Personal Finance

This Week In Credit Card News: Cards Offering Extra Holiday Rewards; Strengthen Your Passwords

Yes, People Are Still Using ‘123456’ and ‘password’ as Their Password

When it comes to updating passwords, we are creatures of habit — and change is hard. According to new research, people are still using easy-to-hack passwords like “123456789,” the word “password,” and “iloveyou.” Of the 200 worst passwords, “123456” is the most commonly used of 2020, with 2,543,285 people choosing it. It takes less than a second to crack. [CNN]

Citi to Give Select Cardholders 5% Cash Back for Online Shopping

Citi will be offering 5% back on up to $500 of online purchases that are made between Tuesday, November 24 and Monday, November 30, a period which spans Thanksgiving, Black Friday and Cyber Monday. You must opt in with your qualified credit card to activate this promotion. The offer excludes new cardholders. The reward maxes out at $25. [Clark.com]

The Capital One Walmart Rewards Mastercard is Offering a $50 Sign-Up Bonus for a Very Short Time

The Capital One Walmart Rewards Mastercard could be worth considering if you like a no-annual-fee card and spend a lot on Walmart purchases, dining, and travel, because it earns bonus cash back in these categories. Until December 1 (December 26 if you apply in-store), the card has a sign-up bonus of $50 cash back after you spend $300 on purchases in the first three months of account opening. Usually, the card doesn’t offer a welcome bonus. [Business Insider]

Credit Card Debt Is Falling. That’s Good News and Bad News

A report by the New York Federal Reserve found that credit card debt is falling. That’s good news, right? Well, yes and no. The report says people have been using their savings to pay off existing credit card debt which is good news. But money spent paying off debt on credit cards is money that’s not flowing into the economy. [Marketplace]

Chase Announces Buy Now, Pay Later Feature

Chase introduced My Chase Plan, a digital ‘buy now, pay later’ feature available on eligible Chase consumer credit cards. It allows cardmembers the option to pay off a purchase over a period of time with no interest. Instead, a fixed monthly fee is charged. Eligible Chase cardholders have the flexibility to select a recent, eligible transaction and choose a repayment timeframe and monthly payment amount. The minimum purchase is $100. [Delaware Business Now]

Google Expands Pay App With Bank Accounts and Debit Card

Google expanded its Google Pay app to enable users to open bank accounts, pay friends and manage budgets. The company partnered with Citi and Stanford Federal Credit Union to launch the mobile bank accounts with plans to add 11 new partner institutions in 2021. [The Street]

California Says 350,000 Debit Cards for Unemployment Benefits Frozen over Fraud Fears

California officials said that 350,000 of the debit cards they issued containing benefits have been frozen because of suspicious activity, including a high number of claims at a single address. The debit cards frozen by the state Employment Development Department and Bank of America
BAC
could represent billions of dollars in benefits paid out since the pandemic began. [Los Angeles Times]

Super Bowl LV Will Go Fully Cashless For The First Time Amid Covid-19 Pandemic

The Super Bowl will go entirely cashless for fans in attendance for the first time in its history as the NFL will work with Visa
V
to set up ‘reverse ATMs’, credit cards and contactless payments amidst concerns about the use of paper currency during the Covid-19 pandemic. [Forbes]

The DOJ Has Approved Mastercard’s Acquisition of Finicity

Federal regulators have approved Mastercard’s acquisition of Finicity, which provides open-banking APIs. The deal is expected to go for $825 million. Finicity allows users to be able to decide how their financial information is shared and who can make money decisions on their behalf through open APIs. The buy will allow Mastercard to offer consumers and businesses more choice in these transactions, without requiring them to do heavy lifting themselves. [Tech Crunch]

Daylight Launches as the First LGBT+ Digital Banking Platform

Traditional banks and financial products weren’t necessarily created with a diverse audience in mind—-these apps and accounts take more of a “one-size-fits-all” approach. But more start-ups are looking to democratize the space with more specific products for specific audiences. One of the newest companies aiming to disrupt the financial world is Daylight, the first digital banking platform in the U.S. that’s specifically designed for the LGBT+ community by the LGBT+ community. [CNBC]

Chase Introduced a Virtual Assistant to its Mobile Banking App

The Chase Digital Assistant went live on the bank’s mobile app earlier this week. It allows users to type out inquiries and commands related to balances; account and routing numbers; replacing, locking, and unlocking cards; and paying bills and transferring money. The assistant will then provide answers or carry out the requested actions. [Business Insider]

Mastercard Expands Digitization of Business Payments

In an effort to further digitize the business payments process, Mastercard is adding Account-to-Account and Global Card Payments feature to its Mastercard Track Business Payment Service. Mastercard Track is a unique Mastercard solution designed to simplify and automate the exchange of payments-related data between the world’s buyers and suppliers and is one of the first open-loop commercial solutions to do so globally. [Zacks]

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