LowCards.com Weekly Credit Card Update–July 26, 2019

LowCards.com Weekly Credit Card Update–July 26, 2019

July 26, 2019         Written By Bill Hardekopf

Cash Is King When It Comes to Credit Card Rewards
Cash is king in many of life’s situations, from wedding presents to real estate transactions. It’s also the most preferred credit card perk in the U.S. A new survey found 49% of American adults have a cash-back credit card, a 6% increase from last year. It’s an easy option for consumers who don’t want to worry about complicated point systems or meeting certain spending requirements. Cash-back cardholders were the most likely to redeem their rewards: 88% did so at least once in the last year. Millennials cashed in more than any other generation. Half of 23- to 38-year-olds received cash back from their credit cards at least monthly. Roughly a quarter did so weekly. Story by Luke McGrath for Bloomberg

40 Million Americans Had Their Credit Card Declined In The Past Year
About 40 million Americans had a credit card declined in the past year, according to a new report. Having a credit card declined can be the result of a big mistake you made, but in a world where credit card fraud is a near-constant threat, the survey showed that a decline doesn’t necessarily mean the cardholder is at fault. The survey found 22% of respondents had a card declined at least once over the past 12 months. Younger Americans were especially vulnerable: 30% of millennials and 51% of Generation Z had a card declined, compared to 23% of Generation X and 6% of baby boomers. Men were also more likely than women to say their credit card was declined. Story by Jacob Wolinsky for Value Walk

Over 23 Million Stolen Credit Cards Are Being Traded On The Dark Web
Over 23 million credit and debit cards were on offer in underground forums in the first half of 2019, researchers claim. The Underground financial fraud report documents the trends and trades taking place in the Dark Web in relation to stolen financial data. The research team said that out of the 23 million cards, nearly two out of every three originated in the United States, and while the US accounted for roughly two-thirds of stolen information, no other nation claimed more than 10 percent. Story by Charlie Osborne for ZD Net

Indian Panel Proposes Fines And Jail Time for Cryptocurrency Use
A panel reporting to India’s Finance Ministry suggested the country’s regulators have an “open mind” about a governmental cryptocurrency and, at the same time, proposed fines and up to ten years in prison for general use of crypto in the country. The panel, created by the Ministry of Electronics and Information Technology, the Securities and Exchange Board of India, and the Reserve Bank of India, found that there was serious concern with the “mushrooming of cryptocurrencies almost invariably issued abroad and numerous people in India investing in these.” Story by John Biggs for Coindesk

Restaurants That Aren’t Ready For A Mobile Future Risk Losing Out
Mobile food ordering moved from niche to mainstream in just a few years. According to the new Mobile Order-Ahead Tracker, the volume of food and beverage orders placed via mobile apps grew by 130 percent between 2016 and 2018. Currently, 60 percent of U.S. consumers order delivery or takeout once a week. Due to this rapid growth, it is forecast that the mobile order-ahead market will reach $38 billion by next year. Delivery providers like Uber Eats and Postmates, payment platforms like Square and multiple upstart third parties are all competing for customers. Roughly half (49 percent) of large, quick-service restaurants (QSRs) offer in-app payments, which makes sense for a McDonald’s or Taco Bell, since mobile purchases now account for up to 20 percent of all QSR revenue. But that also means the lack of an app can put a local or independent restaurant at a competitive disadvantage. Story in PYMNTS

Phoning In The Holiday: Most Shoppers Will Research Purchases On Mobile
Retailers are already gearing up for the holiday shopping season. They better make sure their content is mobile-friendly. Half of consumers plan to purchase in-store. But most will utilize online channels, too: 84% plan to use their smartphones to research and find coupons and deals, compare prices and read product reviews–in the aisle–before buying in-store, according to a new study by Shopkick. One lesson is that brands better tailor their email for mobile devices and send personalized offers in real time based on intent, location and other variables. Text, too. Story by Ray Schultz for Media Post

Equifax Data Breach Settlement: How To File A Claim For $125 Or Free Credit Reporting
If you were affected by the 2017 Equifax data breach, you can now file a claim for a piece of the settlement. The credit-reporting company has agreed to pay between $575 million and $700 million to settle state and federal investigations related to a massive security incident that exposed the personal information of more than 147 million Americans two years ago. The settlement, which was announced Monday and is considered the largest ever for a data breach, has preliminary court approval. Story by Kelly Tyko for USA Today

Credit Card Interest Rate Cap Loses Support When Details Are Known
Bernie Sanders has proposed capping the interest rate consumers pay on credit card balances at 15 percent. The average rate on credit cards is slightly higher than that, and many cardholders pay an even higher rate, making it difficult to pay off large balances. While consumers like the idea of a cap, a new survey finds that support goes down when consumers are told how such a cap would affect credit. Eighty-three percent of respondents support the concept of capping credit card rates at 15 percent. But the support falls to 51 percent when they learn that the cap would make it harder to qualify for a credit card. Story by Mark Huffman for Consumer Affairs

5 Money Milestones To Hit By Age 40
Turning 40 means facing the fact that you’re a full-fledged adult with responsibilities you can’t easily shake. It also means you should really have your finances in order. Here are five crucial money milestones you should aim to hit by the time you reach the big 4-0. Story by Maurie Backman for USA Today

Mastercard Teams Up With SumUp To Serve Credit Demands Of SMEs
Mastercard has partnered with UK based Fintech SumUp, a partnership that will increase the number of electronic payment acceptance locations across 27 European countries. In the next five years, Mastercard and SumUp will bring card acceptance to several micro, small and medium-sized companies (MSMEs) across Europe. SumUp’s partnership with Mastercard will enable small and medium-sized companies to accept electronic payment via card readers and digital-enabled devices, such as smartphones, smartwatches or wristbands. Story in IBS Intelligence

Hogg, Mastercard CEO Who Introduced the Gold Card, Dies At 91
Russell E. Hogg, a former Mastercard chief executive officer who introduced the company’s Gold Card and led an expansion in China, has died. He was 91. Hogg led the firm now known as Mastercard Inc. from 1980 to 1988, when it was owned by a group of banks and called Mastercard International. He oversaw a period of growth at the company with the debut of the Gold Card, aimed at more-affluent customers. Hogg also introduced a “smart card” to battle fraud and forged the deal to launch a credit card in China. Story by Elizabeth Rembert for Bloomberg


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.
View all posts by Bill Hardekopf
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