LowCards.com Weekly Credit Card Update–October 2, 2020

LowCards.com Weekly Credit Card Update–October 2, 2020

October 2, 2020         Written By Bill Hardekopf

U.S. Credit Card Debt Fell in 2020’s Second Quarter
Millions of Americans are struggling with income loss during the Covid-19 pandemic, so you’d think credit card balances would skyrocket at a time like this. But actually, the opposite has happened. Total household debt decreased during 2020’s second quarter, and credit card balances declined by $76 billion, according to the Federal Reserve Bank of New York. That’s the steepest decline in credit card balances in the history of this data. Lower credit card balances reflect that consumers are less quick to part with money, and are perhaps using more discretion when making purchases. Story by Maurie Backman for The Motley Fool

Get a $100 Amazon Gift Card When You Sign Up for Amazon’s Prime Rewards Visa
For a limited time, if you sign up for an Amazon Prime Rewards Visa Signature Card, you’ll get a $100 Amazon gift card. It’s awarded as soon as you’re approved. That means you can have it at the ready for Prime Day on Oct. 13 and 14. Previously $70, that $100 gift card is a pretty serious perk. The no-annual-fee Visa also pays you 5% back on just about everything you buy from Amazon and Whole Foods. You get 2% back at restaurants, drug stores and gas stations and 1% on most other purchases. Story by Rick Broida for CNet

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Despite COVID, 86% of Consumers Plan to Shop Small Businesses During Holidays
Despite the sobering economic climate over Covid, optimism is high in regards to holiday shopping that can benefit small business. In fact, a recent poll by VISA indicates 86% of American shoppers are planning to buy gifts from small and medium-sized businesses according to a report by VISA. Story by Samson Haileyesus for Small Business Trends

Mastercard Donate Offers Consumers More Ways To Give Back
This unprecedented year has accelerated charitable giving by double-digit percentages. With consumer spending increasingly moving online, Mastercard is announcing the expansion of its digital giving platform—Mastercard Donate—to enable cardholders to round up their everyday spend to the nearest dollar for donations to the charity of their choice. Consumers will be able to simply register their debit or credit card information, select the cause they wish to support and start contributing small donations that add up to big impact. Story in AIthority

American Express Will Pay You $150 to Book a Vacation
American Express announced this morning a new set of perks for its Platinum Card holders, including a $150 bonus for trips booked this fall. Holders of the American Express Platinum Card can now enroll in an Amex offer to score the $150 statement credit if they spend at least $800 on hotel bookings by Dec. 7. Card members can also earn a free night at one of more than 200 hotels by booking a trip before Dec. 18 and staying before Dec. 20 of next year. Story by Paul Brady for Travel and Leisure

How These 5 Life Milestones Affect Your Credit Score
Learning to manage your finances is crucial in achieving major life milestones down the road. But just as important as understanding what you need to reach these milestones is knowing how certain events do or don’t affect your credit once you get there. There are five milestones that people often misunderstand just how they can either impact or not impact their credit: graduating from college; sharing your first apartment with a roommate; starting a business; getting married, and getting divorced; and retiring. Story by Elizabeth Gravler for CNBC

Considering Credit Card Surcharging? Here’s What You Need to Know
Total credit card interchange fees collected by Visa and Mastercard more than doubled between 2012 and 2019. Some businesses handle these rising costs by refusing to accept card payments, limiting payment choices for their customers. Others raise their prices for all customers, which forces customers paying with cash and debit to cross-subsidize someone else’s credit card rewards. Surcharging provides an alternative, allowing businesses to pass on the cost of acceptance to customers who choose to pay with credit cards. With surcharging, customers continue to have no-fee options, like paying with a debit card. Story by Jonathan Razi for Entrepreneur

App Developers See Revenues from In-App Purchases Outpace Advertising Revenues
The pandemic has caused reduced advertiser spending overall, leading to lower growth of in-app ad spending despite significantly higher numbers of ad placements. While in-app purchases never stopped growing amid the pandemic, publisher revenues have recently been shifting from in-app advertising to purchases. Story by Yoran Wurmser for eMarketer

Marriott Bonvoy Boundless Upgraded With 5 Nights Free For New Cardholders
Marriott and Chase have taken their incentives to the next level with their all-time high welcome offer on the Marriott Bonvoy Boundless Credit Card: Earn 5 free nights when you spend $5,000 in the first three months from opening an account. There’s usually a devil in the details, but the fine print of the Bonvoy Boundless offer looks downright angelic. Each night is valued at 50,000 Bonvoy Points meaning that cardmembers can redeem their free nights at up to Category 6 hotels at standard rates. Nights are good for a year after receiving the benefit. Story by Dia Adams for Forbes

Mastercard Wants Merchant Logos on App Records
Mastercard is encouraging merchants to load their logos onto a site managed by fraud platform Ethoca to minimize dispute claims by confused consumers. The goal is to give consumers more awareness over the purchases made, without having to wade through confusing product descriptions when reviewing online statements. Story in ATM Marketplace

‘We Need To Do More’: Seven High-Ranking Black Women Leave Wells Fargo
At least seven Black female senior executives have left Wells Fargo in the past 12 months, depleting the pipeline of women executives of color to the bank’s most senior positions. Two went to work at Citigroup, which just announced the first female CEO of a major U.S. bank. One went to work at American Express, reporting to one of the most senior Black men in finance. Another left for Equifax. Two people with direct knowledge of the matter say the bank’s culture around race and gender was a factor in why some of the Black women left. Story by Austin Weinstein for the Charlotte Observer

PSCU Reports 70% Increase in US Mobile Debit Card Transactions
The weekly volume of mobile wallet debit card transactions in the USA has increased by 70.3% compared with this time last year, while weekly mobile wallet credit card transactions have grown by 50.4% over the same period, according to the PSCU’s latest Tracking Transaction Trends report. Story by Tom Phillips for NFCW

The information contained within this article was accurate as of October 2, 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.