray for The Motley Fool

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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