LowCards.com Weekly Credit Card Update–June 22, 2020

LowCards.com Weekly Credit Card Update–June 22, 2020

June 22, 2020         Written By Bill Hardekopf

Mastercard Research Indicates Sharp Rise in eCommerce, Abandonment of Cash
According to Mastercard’s SpendingPulse research unit, in findings published in a digest Thursday, there has lately been a dramatic increase in eCommerce, particularly in the U.S. This grew an extremely robust 93% on a year-over-year basis in May. SpendingPulse found that around the world, nearly 7 in 10 consumers believe that the transition to digital payments will be permanent. Half of those surveyed also plan to use cash less frequently than they previously did, even after the SARS-CoV-2 coronavirus outbreak abates. Story by Eric Volkman for The Motley Fool

Covid-19 Financial Fears Subsiding? Forbearance Re-Enrollment Numbers May Suggest So
When the Covid-19 outbreak first began, most of the credit card companies in America issued forbearance programs to help their customers. The programs included temporary credit line increases, waived interest, skip-a-payment options, and more. According to Discover CEO Roger Hochschild, 80% of cardholders who enrolled in the skip-a-payment program resumed normal card payments after one month. Americans appear to be on the road to recovery, bringing hope to a potential financial crisis. Story by Heaven Speirs for LowCards.com

A Guide To Credit Card Changes During Coronavirus
A few major credit card issuers are rethinking travel rewards card offerings throughout the coronavirus pandemic in an attempt to evolve alongside cardholder’s spending habits. From added rewards categories to bonus point-earning opportunities and disappearing perks, here’s your guide to major issuers implementing card offering changes. Story by Claire Dickey for Bankrate

Major Crypto Debit Card Issuer Reportedly Missing $2.1 Billion in Cash
Major fintech company Wirecard, which issues Crypto.com’s debit cards, has fallen into controversy as some of its employees appear to have defrauded the company. Auditors from Big Four accounting company EY “could not confirm the existence of €1.9bn in cash,” or about $2.1 billion. According to a statement from the company, a trustee of Wirecard’s bank accounts attempted to deceive the auditor and falsely indicate the existence of the cash balance. Story by Andrey Shevchenko for Coin Telegraph

Covid-19 and Your Credit Score: Worry About It Later
You’ve lost your job, or your work hours have been cut. Or maybe you’ve been furloughed and you aren’t sure if you’ll be called back to work. Another 1.5 million workers filed for first-time unemployment insurance last week. If you are among the newly unemployed, the loss in income may have resulted in a missed mortgage or rent payment. You may not even be able to make your minimum credit card payment. You’re stressed. So, what are the financial issues you should be worried about? One thing that shouldn’t sweat is your credit score. Now is not the time. Story by Michelle Singletary for The Washington Post

Mastercard, Visa Face Payouts to UK Retailers After Top Court Case
The U.K.’s top judges ruled in favor of retailers in a blow to credit card companies that could now face billions of pounds in damages. The Supreme Court dismissed an appeal by Visa and Mastercard, ruling that fees the companies were charging shops restrict competition. The long-running litigation now allows Sainsbury as well as other supermarkets including Wal-Mart Stores Inc.’s Asda and Wm Morrison Supermarkets Plc, to proceed to a trial on the size of the damages. At issue is so-called interchange fees, levied by banks at rates set by the card companies each time a consumer’s plastic is swiped at a register. Story by Jonathan Browning for Bloomberg

Get Up to $30 Off Your Next Amazon Order Using Just 1 Citi ThankYou Point
If you’re a frequent Amazon shopper and hold a Citi ThankYou card, we’ve got good news:  There’s a new promotion from Amazon giving targeted Citi cardholders an opportunity to save 20% (up to $30) on eligible purchases by redeeming just one ThankYou point. You will need to check your eligibility and activate the offer before placing your order. The current promotion is valid through Sept. 30, 2020. Story by Benji Stawski for The Points Guy

Capital One Savor Credit Cards Add Limited Time Bonus Cash Back on Streaming Services
Continuing the trend of credit card issuers adjusting the benefits on their cards in light of the coronavirus pandemic, Capital One recently announced the limited-time addition of 4% bonus cash back on purchases made for popular streaming services when using either the Capital One Savor or SavorOne cards. The bonus cash back, which is available for Savor and SavorOne card holders from now through Sept. 30, includes purchases made for eligible music and video streaming services such as Netflix, Hulu and Disney+. Story by Julian Kheel for CNN

Wells Fargo Settles Lawsuit Over Denying DACA Participants Loans and Credit Cards
Wells Fargo Bank will make loans and credit cards available to young, undocumented immigrants in the DACA program–as long as it lasts–and pay up to $19.6 million to settle a lawsuit over its former policy, advocates for the immigrants announced Wednesday. The bank was accused in a 2017 lawsuit of violating federal and state laws by denying mortgage and consumer loans and credit cards to participants in Deferred Action for Childhood Arrivals, a program established by President Barack Obama in 2012. Story by Bob Egelko for The San Francisco Chronicle

Six Flags Rolls Out Mobile Ordering for Theme Park Restaurants
Six Flags Entertainment Corp. announced what it is calling the biggest launch of a mobile food ordering in the regional theme park space. A spokesperson said more than 75% of restaurants at the theme parks now offer mobile ordering as an option through the Six Flags mobile app. Story in Mobile Payments Today

American Express Cleared to Process Local Payments in China
American Express was cleared to begin processing local transactions in China and will begin doing so later this year. American Express said its joint venture in mainland China, Express Hangzhou Technology Services Co., received approval from the People’s Bank of China for a network clearing license. Express Hangzhou is American Express’s joint venture with Lianlian DigiTech Co., a Chinese financial-services company.  Story by Rob Lenihan for The Street

The information contained within this article was accurate as of June 22, 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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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.