Tagged: credit cards

US Credit Card Defaults Surge to $46B in First 9 Months of 2024

US credit card defaults have reportedly surged to $46 billion in the first 9 months of 2024, which is said to be the highest since 2010. Credit card defaults are now up more than 50% year-over-year. And defaults of seriously delinquent credit card loan balances… Read More

J.D. Power Analyzes Key 2024 Credit Card Themes

The following was provided by J.D. Power: As we approach the end of the year, the major storylines that have developed in the credit card industry are creating ripple effects through the entire financial landscape. Even as inflation has dropped to its lowest level since February… Read More

CFPB Announces Actions to Protect Consumers from “Illegal” Credit Card Practices

The Consumer Financial Protection Bureau (CFPB) announced actions in order to protect consumers from “illegal” credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards… Read More

Financially Unhealthy SMB Owners Borrow Off Credit Cards: Study

While 83% of U.S. small businesses expect more good than bad things to happen for their companies, 51% are categorized as financially unhealthy. Among those who are financially unhealthy, 61% are carrying revolving debt on their business credit cards, and  63% are borrowing with those cards… Read More

US Consumers Are Unwittingly Ending Up on “Hamster Wheel” of Credit Card Debt – LendingClub Report

The majority of US consumers are drawn to credit cards for their convenience, credit building, or rewards with every “intention” to pay their balance in full every month, according to an update from LendingClub. But “life happens” and nearly half of cardholders end up carrying… Read More

Nubank Reportedly Adds Government Bonds Investments as Collateral Option for Credit Card Limit Increase

Nubank (NYSE: NU), which claims to be one the largest digital banking platforms outside of Asia, announces the expansion of Nu Limite Garantido, which is described as a feature that enables clients to increase their credit card limit. Gradually, the eligible customer base is reportedly being… Read More

Aven Announces $142M Series D to Bring Home Equity-backed Credit Card to Homeowners

Aven, a technology company offering consumer credit cards backed by home equity,  announced a $142 million series D round of funding led by Khosla Ventures and General Catalyst, with participation from existing investors including Caffeinated Capital, Electric Capital, Founders Fund, and The General Partnership. Aven… Read More

Fintech OneCard Enhances Credit Card Repayments with Razorpay

OneCard, a Fintech company in India, is forging a new path in the Indian credit card market and tapping into the fast-growing segment of tech-savvy individuals who value both design and financial control. As noted in a blog post by Razorpay, OneCard reportedly “manage over… Read More

Hong Kong Payment Card Transactions Climb in Q1 2024

The Hong Kong Monetary Authority (HKMA) has released its payment card statistics for the first quarter of 2024, revealing a steady rise in credit card usage and a mixed performance in debit card transactions. As of the end of Q1 2024, the total number of… Read More

Consumers Reportedly Spending More When Using Credit Cards for Interest-Free Installments Compared to BNPL

Consumers are spending twice as much when they use their credit cards for interest-free installments compared to traditional Buy Now, Pay Later (BNPL) plans, according to new first-party research shared by Splitit (ASX:SPT). The report, Merchants’ Evolving Perspective On the Value of Card-Linked Pay Later… Read More

Security.org Report Analyzes Credit Card Fraud

Even though credit card fraud is increasing in the United States, a report from security.org said it is still poorly understood. As more people use cards and spend digitally, it opens the door for fraudulent activity; in 2023, an estimated 52 million Americans suffered credit… Read More

Banking and Credit Card Apps Struggle to Stand Out as UX Becomes Increasingly Homogenized, Study Finds

The nation’s banking and credit card providers have done a great job establishing best practices for a seamless, efficient digital user experience on their mobile apps and websites, according to an extensive research study. However, with limited differentiation between brands, it’s become “challenging to distinguish… Read More

CIBC Introduces Digital Credit Card and Deposit Account Application for Newcomers to Canada

CIBC announced it is the first major financial institution to launch a bundled digital credit card and deposit account application for those new to Canada, making it faster and more convenient for these clients to make key banking decisions sooner. Michael Clabby, Executive Vice-President, Head… Read More

Neo Financial Enhances Services to Assist Canadian Newcomers with Establishing Credit Profiles

Neo Financial announced that the Neo Secured Credit card, along with all Neo credit card products, will now report to Equifax Canada, in addition to its existing reporting to TransUnion, giving Canadians a full credit profile for broader lender acceptance. The Neo Secured Credit card… Read More

Brian Muse-McKenney from Episode Six Shares Insights on Consumer Credit Cards, Impact on Younger Generations

Credit cards have been a cornerstone of consumer payment methods for decades now, and the demand for consumer cards is only increasing. In fact, 43% of Gen Z and millennial consumers are increasing their spending on credit cards, suggesting that the market is both lucrative… Read More

CFPBs Cap on Credit Card Late Fees Will Raise Fees Elsewhere, Least Creditworthy May Lose Access to Cards

This past week, the Consumer Financial Protection Bureau (CFPB) finalized its rules on credit late fees by reducing the legal lime to $8 from a typical fee of $32. The CFPB said that an average saving per year for consumers would be around $220, as… Read More

TrueNorth and Brim to Deliver Credit Card as a Service Platform to Fintechs

TrueNorth, a professional services organization specializing in implementation, systems integration and engineering of digital solutions for the financial services industry, and Brim Financial, a provider of credit card platform as-a-service and one of the fastest growing Fintechs in North America, are excited to announce their… Read More

Mastercard and Loop to Launch Payment Solutions in Saudi Arabia

Mastercard (NYSE: MA) has partnered with Loop, a digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions. The partnership will see Loop “expand its portfolio, enhance its… Read More

Hong Kong’s Credit Card Spending Surges in Q4 Amid Festive Season

In the latest credit card lending survey released by the Hong Kong Monetary Authority (HKMA), figures for the fourth quarter of 2023 showed a significant uptick in credit card usage among Hong Kong residents. Total card receivables soared by 8.5% to HK$160.1 billion at the… Read More

Bank of Ireland Credit and Debit Card Data Reveals Spending Surged Compared to Last January

Bank of Ireland credit and debit card data for the first two weeks of January reveals that ‘New Year, New You’ spending in gyms and sports clubs shot upwards “compared to last January.” As noted in the update shared by the Bank of Ireland, many… Read More

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