LowCards.com Weekly Credit Card Update–July 5, 2019

LowCards.com Weekly Credit Card Update–July 5, 2019

July 5, 2019         Written By Bill Hardekopf

Citing ‘Massive Risks,’ House Democrats Ask Facebook to Halt its Cryptocurrency Plans
“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability.” That’s what a group of Democrats on the House Financial Services Committee said to Facebook Inc. on Tuesday, in a letter asking the tech giant to halt plans for Libra, its cryptocurrency project. The letter was sent to Facebook Chief Executive Mark Zuckerberg, CFO Sheryl Sandberg and David Marcus, CEO of Facebook’s Calibra digital wallet. Story by Mike Murphy for MarketWatch

Complexity Is Turning Off Mobile App Consumers
Feature overload is straining the relationships many mobile banking users have with their financial institutions, according to new research from J.D. Power. The study found that member satisfaction scores for mobile banking apps fell as the complexity of the apps’ features increased. The study measured satisfaction with apps’ ease of navigation, appearance, clarity of information, range of services and availability of key information. About 84% of retail bank customers said they had at least one digital interaction with their financial institutions in the past three months, according to the study, and 71% of credit card customers said they had used their provider’s digital offerings. Story by Tina Orem for Credit Union Times

Half The World’s Population To Use Digital Wallets By 2024
The number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50 per cent of the world’s population, by 2024. This in turn will push wallet transaction values up by more than 80 per cent to more than $9 trillion per annum, according to a study by Juniper Research. Story in Which-50

One-Fifth of Americans Have No Idea if They Have Credit Card Debt
Americans need a credit check. A survey of more than 1,000 adults released this month from US News and World Report reveals that Americans are extremely unaware of their credit card situation. Indeed, when asked “do you have credit card debt?” fully 21% answered “I don’t know.” Story by Catey Hill for MarketWatch

Uber Partners with BBVA, Mastercard to Offer Debit Cards in Mexico
Uber Technologies is partnering with bank BBVA and payments processor Mastercard to launch a debit card for drivers in Mexico, an Uber executive said on Tuesday, the company’s latest gambit to promote banking in a country that runs on cash. The launch marks the first time that Uber has offered such a card outside of the United States. The debit card will be rolled out in six cities, including Mexico City, Tijuana, Monterrey, Puebla, Merida and Guadalajara, and will eventually be extended to the rest of Mexico. Story by Julia Love for Reuters

Southwest Credit Cards Offer Refer-a-Friend Bonus
Chase is awarding 10,000 bonus points to Southwest Rapid Rewards credit cardholders who refer others for any personal Southwest card or the Southwest Rapid Rewards Premier Business Credit Card. The bonus points are only available once the referred applicant is approved. You can earn up to 50,000 bonus points through referrals per year. Story by Meghan Coyle for NerdWallet

Visa, PayPal May Bear a ‘Heavy Burden’ With Facebook Crypto Plan
Visa, Mastercard and PayPal may have boosted the single, greatest risk they face—that of tougher regulation—by becoming early backers for Facebook’s new digital money, called Libra. That’s according to Morgan Stanley analyst James Faucette, who wrote that the three companies face a potentially “heavy burden” as already-fierce regulatory scrutiny is likely to keep growing. Story by Felice Maranz for Bloomberg

Wells Fargo Cash Wise Shrinks Bonus to $150
Wells Fargo has reined in the bonus offer for new cardholders on the Wells Fargo Cash Wise Visa Card, which had been among the richest welcome offers on any no-annual-fee cash-back credit card. As of July 2, 2019, the Wells Fargo Cash Wise Visa Card offers the following sign-up bonus: Earn a $150 cash rewards bonus after spending $500 in the first 3 months. Previously, new cardholders could have earned a $200 bonus for spending $1,000 in the same amount of time. On the other hand, the issuer also lengthened the introductory 0% APR period on the card. You now get an APR of 0% on purchases and balance transfers for 15 months, three months longer than before. Story by Paul Soucy for NerdWallet

Younger Millennials Late to the Credit Card Party
Older millennials (ages 30-38) have more credit cards than any other age group according to a recent Bankrate study. They’re particularly gravitating to travel cards with lucrative sign-up bonuses and experiential perks, such as free access to airport lounges and Global Entry/TSA PreCheck. Interestingly, younger millennials (ages 23-29) have the fewest credit cards (1.9, on average). This represents an unintended consequence of the CARD Act. Story by Ted Rossman for Bankrate


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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