LowCards.com Weekly Credit Card Update–July 10, 2020

LowCards.com Weekly Credit Card Update–July 10, 2020

July 10, 2020         Written By Bill Hardekopf

Walmart Set To Release Its Amazon Prime Competitor With A New Credit Card Coming Too
In a challenge with Amazon, Walmart is expected to unveil its own membership shopping service later this month. Dubbed Walmart Plus (Walmart+), the superstore retailer is going head-to-head with Amazon and its long-standing Prime offering. Walmart will reportedly introduce a Walmart+ branded credit card, but it won’t be revealed as soon as Walmart+ launches. If a Walmart credit card sounds familiar, you’re right: there is already the no-annual-fee Capital One Walmart Rewards Card. Story by Chris Dong for The Points Guy

Mastercard Launches Shop Openings Tool That Allows Customers To Identify Nearby Stores That Are Open
Businesses are starting to reopen after months of quarantine, but it’s hard to know which stores are opening their doors to customers without calling or searching online. To make the search process easier, Mastercard partnered with data analysis company Sixth Sense to launch ShopOpenings.com in the U.S. and Canada. This new online search tool allows you to confirm which stores and businesses are open to customers and if they accept contactless payments. Story by Alexandria White for CNBC

Featured Prepaid Card

Top Features:

No late fees or interest charges because this is not a credit card it is a prepaid card.

How Covid-19 Is Accelerating The Shift To A Cashless Society
The coronavirus pandemic has accelerated the trend toward a cashless economy, financial experts say, buoyed by the growth of e-commerce and the fear of handling paper money contaminated with Covid-19. The Centers for Disease Control and Prevention, in official guidance to retail workers in response to the pandemic, encouraged the use of touchless payment options, when available. Cash withdrawals from ATMs plunged 25% nationwide during the early weeks of the pandemic. Story by Andrew Maykuth for the Philadelphia Enquirer

Chase Marriott Credit Cards Add Bonus Points At Restaurants and Gas Stations
On Wednesday, Marriott Hotels added two new limited-time bonus categories to its Chase-issued credit cards, continuing the trend of travel companies adding temporary features to their cards in order to maintain their value during the coronavirus pandemic. From July 15 through Sept. 15, Chase Marriott card holders can earn 10 points for every dollar spent at gas stations and restaurants, including eligible food delivery services such as Grubhub and DoorDash. The bonus points are capped at $3,500 in purchases across the two categories. Story by Julian Kheel for CNN

Hyatt Adds 25% Rebate On Points Redeemed By Its Credit Card Holders
If you’re planning to use your hard-earned World of Hyatt points at a Hyatt property in the near future, you’re in luck. Hyatt just launched a lucrative promotion offering up to a 25% rebate when you redeem points for a free night stay through Oct. 8, 2020. There are two tiers to this offer, depending on whether you have a Hyatt credit card. While all World of Hyatt loyalty members will receive a 15% rebate, those who currently have the World of Hyatt Credit Card or the older Hyatt Credit Card (which is no longer available to new customers) will receive an additional 10% rebate for a total of 25% back in points. Story by Jennifer Yellen for CNN

Treasury’s Debit Debacle
Millions of American are still waiting for the $1,200 federal stimulus check promised them as part of the CARES Act approved back in March. Thousands may have thrown away the payment and not even realized it. That’s because the Internal Revenue Service opted to send prepaid debit cards to about 2 million taxpayers rather than paper checks. Unfortunately, the IRS never informed those recipients in advance that a debit card would be mailed to them and now estimates that thousands may have thrown them away thinking it was a scam. Story in the Toledo Blade

How Virtual Card Numbers Can Help Prevent Credit Card Phishing Scams
A virtual card number is a digital copy of your credit card with a randomly-generated number that links to your account when you make online purchases. This creates an invisible buffer between bad actors and your real card number, making credit card fraud harder to pull off. Right now, there are only two card issuers that offer virtual card numbers: Capital One and Citi. Story by Megan DeMatteo for CNBC

80% Of Mobile’s Value In Physical Goods And Services
Apple’s app ecosystem enabled $519 billion in commercial activity in 2019, the company suggested in a third-party report. Only $61 billion of that was digital goods and services, like games, e-books, and apps, and $45 billion of it was in-app advertising. The lion’s share, $413 billion, was physical goods and services. And 54% of that was China. Story by John Koetsier for Forbes

Many Consumers Enrolled in Covid-19 Payment Modification Programs Find Their Credit Files Erroneously Tarnished
To help their customers stay financially afloat during the Covid-19 crisis, many lenders offered payment modification programs that allowed them to make reduced payments or skip payments altogether, without damaging their credit histories. But since March, more than 650 consumers have complained to the Consumer Financial Protection Bureau (CFPB) that their lender granted them payment accommodations, but still reported their accounts as delinquent. As a result, their credit scores have tanked. Story by Herb Weisbaum for Consumers’ Checkbook

Mastercard’s ‘Priceless Experiences’ Leverages Golf Champions For Virtual Events
The initiative, dubbed Digital Priceless Experiences, included a virtual Top Golf challenge in which brand ambassadors Justin Rose and Graeme McDowell faced off at the game’s Pebble Beach Golf Links course. Mastercard used the World Golf Tour virtual game to showcase the players’ prowess, with in-game branding and friendly banter between the players. Other activities on the platform include a digital golf lesson with Annika Sörenstam, a knuckleball lesson with former Red Sox pitcher Tim Wakefield and an at-home cooking lesson with chef Bryan Voltaggio. Story in Chief Marketer

How Small Businesses Rethink Commercial Card Versatility
With commercial credit cards historically viewed as a payment vehicle for businesses to make one-off purchases for the office or while on a business trip, the small business credit card has yet to catch up to adoption volumes seen by other payment methods like direct bank transfers in the B2B payments space. More recently, commercial card innovators have explored opportunities to gain traction in other spending categories, with accounts payable and supplier acceptance now common targets for B2B FinTechs looking to arm businesses with a way to pay invoices without compromising valuable working capital float. Story in PYMNTS

The information contained within this article was accurate as of July 10, 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.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Prepaid Card
NetSpend® Visa® Prepaid Card
EDITOR RATING
Featured Prepaid Card
NetSpend® Visa® Prepaid Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No late fees or interest charges because this is not a credit card it is a prepaid card. 

Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
EDITOR RATING
Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Intro APR Offer on Purchases, No Annual Fee For First Year

Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval


bill-hardekopf

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.