Personal Finance

This Week In Credit Card News: The Effects Of A Poor Credit Score; Be Aware Of Covid Surcharges

A Poor Credit Score Affects More than Just Getting a Loan or Credit Card

It’s practically a universal truth: having a low credit score is bad. But what you may not realize is that having a low credit score can have an effect on more than just your finances. Those with a credit score within the 300 to 549 range report their poor credit history has impacted their housing, careers, relationships and even their ability to communicate. In fact, about 28% of those with poor credit say they can’t rent the apartment they want, while 22% have been denied a cellphone plan. [CNBC]

Watch Out for Covid Surcharges on Credit Card Statements

Industry reports indicate that surcharges on credit cards may be becoming a mainstream practice during the pandemic. Retailers are allowed to charge customers to cover the expenses of merchant fees when customers use credit cards.  Merchants may set a $10 minimum for credit card purchases under the Dodd-Frank Wall Street Reform and Consumer Protection Act. [NWest Iowa]

Credit Card Companies Mailed 63% Fewer Offers Last Quarter

Credit card companies only mailed 407 million credit card offers in the third quarter of 2020. By comparison, the same companies mailed 1.1 billion card offers in the third quarter of 2019, marking a 63% decline versus last year. During the same period, there was a 53% decline in mailings for the insurance, telco and financial services sectors combined. []

How 5G is Going to Transform Digital Banking in 2021

Covid-19 sparked a digital banking boom, caused by social distancing measures and lockdown restrictions. It led to more people opening savings accounts with their mobile devices and existing customers putting extra money aside for an uncertain future. Next year will bring even more growth opportunities for digital banks and a remarkable transformation for financial services. But this time around, the catalyst for growth will not be the pandemic, but the launch of 5G. Digital banking is inextricably linked to mobile phones. [Computer Weekly]

Visa Has Quietly Warmed to Crypto, Along with PayPal and Square

The price of bitcoin is up 190% in 2020, and hit a new all-time high on Wednesday. The surge has mostly been attributed to two factors: institutional investment from Wall Street firms, and public buy-in from PayPal and Square, two very big consumer-facing payment names. But Visa, a bigger company than the other two combined, has also quietly warmed to cryptocurrency. Visa’s crypto steps might hold the biggest potential for mainstream adoption. [Yahoo Finance]

Mastercard Loses $18.6 Billion Class Action Court Ruling in UK

Mastercard faces the prospect of an $18.6 billion U.K. class action, the largest of its kind, after losing another battle at the country’s highest court over illegal swipe fees. The Supreme Court ruled in favor of a group behind a proposed British suit, representing some 46 million consumers. Friday’s decision also sets the stage for a slew of class-action cases, after the judges made it easier to bring mass claims. [Bloomberg]

Millennials and Gen Z are the Most Likely to Use Mobile Banking Apps. Here’s Why

Mobile banking is a convenient way to manage your money on the go and continues to grow in popularity. In fact, 54% of consumers agreed that they use digital banking tools more now, due to the pandemic, than they did last year. It comes as no surprise that millennials and Gen Z are the two groups who are using mobile banking apps the most. The study found that 99% of Gen Z and 98% of millennials use a mobile banking app for a wide range of tasks, including viewing account balances, checking their credit score and depositing a check. [CNBC]

Citi CEO Says Long-Term Productivity May Suffer with Remote Work

Citigroup’s Michael Corbat said he’s worried about potential long-term negative effects after many of his employees spent the vast majority of 2020 working from home. The CEO said in May that, unlike some of his competitors, he wasn’t considering the option of letting workers stay at home permanently after the pandemic ends. The bank, which has about 200,000 employees worldwide, wants to see how productivity changes over longer stretches of time and whether creativity suffers before deciding how much working from home to allow. [Bloomberg]

It’s Not Too Late to Earn Extra Credit Card Rewards on Last-Minute Holiday Shopping

It’s been a rough year for credit cards. But card issuers are still hoping to end this year with a strong holiday season. There are plenty of great deals currently available for holiday shoppers. It’s not too late to leverage your credit cards to save money on your purchases, your interest charges or both. Here are several ways you can use your credit cards to save money on your holiday shopping. [Money]

DoorDash, Payfare to Provide Instant Payment Solution to Dashers

DoorDash and Payfare have launched DasherDirect, a banking solution for DoorDash delivery drivers called Dashers, offering a Business Prepaid Visa Card and mobile banking app. With the card, Dashers can get paid every day, with earnings automatically added to the DasherDirect Visa Card daily at no cost. Dashers can check their balance, pay bills, transfer money, find no fee ATMs on the app, and earn 2% cash back on fuel at any station. [The Paypers]

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