Business Card balances soar; How to get 6% back...

Card balances soar; How to get 6% back at Walmart and Amazon

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Credit card balances rise 15%, biggest annual jump in more than 20 years, as Americans go deeper into debt

In an economy that has produced its highest inflation rate since the early 1980s, Americans are struggling to keep up with everyday spending. More consumers now rely on credit cards to make ends meet, which has helped propel total credit card debt to $930 billion in the third quarter, just below the all-time record. Credit card balances rose more than 15% from a year earlier, the biggest annual jump in more than 20 years. [CNBC]

This hot new card earns up to 6% back at Walmart

The new US Bank Shopper Cash Rewards Card is a unique card that offers up to 6% quarterly cash back on up to $1,500 in combined purchases at two major retailers. Which retailers? That’s the kicker; you get to choose where you earn bonus rewards from a list of a ton of big names, including Walmart, Target, Amazon, and Best Buy. And to top it off, you can choose new retailers each quarter or keep the ones you already have. This makes it easy to tailor your bonus categories to your spending habits. [The Motley Fool]

Some retail store credit cards now have APRs over 30%

There has long been a threshold that few issuers of store branded credit cards have been willing to exceed: the annual rate of 30%. But amid a rapid succession of blockbuster rate hikes by the Federal Reserve, those boundaries are quickly being crossed. At least half a dozen major retail credit cards — including those from Kroger, Bloomingdale’s, Macy’s, Shell, Exxon Mobil, and Wayfair — recently increased their maximum APRs to more than 30%. [CNN]

These credit cards have just started offering 10% cash back on Uber and Uber Eats

Four Capital One credit cards now have a rewards bonus that’s ideal for anyone who likes to eat out or always needs a ride: unlimited 10% cash back on Uber and Uber Eats purchases. The Capital One Savor Rewards, Capital One SavorOne Rewards, Capital One SavorOne Rewards for Students, and Capital One Quicksilver Rewards for Students cards all just offer the 10% cash back rate. Both existing and new cardholders can take advantage of this new bonus category, which is available until November 14, 2024. [Money]

Square has teamed up with AmEx to offer a credit card for Square Merchants

Merchants in the United States who use Square’s point-of-sale technology and also accept American Express will receive a Square credit card in the coming months that will run on AmEx’s network. The so-called Square Credit Card would be the first credit card the Block unit has offered to its network of merchants. The card, which will be issued by Celtic Bank, will be powered by technology from i2c Inc., a card issuance platform for both physical and virtual payment cards. [Digital Transactions]

How Canada’s New Credit Card Fee Will Affect Consumers and Businesses

Canada has some of the highest settlement costs in the world. Interchange fees are the fees companies pay each time their customers pay with a credit card. The average interchange fee in Canada is approximately 1.5% of the transaction value, with fees typically ranging between 1 and 2.5%. Until last month, credit card networks did not allow companies to pass these charges on to customers. That recently changed with the settlement of a class action lawsuit alleging that certain banks and credit card networks colluded to set high interchange fees and prevent companies from adding surcharges or rejecting expensive cards. In response to the lawsuit, Visa and Mastercard agreed to scrap their no-surcharge rule, allowing companies to pass on the interchange fee to their customers. [The Conversation]

Most bank customers use an app despite security vulnerabilities

If “going to the bank” isn’t on your grocery list these days, you’re not alone: ​​A new NerdWallet survey shows that nearly three-quarters of banking customers (72%) use a mobile banking app, and 41% use it. there’s more than one. More than 3 in 5 mobile banking app users (62%) say they conduct most of their regular banking activities through a mobile app, and 41% say they do not normally need a physical bank branch for banking activities. More than 2 in 5 banking customers who don’t use mobile banking apps (42%) say it’s because they don’t trust the security of these apps. Similarly, nearly half of mobile banking app users (46%) are concerned about their accounts being hacked. [NerdWallet]

The disturbing truth about Buy now, pay later

BNPL offers a convenient and accessible way to defer the full cost of the things you buy. The problem is that it can create the illusion that you have room in your budget for things you can’t really afford. Most BNPL services don’t report on-time payments, which means your responsible use of BNPL loans won’t show up on your credit report and won’t help your score. But your credit can suffer if you miss payments, just like with a credit card. And when that happens, BNPL’s late fees are often much higher. BNPL providers have set their sights on students, recent graduates and other young adults from the start. It is the demographic least likely to have an established credit history, least eager to be financially literate, and most likely to be suspicious of traditional financial institutions. [GO Banking Rates]

Mastercard projects 15% growth in Black Friday spending

Mastercard offers a sunny forecast for Black Friday, with its SpendingPulse report predicting a 15% growth in retail sales the day after Thanksgiving. The report predicts trends such as robust indoor shopping, driven by the “post-pandemic return of doorbusters, window displays and brick-and-mortar collaborations,” all contributing to an 18% increase in in-store retail sales. In addition, the report says department store sales will grow more than 25% year-over-year as consumers take advantage of deals and get the chance to get all their gifts in one place. [PYMNTS]

FTX bankruptcy offers a look behind the dark curtain of Crypto

The bankruptcy of FTX Trading and other cryptocurrency companies will give the court system, like Dorothy Gale in “The Wizard of Oz”, a behind-the-scenes look into a closed, opaque and largely unregulated world. Dorothy found the man behind the wizard. What the courts will find, according to court observers, is anyone’s guess. In their quest to understand what went on behind the scenes at FTX, judges and lawyers will confront emerging technologies and unregulated issues, presenting the opportunity to set new precedents or create new case law. [Fox Business]

The cost of going cashless

But the main objection to a cashless system is who it excludes. While cash allows anyone, regardless of age, credit history, immigration status, or income, to pay directly for goods or services instead of using a middleman, credit cards generally require a bank account. Not everyone has one. And even those who do don’t necessarily want to increase their credit card debt. Regardless of whether they have a choice, teens and people making less than $30,000 a year are more likely to use cash. This also applies disproportionately to minorities. In response to these differences, Philadelphia, San Francisco, New York City, and the state of New Jersey have passed legislation that prohibits most merchants from accepting cash. But that’s only a small part of the country. [The New York Times]

TransUnion confirms recent data breach with the Attorney General’s Office

On November 7, 2022, TransUnion reported a data breach to the Massachusetts Attorney General after unauthorized access to information held by the company was gained. According to TransUnion, the breach resulted in the names, social security numbers, financial account numbers and driver’s license numbers being compromised. Recently, TransUnion sent data breach letters to all parties involved, informing them about the incident and what they can do to protect themselves against identity theft and other forms of fraud. While the total number of people affected by TransUnion’s data breach remains unknown at this time, the company has stated that it has “200 million files profiling nearly every credit-enabled consumer in the United States.” [JD Supra]

Shreya Christinahttps://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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