LowCards.com Weekly Credit Card Update–November 12, 2020

LowCards.com Weekly Credit Card Update–November 12, 2020

November 12, 2020         Written By Bill Hardekopf

Wells Fargo Seeks Bidders For Private-Label Credit Card Unit
Wells Fargo is seeking to sell its private-label credit card and point-of-sale financing unit as part of an ongoing strategic review of its businesses. The banking group has started reaching out to possible bidders, but still hasn’t made a definitive decision as to whether it will actually sell the unit, which specializes in store-branded credit cards. Selling the private-label credit card unit would be a business reversal for the financial services group. Story in PYMNTS

Consumers Prefer Mobile Pay
Over 74% of Americans used their phone to order and pay for food and merchandise at least once a week, with nearly 48% using their phones for purchases several times a week or more. More than half of Americans (54.8%) used their phone for online retail (i.e.: Amazon); 25% used it for food app/restaurant delivery and 9.3% used their phone for in-store purchase, such as “tap to pay” at checkout. Although mobile ordering has been on the rise in America, 55% of consumers still prefer using credit cards, and 16.37% prefer payment using a mobile phone. Story in Mobile Payments Today

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Credit Card Info of Millions of Guests Leaked in Travel Site Data Breach
If you’ve traveled any time since 2013, it might be time to check your bank accounts. Three of the web’s biggest travel sites have leaked personal and financial data for millions of users, including payment card details. Prestige Software is a Spanish developer that owns reservation software called Cloud Hospitality. It’s designed to help automate hotel listings on websites like Hotels.com and Expedia.com for online booking. Security researchers from Website Planet found that Cloud Hospitality stored information from more than 10 million travelers on an unsecured database with no password protection. The data includes payment information, addresses, names and ID numbers. Story by James Gelinas for Komando.com

Mastercard’s Next CEO Sees Big World Beyond Cards After Latest Real-Time Payments Deal
Mastercard next chief executive sees a big opportunity beyond credit cards as the company pushes deeper into real-time payments that run independent of the traditional card rails. Michael Miebach said that the company wants to have “all options on offer,” meaning the ability to connect any payer to payees, regardless of whether the parties are using cards, bank accounts, mobile wallets or other forms of payments. Story by Emily Bary for MarketWatch

Citi Sees Quick Results from True Name Cards for Trans, Nonbinary Consumers
When Citi last month announced that transgender customers could use their preferred name on their credit cards, the bank was unsure of what to expect. The response exceeded expectations, with more than 1,600 Citi customers requesting a name-change on their cards within the first few weeks of the program. To build on that momentum, Citi is putting marketing weight behind the initiative, with a multimedia campaign and TV spots launching Thursday that will run during Transgender Awareness Week, Nov. 13-19. Story by Kate Fitzgerald for Payments Source

Chase Launches New Bonus Offer Worth Up to 70,000 Miles on the United Explorer Card
While the Chase Sapphire Preferred Card’s 80,000-point bonus just ended, Chase isn’t done releasing limited-time offers on its travel cards. The United Explorer Card is the latest Chase card to offer an elevated welcome bonus — worth up to 70,000 bonus miles. This bonus offer is worth up to 30,000 more miles than usual and is only running for a limited time, until January 13, 2021. Story by Alexandria White for CNBC

Interesting 2020 Trends in Prepaid Gift Cards
Interesting 2020 Trends in Prepaid Gift Cards: Prepaid gift cards purchased as gifts for others are much more likely to be bought at a gift card display than from any other location. Websites that sell a wide range of prepaid cards are experiencing high growth. Banks have emerged as an increasingly popular place to buy prepaid gift cards. Social media websites have exploded in popularity to buy prepaid gift cards. Story in Payments Journal

AmEx Boosts Sign-Up Bonus, Rewards Stay-at-Home Spending
As travel remains disrupted by the coronavirus pandemic, a credit card with hefty travel benefits and a $550 annual fee to match might not be attractive. The Platinum Card from American Express becomes competitive, though, with a new sign-up bonus. New cardholders can earn 75,000 bonus points after spending $5,000 in the first six months. Those points are worth about $750. This is a $150 bump in value from the previous 60,000-point offer, which new cardholders had three months to earn. Story by Jessica Merritt for US News and World Report

Capital One to Let Most US Call-Center Workers Stay Remote after Pandemic
Most employees at Capital One’s U.S. call centers for cards will work from home after the coronavirus pandemic ends. The bank extended the remote-work option for the rest of its employees until the end of March. The directive comes about a week after fellow card titan Synchrony Financial announced it would let all of its U.S. employees work from home permanently. Story by Dan Ennis for Banking Dive

CA Unemployment: Why is Bank of America Draining EDD Bank Accounts?
California’s Employment Development Department is fighting rampant fraud. But in the process, many unemployed workers say their accounts are frozen and their money is suddenly gone. It’s a bit like “shoot first, ask questions later.” Bank of America has been draining money out of countless EDD accounts, leaving many workers bewildered and without money. Story by Michael Finney and Renee Koury for KABC

PayPal’s Crypto Trading Goes Live in the US
On Thursday, PayPal’s crypto trading and payments went live for all eligible customers in the United States. Per its updated announcement, PayPal ended its waitlist for customers looking to use cryptocurrency in the U.S. Trading features a limit of $20,000 per week, which is double the originally announced $10,000. PayPal ultimately plans to make crypto payments available at 26 million merchants globally. Story by Kollen Post for Coin Telegraph

Pre-approved Vs. Pre-qualified For Credit Cards: What’s The Difference
Offers for credit cards may show up as mail, email or even a phone call. If you pay attention you may see that you are pre-approved or pre-qualified. While these terms are sometimes used interchangeably, there is a distinction. And the difference comes down to who initiates the process. Pre-qualification is typically requested by the consumer. In many cases, the process is done by phone or online survey. In a pre-approval, the lender generally initiates the inquiry into a consumer’s fitness for their product. Story by Jenn Underwood and Dia Adams for Forbes

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 November 12, 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.