LowCards.com Weekly Credit Card Update–September 11, 2020

LowCards.com Weekly Credit Card Update–September 11, 2020

September 11, 2020         Written By Bill Hardekopf

Citi Customers Can Now Make Their Credit Card Minimum Payment Using Rewards Points
Citi is now offering a temporary point redemption opportunity that gives customers the option of redeeming cash rewards or ThankYou Points to pay the minimum due. Eligible cardholders can find this option by logging into their Citi Mobile App or in their online account, and looking for COVID-19 relief options within the Reward Details section. Or you can just call the customer service number on the back of your card. This special redemption option is temporary, and is available only through November 7, 2020. Story by Jason Steele for Money

Know Your Rights Regarding Chargebacks, COVID-19 Travel Cancellations
As the COVID-19 pandemic swept the globe, it caused an immediate and massive disruption to the travel industry, and consumers everywhere began to panic. A flood of demands for refunds on prepaid airline, hotel and tour reservations overwhelmed companies, which found themselves faced with a financial crisis even as their business suddenly vanished. Many mitigated the damage by offering flexible rebooking options or vouchers for future travel, some with adding incentives, to avoid paying back so much of their capital to confused and frustrated customers. All kinds of hospitality providers now face the possibility of a huge volume of chargebacks being demanded due to COVID-caused cancellations. Story by Laurie Baratti for Travel Pulse

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Struggling with Credit Card Debt? Here’s What You Can Do with Them During COVID-19
You may be focused on what the coronavirus pandemic means for going to work, sending your children to school, or enjoying normal activities, but there may be other modifications worth making. Take your credit cards. Here are four big things to consider, depending on your financial situation. Story by Christy Bieber for USA Today

Amex Adds Additional Payment Flexibility Across Many Business Credit Cards
Starting during cardholders’ November billing cycle, three American Express cards—the Business Platinum Card, the Business Gold Card and the Business Green Rewards Card—will have access to Amex’s Pay Over Time feature. You’ll be able to pay your balance in full or carry a balance (with interest) on eligible purchases of $100 or more.  Story by Madison Blancaflor for The Points Guy

4 Reasons Anyone Who Likes Cash Back Should Apply For The Chase Freedom Card Now, Before It’s Gone Forever
Once the Chase Freedom is closed to new applicants, it’s not coming back. So your last chance to get this card and earn the sign-up bonus is fast approaching. New Chase Freedom card holders can get $200 back after they spend $500 in the first three months, plus 5% back on groceries on up to $12,000 spent in their first cardholder year. That’s up to $800 in cash back from the introductory offer alone. When it launches on September 15, the Freedom Flex will have the same sign-up bonus, meaning you could earn up to $800 in cash back with this card, too. And the best part is that you can have both the Chase Freedom and the Chase Freedom Flex; Chase considers these two separate products, so you don’t have to make a decision between the two, and neither card has an annual fee. Story by Sarah Silbert for Business Insider

COVID-19 to Fuel Mobile Payment Adoption, Product Expansion by Nonbanks
The COVID-19 pandemic has boosted mobile payment adoption in the U.S. and led to record growth among multiple nonbank payment providers. Nonbank mobile payment platforms are increasingly resembling broad financial services providers, positioning themselves more and more as potential banking substitutes, though significant differences remain. Banks have been augmenting their own mobile banking offerings and have mounted a more direct response to mobile payment apps in the form of the Zelle Network. Incumbents will continue to participate in the shift to digital payments in multiple ways, even as nonbank become larger players. According to the Federal Reserve’s Survey of Consumer Payment Choice, 38% of consumers made a mobile payment in 2019, up from 22% in 2016. Story in Bank Innovation

Online Fraudsters Scramble to Keep up with COVID-19 Changes
Stores aren’t the only ones scrambling to keep up with COVID-19 changes. Fraudsters are equally frazzled about finding ways to target their victims. According to TransUnion, suspected online fraud against businesses has dropped 9% since the beginning of the pandemic (March 11-May 18 vs. May 19-July 25). This is most likely the result of businesses reopening, creating a shift from online shopping back to in-person shopping. Conversely, a TransUnion survey found COVID-19 related fraud targeting consumers has increased 10% from April 13 to July 27. Story by Heaven Speirs for LowCards.com

Citigroup’s Jane Fraser to Succeed Michael Corbat as CEO
Jane Fraser will become the first woman to run a major Wall Street bank, succeeding Michael Corbat as Citigroup Inc. chief executive when he retires in February. Citigroup tapped Ms. Fraser to serve as the bank’s president and to run its global consumer bank last year, a move that established her as the front-runner to succeed Mr. Corbat. But the timing of Mr. Corbat’s retirement comes as a surprise; he was expected to remain CEO into 2022. Fraser will be the first woman to lead one of Wall Street’s big six banks, a major accomplishment in an industry long dominated by men. Story by David Benoit and Christina Rexrode for The Wall Street Journal

Here’s the Problem with Digital Currency Debit Cards
Digital currency debit cards are increasing in popularity. However, digital currency debit and credit cards are not what the world needs to catalyze digital currency adoption. Digital currency debit and credit card transactions are more expensive than a peer to peer digital currency transaction would be, and there are not many benefits to owning or accepting digital currency debit cards, other than eliminating the risk of digital currency price fluctuations. Story by Patrick Thompson for CoinGeek

Emburse and Mastercard Team Up to Streamline Your Amazon Business Purchases 
Do you buy products from Amazon’s marketplace? If yes, then the recent collaboration between Emburse and Mastercard can help you smoothen the expense process. Emburse recently launched an integrated solution to help Amazon Business customers better manage their expenses. Now, Mastercard corporate card users can get receipt generation and expense itemization automatically within their Emburse expense automation solution. As a result, they don’t have to upload e-receipts into their expense system to create expense items for each product. Story by Sandeep Rathore for Small Business Trends

Pandemic Drives Dramatic Card Transaction Shifts
Cash is no longer king. And that may be good for credit unions. As COVID-19 has swept across the country, credit union members’ use of cash for purchases has fallen to an all-time low. That trend is driven by a dramatic reduction in in-store shopping and consumers’ desire to avoid less hygienic cash transactions that could transmit the virus. Story by R. Robin McDonald for Credit Union Times

The information contained within this article was accurate as of September 11, 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.