LowCards.com Weekly Credit Card Update–September 18, 2020

LowCards.com Weekly Credit Card Update–September 18, 2020

September 18, 2020         Written By Bill Hardekopf

Get $40 Off a $40 Target Purchase After Approval for the Target RedCard 
Target is known for its red bullseye logo and Target Circle Offers that help shoppers earn up to 50% off hundreds of items, but now there’s a new reason to consider opening the popular store card. New applicants who are approved for the Target RedCard™ card through October 10, 2020 receive a $40 coupon for a future qualifying purchase at Target. If you frequently go on Target Runs and order from Target.com, you may want to consider applying this month. The Target RedCard already offers a unique 5% discount at checkout on most purchases in-store and at Target.com, plus free two-day shipping on most items. Story by Alexandria White for CNBC

Americans Near Retirement Age Have the Most Credit Card Debt
Consumers in their 50s have the highest levels of credit card debt, according to a 2020 study of credit card debt statistics. The total credit card debt amongst this group of people rapidly approaching retirement is $213.2 billion. For comparison’s sake, for folks in their 40s, that figure is $196.6 billion, and it’s $151.4 billion for those in their 30s. As for people at retirement age—consumers in their 60s—they have a total of $163 billion. This is particularly alarming, considering that plenty of people between the ages of 50 and 59 are only a decade, or even less, away from retirement age. Credit card debt is one of the most expensive forms of debt and can easily eat away at retirement savings and completely derail retirement plans. Story by Elizabeth Aldrich for The Motley Fool

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Emirates Launches Its First US Cobranded Credit Card
Emirates Skywards, the award-winning loyalty program of Emirates and flydubai, has partnered with Barclays to launch the Emirates Skywards Mastercard, its first cobranded credit card suite in the U.S. Customers can now earn Skywards Miles quickly through everyday spend, including travel and lifestyle purchases, as well as enjoy immediate Silver or Gold tier membership status during the first year, and earn up to 40,000 bonus Skywards Miles and many more privileges. Story by Iuliia Tore for Rus Tourism News

How ‘Pandenomics’ Will Drive Mobile Check Deposits
“Pandenomics” may usher in a new age for mobile check capture and deposits. Mike Diamond, general manager of digital banking at Mitek, said it’s unlikely that customers will revert back to their branch-intensive, pre-pandemic banking behaviors. In fact, we might not go back to the bank in person at all unless we have to, say, sign and notarize a mortgage document or cash a (paper) cashier’s check. Story in PYMNTS

Mastercard Will Spend $500 Million to Expand Financial Access in Black Communities
Mastercard is pledging $500 million over the next five years to expand financial inclusion for Black individuals and businesses. Through three interconnected initiatives, and with the help of various partners, the financial services company aims to deliver tools and resources to allow many long-excluded African Americans to access affordable financial services and build prosperity. This new initiative will directly target members of the Black community, who have been hit particularly hard by the pandemic. The Federal Reserve Bank of New York found that Black businesses have had a 41% closure rate—versus 17% for white businesses. Even in ordinary times, the median wealth of Black families is a tenth of that of white families. Story by Talib Visram for Fast Company

Hotels.com Launches its First Credit Card, Helping You Earn Rewards Nights Quicker
Hotels.com is the latest business to dive into the credit card market, announcing the launch of the Hotels.com Rewards Visa Credit Card. This new no-annual-fee card is issued by Wells Fargo and backed by the Visa network. With Hotels.com Rewards program you earn rewards or “stamps” for each stay you book on the site. The stamps are like the punch card you get at your local coffee shop: Collect 10 stamps and receive one reward night. With the Hotels.com Rewards credit card, you can now you earn an additional reward each time you spend $500 on your card, helping you get to a free night stay even sooner. Story by Alexandria White for CNBC

Square’s New Products Target Business Banking
Square mobile payments has launched two new products; “on-demand pay,” which lets businesses using Square for payroll give employees up to $200 of their paycheck ahead of schedule, and “instant payments” which lets businesses fund payroll immediately using money in their Square balance, instead of paying through external bank accounts. Story by Mobile Payments Today

X1 is a Credit Card Based On Your Income, Not Your Credit Score
There are many reasons why you could have a good or a bad credit score. But if you’re just entering the job market, you may end up with reliable income and a low limit on your credit card. X1 Card wants to solve that by setting limits based on your current and future income instead of your credit score. The company says some customers can expect limits up to five times higher than what they would get from a traditional credit card. And that limit can move up if you get a promotion at your job, for instance. Story by Romain Dillet for Tech Crunch

American Express Announces First Centurion Lounge Reopening Date
American Express announced that it will begin the process of reopening its popular Centurion Lounges. Airports in Seattle and Philadelphia will lead the way, opening their Centurion Lounge doors on October 5, with more lounges to follow in a phased format. The issuer is also implementing a set of new health and safety protocols and practices meant to protect travelers in its lounges. Called the “Centurion Lounge Commitment,” the procedures include the option for contactless mobile check-in, capacity restrictions and reconfigured seating to allow for social distancing. Guests and employees will also be required to wear masks while in the lounge, and surfaces will be cleaned more frequently. Story by Edward Pizzarello for CNN

Apple Cash Family Lets Kids Use Apple Pay
Apple has released Apple Cash Family, as part of Apple’s “family setup” for its watchOS 7, this week. This feature lets a parent securely load money onto a child’s Apple Watch giving the child the ability to purchase items wherever Apple Pay is accepted. Parents can view a child’s spend activity, receive notifications of purchases, restrict access to Apple Cash balances and limit who money can be sent to through person-to-person payments. Apple Cash Family can be enabled for up to five family members. Story in Mobile Payments Today

Square Sees Dramatic Hike In Cashless Transactions
The COVID-19 pandemic is fueling contactless payments as one financial mobile app company says without a public health crisis, it would have taken three years to see such a reduction in the use of cash. Square said that its share of cash transactions has fallen to one-third since the first of August, down from nearly 41 percent compared to the same time last year. Story in PYMNTS

Two Russians Charged in $17 Million Cryptocurrency Phishing Spree
U.S. authorities announced criminal charges and financial sanctions against two Russian men accused of stealing nearly $17 million worth of virtual currencies in a series of phishing attacks throughout 2017 and 2018 that spoofed websites for some of the most popular cryptocurrency exchanges. Story by Brian Krebs for Krebs On Security

The information contained within this article was accurate as of September 18, 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.