LowCards.com Weekly Credit Card Update–November 28, 2020

LowCards.com Weekly Credit Card Update–November 28, 2020

November 28, 2020         Written By Bill Hardekopf

Absent New Stimulus, Wealthy Pay Off Credit Cards, While Others Dive Deeper into Debt
Many people, including those who cannot access unemployment, are relying more heavily on credit cards to make ends meet, absent another stimulus, sufficient unemployment or a living-wage job. But credit card data also shows that’s not the whole story. Balances have declined during the pandemic as higher-income people use this time to pay down debt. Story by Caroline Hart for KTVU

Shoppers Who Shun Credit Cards Will Still Borrow $20 for Candy
Consumers are flocking to buy-now, pay-later offers as online shopping surges in response to the pandemic. Soaring unemployment has left struggling consumers looking for ways to pay without busting their budgets. That — along with the fact the coronavirus pandemic has pushed many shoppers online — has prompted a surge in interest in options that let consumers split up their purchases into smaller payments. Afterpay and its rivals—brands like Klarna and Sezzle and Quadpay—are now featured across thousands of merchants’ websites, with small ads popping up as consumers check out, encouraging them to pay off their purchases in installments. Story by Jennifer Surane for Bloomberg

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Credit Card Issuers Are Gifting You With Cash Back, Points And Miles. Here’s How To Get In On It
The holidays are typically a time to gather with friends and family, but with Covid putting the kibosh on group get-togethers, things are looking a little different this year. One thing you can still do without restrictions? Get a jump on your holiday shopping list. This year, take advantage of several credit card offers and promotions that can help you save a bundle on your holiday expenditures. Here’s some of the best deals we’ve found to help you squeeze the most value out of your spending this holiday season. Story by Robin Saks Frankel for Forbes

How Bank of America Helped Fuel California’s Unemployment Meltdown
After the Great Recession, California signed an exclusive contract with Bank of America to distribute unemployment benefits through prepaid debit cards. A CalMatters investigation reveals that to this day, no one knows how much the bank has made off the deal. Lawmakers are examining the bank’s role in mass account freezes and untold amounts of missing money for thousands of struggling jobless Californians, as well as where the bank may have failed to keep unemployment money safe from fraud. Story by Lauren Helper and Stephen Council for CalMatters

PayPal Launches A New Crowdsourced Fundraising Platform, The Generosity Network
PayPal is expanding its fundraising efforts with the launch of the Generosity Network. Unlike the PayPal Giving Fund, which helps people support charities through online donations, the new Generosity Network lets people raise money for themselves, other individuals in need, or organizations like a small business or a charity. This puts the network more directly in competition with other crowdsourced fundraising platforms, like GoFundMe or Facebook Fundraisers. The Generosity Network will be open to PayPal customers in the U.S. only and will allow them to create fundraising campaigns of up to $20,000 over a 30-day period. Story by Sarah Perez for Tech Crunch

Home Depot Agrees to $17.5 Million Settlement in 2014 Data Breach
Home Depot has reached a $17.5 million settlement with the attorney generals of 46 states and the District of Columbia over a 2014 data breach that exposed the payment card information of some 40 million customers. Story by the Associated Press

Citi Partners With Mastercard For Google Pay Plex Accounts
Citi and Mastercard are teaming up as network partners for the digital checking and savings account Citi Plex on Google Pay, available for both Android and iOS. Citi Plex account holders will receive a debit Mastercard, an auto provisioned instant digital debit card. Upon request, people can opt for a contactless-enabled, physical debit Mastercard with access to 60,000-plus fee-free ATMs. Story in PYMNTS

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Pros And Cons Of Using A Personal Loan To Pay Off Credit Card Debt
People use personal loans for so many different reasons—from buying an RV to paying off medical bills—but consolidating your credit card debt may be one of the most popular uses. By taking the proceeds of a personal loan to pay off credit card debt, you can eliminate multiple monthly highinterest card payments and consolidate the debt into one monthly personal loan payment, often at a reduced cost. There are benefits to using a personal loan to pay off a credit card, but it’s not always the best option for everyone. Before you choose a personal loan to pay off your credit card, make sure you know the pros and cons. Story by Dori Zinn and Mike Cetera for Forbes

Mobile Banking App Users Pull Ahead Of Financial Institutions On Expectations
According to the November Mobile Banking Report, “51.1% of consumers who now use mobile banking apps are using them more often than they did before the pandemic’s onset in March. Consumers are 8.7% more likely to be using mobile banking apps now than they were in 2019.” No matter how you slice it, mobile banking is on the rise, with more than half of all bank customers in the U.S.—118 million individuals—now use mobile banking apps. Story in PYMNTS

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 28, 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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First Digital NextGen Mastercard® Credit Card
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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.