LowCards.com Weekly Credit Card Update–June 26, 2020

LowCards.com Weekly Credit Card Update–June 26, 2020

June 26, 2020         Written By Bill Hardekopf

Verizon Launches No-Annual-Fee Visa Card with Competitive Rewards on Groceries, Gas and Dining
Verizon and Synchrony have partnered to launch the new Verizon Visa Card, exclusively available to Verizon wireless customers starting this Friday, June 26. The Verizon Visa Card offers Verizon customers the chance to earn generous rewards and redeem them to offset their monthly bill or a new smartphone — all at no annual fee. Cardholders earn 4% back on gas and groceries, 3% back on dining, 2% back on Verizon purchases and 1% back on everything else. The rewards you earn are called Verizon Dollars, which are only redeemable for Verizon purchases. To apply, you must be a Verizon Wireless account owner or manager on an account with a maximum of 10 phone lines. Story by Alexandria White at CNBC

An Alarming Number of People Are Complaining About Their Citi Credit Card Accounts
An alarming number of credit card borrowers hurt by the coronavirus recession are complaining that Citibank is treating them unfairly. Citi accounted for nearly 37% of pandemic-related complaints to regulators about credit cards between March 16 and May 20, according to an analysis by Consumer Reports. That was four times as much as the next-closest bank. Borrowers complained about several aspects —from inflexible late fees and interest charges, to refusals to provide assistance for those with financial hardships. Story by Matt Egan for CNN

Featured Fair Credit Card

Top Features:

All credit types welcome to apply!

Paper or Plastic? Casinos Explore Mobile Payment Options
Playing at the slot machines of a casino usually involves withdrawing cash, entering it into the machine, receiving slips after cashing out, and re-entering those slips at each machine. At the end of your run, you take those final slips to a counter or a kiosk and get your money in bills and coins. But using Apple Pay — or something similar — to play Wheel of Fortune? And then cash out on your phone? That’s among a bevy of options gaming officials have in mind for casinos to consider implementing to enhance patrons’ experiences. Story by Chris Caraveo for Daily Independent

Stimulus Checks: Prepaid Debit Cards Come with Fees and Privacy Strings Attached
The stimulus checks directed by the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, are aimed at helping American families weather the economic impact of the coronavirus pandemic. But the 4 million Americans who received their payments on prepaid debit cards may be struggling with additional headaches, such as the card’s fees for withdrawing cash and the requirement to share their personal data, a group of lawmakers says. Story by Aimee Picchi for CBS News

Online Banking Usage Spikes During Pandemic
A report from Fidelity National Information Services, which works with 50 of the world’s largest banks, shows a 200% jump in new mobile banking registrations in early April, and mobile banking traffic rose 85% over the same period. According to American Banker, 72% of customers at the four largest U.S. banks—JP Morgan Chase & Co., Bank of America, Wells Fargo, and Citigroup—used mobile banking apps in April, up 10 percentage points from April 2019. Story by Natasha Nellis for the Spokane Journal

Unifimoney to Use Ocean-Bound Plastic for Contactless Cards
Unifimoney Inc. will use ocean-bound plastic for their Visa contactless cards. Over 6.4 billion payment cards are made globally each year. The cards, named Second Wave, are EMV compliant, dual interface capable and feature a core made with recovered ocean-bound plastic. For every one million Second Wave payment cards produced, its estimated that more than one ton of plastic will be diverted from entering the world’s oceans, waterways, and shorelines. Story in Waste 360

Some Bank of America Cardholders Now Get New Perks
Bank of America Travel Rewards points typically can only be redeemed for a statement credit to pay for flights, hotels, vacation packages, cruises, rental cars or baggage fees. One point is equal to one cent. However, cardholders can now also use these points toward grocery, dining, and takeout through Dec. 31, 2020. This even works for previous purchases in these categories. which means any grocery or dining charges made within the past 12 months can be offset with Travel Rewards points. Story by Chris Dong for The Points Guy

Wirecard Files For Insolvency After Revealing Accounting Hole
Battered German fintech company Wirecard AG has filed for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didn’t exist. The move is the latest in a startlingly swift unwind for a company that until recently was a shining star in Europe’s tech scene. Wirecard is the first insolvent company in the DAX 30, Germany’s premier stock-market index. Story by Patricia Kowsmann for The Wall Street Journal

Galileo Rolls Out Fast Debit Card Payments for Gig Workers
Galileo is rolling out a payment technology for gig economy, fintech, e-commerce and other companies that pay contract workers called Galileo Instant. The service allows companies to create instant debit card payment programs within about 14 days. The technology entered beta in November 2019 and now has more than 100 companies lined up to use the service. Story in Mobile Payments Today

Mastercard Partners with Installment Payment Company Splitit
Splitit, an international payments company, announced a multi-year deal with Mastercard to offer its installment payments system. Splitit allows customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments. Splitit will integrate with Mastercard’s technology to provide its services at checkout both in stores and online. The two firms will start pilot programs in three markets before launching internationally. Story by Tatiana Walk-Morris for Retail Dive

Meet Karat, Creating the Credit Card for Influencers and Creators
Eric Wei used to work with hundreds of creators and influencers at Instagram who were skilled at growing their followings, but didn’t have traditional business products that worked for them. Banks didn’t understand the creator economy and were using traditional metrics like FICO scores to evaluate influencers, and were giving them low credit limits. What the Karat Black Card does is ask for a creator or influencer’s social media handle, then assesses their financials using Plaid. With a social media handle, Karat can evaluate a creator’s reach, engagement, type of content and platform, and other metrics. It uses that combined with financial information to determine credit limits. Story by Sophia Kunthara for Crunch Base

Nearly Half of Consumers Don’t Know Contactless Payment Symbol on Credit, Debit Cards
A new survey from CompareCards found nearly half of all consumers couldn’t recognize the contactless payment symbol on a credit or debit card. However, 45% of cardholders said they had made a contactless payment with a credit card or debit card at some time in the past. Story in The Mountaineer

LowCards.com simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card. Created by Hampton & Associates, the company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for 20 years. For more information, contact Bill Hardekopf at 205-985-9725 or billh@LowCards.com. Follow our tweets: @lowcards

The information contained within this article was accurate as of June 26, 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 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 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 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

Featured Good Credit Card
Petal® Visa® Credit Card
EDITOR RATING
Featured Good Credit Card
Petal® Visa® Credit Card

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

Top Features: No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee


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.