LowCards.com Weekly Credit Card Update–August 21, 2020

LowCards.com Weekly Credit Card Update–August 21, 2020

August 21, 2020         Written By Bill Hardekopf

Banks Are Putting Lower Limits On New Credit Cards
U.S. credit card lenders are beginning to pull back on the business even as consumers keep up with their bills during the coronavirus pandemic. Total credit on new accounts slumped 8.3% in the second quarter from a year earlier, to $78 billion, the first decline in more than two years, according to data compiled by credit-reporting company TransUnion. The average credit line issued for new accounts fell 9% to $5,257, with declines across all tiers of borrower riskiness, the figures show. Story by Jennifer Surane for Bloomberg

Forget Credit Cards. Now You Can Pay With Your Face. Creepy Or Cool?
A new way to pay has arrived in Los Angeles: your face. As so-called contactless payments rise in popularity during the pandemic, a Pasadena company called PopID is rolling out the nation’s first payment system based on facial recognition at a smattering of restaurants near its headquarters. A customer signs up on their phone, takes a selfie and adds cash to their Pop Pay account from a credit card or bank account. When it comes time to pay for their meal, they look into the camera of a PopID tablet or kiosk, the cashier verifies their name, and money is withdrawn from the account. Story by Sam Dean for The Los Angeles Times

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Earn 65,000 Bonus Points With New Sign-Up Bonus Offers On These Southwest Credit Cards
The Southwest Rapid Rewards Premier Credit Card, Southwest Rapid Rewards Plus Credit Card and Southwest Rapid Rewards Priority Credit Card now all have the same sign-up bonus offer. Earn 65,000 bonus points after spending $2,000 on purchases in the first three months of account opening. The Points Guy values Southwest points at 1.5 cents each, which makes this bonus worth $975 for only a $2,000 spending requirement. A compelling offer, especially compared to the previous 40,000 points offer (worth $600) that we saw with these cards previously. Story by Madison Blancaflor for The Points Guy

TransferWise Deepens Mastercard Tie For Global Expansion
Mastercard and TransferWise have extended their global partnership enabling the issuance of cards in any market where the credit card giant is operational and the international payments firm is licensed. TransferWise first issued a Mastercard-enabled card in 2018 for its European customers and is also offering the same services in the United States, Singapore, Australia, and New Zealand. The company is also expected to launch services in Japan later this year, and, with this current partnership expansion, it has paved its way to enter almost all countries. Story by Arnab Shome for Finance Magnates

Mastercard, AptPay Partner To Support Faster Cash Disbursement For Businesses
Mastercard and Canadian fintech AptPay have joined forces to accelerate the process of cash disbursement for businesses across different sectors. This will be done by integrating the AptPay platform with the Mastercard Send push payments platform, which enables banks and businesses to push money to a recipient with only their debit card number. The initiative will benefit businesses across insurance, gaming and entertainment, gig, rebate, as well as government program industries. Story in Verdict

Chase Offers Big Grocery Perk For New Credit Card Customers
If you are considering adding a cash back credit card to your wallet, the Chase Freedom and Chase Freedom Unlimited cards have a new offer you may want to check out. As an add-on to the existing $200 welcome bonus that comes with each card, Chase has upped the ante with a grocery store cash back offer that could be worth up to $600. That’s a total of $800 in potential rewards just for signing up and spending with the card for a year. Story by Nick Cole for Clark.com

Inside Capital One’s New Partnership With Microsoft To Fight Fraud
The partnership between the two companies allows Microsoft and Capital One to use their data to determine if a transaction is legitimate, which has a few major benefits. First, better fraud detection means less fraud and loss. But the upside is deeper. For a merchant like Microsoft, it means that a transaction is more likely to go through. For Capital One, it means fewer instances of someone paying with a different card. And for a credit card user, not getting your legitimate transaction declined because of a false positive means a better experience. Story by Ethan Wolff-Mann for Yahoo Finance

Stimulus Check Update: What’s Covered under Trump’s Executive Actions
Last week, Congress was still on the fence about the second stimulus payment. Republicans pushed for the HEALS Act, Democrats pushed for the HEROES Act, and both the House and Senate started their one-month recess. The status of the stimulus check was left in limbo until President Trump issued one executive order and three memorandums covering elements of the HEALS and HEROES Acts. Here is what these actions include. Story by Heaven Speirs for LowCards.com

Worried About Mobile Banking Security? Follow These Best Practices
More bank customers discovered they like the convenience of mobile banking as branches temporarily closed during the pandemic, and evidence suggests the behavior stands to stick. A survey released in mid-May by bank technology provider FIS found that 31 percent of banked respondents intend to do more online and mobile banking in the future. But is this a safe way to conduct bank business? Story by Barbara Whelehan for Bankrate

Taco Bell Unveils Go Mobile Restaurant Design
In a move that bolsters the drive-thru and digital experience for diners, Taco Bell has unveiled a new “Taco Bell Go Mobile” store concept. The chain said the eatery is especially created for diners to place their orders ahead of time via its mobile app and “enjoy the Taco Bell experience in a frictionless way.”  The concept’s restaurants come with multiple digital innovations in 1,325 square feet in comparison to the average 2,500 square-foot size of the average eatery in the chain. They also have dual drive-thru lanes, including a “priority pick-up lane” for diners who place their orders via the chain’s app. Additionally, diners can choose to get their meals through contactless curbside pickup. Story in PYMNTS

Google Opens The Door To Mass Cryptocurrency Adoption
Over the last five months, the cryptocurrency market has experienced a dramatic recovery, catapulting most cryptocurrencies to their highest value so far in 2020. During this time, a number of online payment behemoths have been ramping up their presence in the space, helping to make cryptocurrency investments more accessible than ever before. Google is arguably the biggest player to enter the mix, after recently partnering with multiple prominent blockchain companies to add Google Pay as a payment method for cryptocurrency purchases. Story by Osher Deri for Benzinga

What Is The Cost Of A Data Breach?
The average cost of a data breach has declined by 1.5% year-over-year, costing companies US$3.86 million per incident, according to IBM’s 2020 Cost of a Data Breach Report. The analysis found that customer data was by far the most-commonly compromised type of record with 80% of breached organizations saying that customer PII was affected. While the average cost per lost or stolen record was $146 across all data breaches, those containing customer PII cost businesses $150 per compromised record. Story by Amer Owaida for We Live Security

The information contained within this article was accurate as of August 21, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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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.