Personal Finance

This Week In Credit Card News: Card Debt Falls In Second Quarter; How To Get A Free $100 Amazon Gift Card

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 balances on credit cards declined by $76 billion. 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. [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. You can have it at the ready for Prime Day on Oct. 13 and 14. Previously it was $70. 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. [CNet]

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, 86% of American shoppers are planning to buy gifts from small and medium-sized businesses according to a report by VISA
. [Small Business Trends]

Mastercard Donate Offers Consumers More Ways To Give Back

This unprecedented year has accelerated charitable giving by double-digit percentages. 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. [AIthority]

American Express Will Pay You $150 to Book a Vacation

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. [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. It’s important to know 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. [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 allows businesses to pass on the cost of acceptance to customers who choose to pay with credit cards. [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. [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. 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. [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. [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
. 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. [Charlotte Observer]

PSCU Reports 70% Increase in US Mobile Debit Card Transactions

The weekly volume of mobile wallet debit card transactions in the United States 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. [NFCW]

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