LowCards.com Weekly Credit Card Update–November 20, 2020

LowCards.com Weekly Credit Card Update–November 20, 2020

November 20, 2020         Written By Bill Hardekopf

Credit Card Debt Is Falling. That’s Good News and Bad News
A report by the New York Federal Reserve found that credit card debt is falling. That’s good news, right? Well, yes and no. The report says people have been using their savings to pay off existing credit card debt. And that is good news. But money spent paying off credit card debt is money that’s not flowing into the economy. Story by Justin Ho for Marketplace

The Capital One Walmart Rewards Mastercard is Offering a $50 Sign-Up Bonus for a Very Short Time
The Capital One Walmart Rewards Mastercard could be worth considering if you like a no-annual-fee card and spend a lot on Walmart purchases, dining, and travel, because it earns bonus cash back in these categories. Until December 1 (December 26 if you apply in-store), the card has a sign-up bonus of $50 cash back after you spend $300 on purchases in the first three months of account opening. Usually, the card doesn’t offer a welcome bonus. Story by Jasmin Baron for Business Insider

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Chase Announces Buy Now, Pay Later Feature
The Wilmington-based Chase credit card business officially announced My Chase Plan, a digital ‘buy now, pay later’ feature available on eligible Chase consumer credit cards. My Chase Plan allows cardmembers the option to pay off a purchase over a period of time with no interest. Instead, a fixed monthly fee is charged. Cardmembers, with eligible Chase cards will have the flexibility to select a recent, eligible transaction and choose a repayment timeframe and monthly payment amount. The minimum purchase is $100. Story in Delaware Business Now

Citi to Give Select Cardholders 5% Cash Back for Online Shopping
Citi will be offering 5% back on up to $500 of online purchases that are made between Tuesday, November 24 and Monday, November 30. This promotional period spans Thanksgiving, Black Friday and Cyber Monday, giving you an optimal timeframe for spending on some of the best deals of the year. You must opt in with your qualified credit card to activate this promotion. The offer excludes new cardholders. The reward maxes out at $25. Story by Nick Cole for Clark.com

Yes, People Are Still Using ‘123456’ and ‘password’ as Their Password
When it comes to updating passwords, we are creatures of habit — and change is hard. But it’s 2020 and it may be time to beef up your security game because, according to new research, people are still using easy-to-hack passwords like “123456789,” the word “password,” and “iloveyou.” Of the 200 worst passwords, “123456” is the most commonly used of 2020, with 2,543,285 people choosing it. It takes less than a second to crack. Story by Alisha Ebrahimji for CNN

Google Expands Pay App With Bank Accounts and Debit Card
Alphabet’s Google said it expanded its Google Pay app to enable users to open bank accounts, pay friends and manage budgets. The updated application debuted Wednesday. Alphabet partnered with Citi and Stanford Federal Credit Union to launch the mobile bank accounts with plans to add 11 new partner institutions in 2021. Story by Tony Owusu for The Street

California Says 350,000 Debit Cards for Unemployment Benefits Frozen over Fraud Fears
Faced with a deluge of fraudulent unemployment claims, California officials said that 350,000 of the debit cards they issued containing benefits have been frozen because of suspicious activity, including a high number of claims at a single address. The debit cards frozen by the state Employment Development Department and Bank of America could represent billions of dollars in benefits paid out since the COVID-19 pandemic began in March. Story by Patrick McGreevy for the Los Angeles Times

Super Bowl LV Will Go Fully Cashless For The First Time Amid Covid-19 Pandemic
The Super Bowl will go entirely cashless for fans in attendance for the first time in its history as the National Football League will work with Visa to set up ‘reverse ATMs’, credit cards and contactless payments amidst concerns about the use of paper currency during the Covid-19 pandemic. Story by Siladitya Ray for Forbes

The DOJ Has Approved Mastercard’s Acquisition of Finicity
Federal regulators have approved Mastercard’s acquisition of Salt Lake City-based startup Finicity, which provides open-banking APIs. The deal is expected to go for $825 million. Finicity allows users to be able to decide how their financial information is shared and who can make money decisions on their behalf through open APIs. The buy will allow Mastercard to offer consumers and businesses more choice in these transactions, without requiring them to do heavy lifting themselves. Story by Natasha Mascarenhas and Alex Wilhelm for Tech Crunch

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No late fees or interest charges because this is not a credit card it is a prepaid card.

Mastercard Expands Digitization of Business Payments
In an effort to further digitize the business payments process, Mastercard is adding Account-to-Account and Global Card Payments feature to its Mastercard Track Business Payment Service. Businesses of all sizes can use this service to pay and get paid with card through new distribution partners around the world. Mastercard Track  is a unique Mastercard solution designed to simplify and automate the exchange of payments-related data between the world’s buyers and suppliers and is one of the first open-loop commercial solutions to do so globally. Story in Zacks

Daylight Launches as the First LGBT+ Digital Banking Platform
Traditional banks and financial products weren’t necessarily created with a diverse audience in mind—these apps and accounts take more of a “one-size-fits-all” approach. But more and more start-ups are looking to democratize the space with more specific products for specific audiences. One of the newest companies aiming to disrupt the financial world is Daylight, the first digital banking platform in the U.S. that’s specifically designed for the LGBT+ community by the LGBT+ community. Story by Alexandria White for CNBC

Chase Introduced a Virtual Assistant to its Mobile Banking App
The Chase Digital Assistant went live on the bank’s mobile app earlier this week. It allows users to type out inquiries and commands related to balances; account and routing numbers; replacing, locking, and unlocking cards; and paying bills and transferring money, among others. The assistant will then provide answers or carry out the requested actions. Story by Rachel Green for Business Insider

The information contained within this article was accurate as of November 20, 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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2020 Top Credit Cards by Category
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NetSpend® Visa® Prepaid Card
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Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
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Reflex Mastercard® Credit Card
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Reflex Mastercard® Credit Card

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First Digital NextGen Mastercard® Credit Card
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Top Features: Reports to all three credit bureaus, perfect credit not required for approval


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.