credit cards

Coronavirus crisis plays to the strengths of secured credit cards


With the COVID-19 health pandemic wreaking havoc on jobs, investments, consumer debt and lending, secured credit cards can address a vital need for people who may not have considered the product in the past.


A second chance for rejected Apple Card applicants


Goldman Sachs, the card’s issuer, has rolled out a new program in which it will provide personalized advice to consumers with marred credit profiles in hopes of making them customers down the road.


Mastercard to buy Finicity to improve open banking services


Mastercard has agreed to acquire Finicity for a reported price of $825 million, a move the card brand says will strengthen its open banking platform and expand financial services through more real-time access to data.


New Verizon credit card reflects shifts in consumers’ spending habits


With Americans traveling less due to the pandemic, the card, issued by Synchrony, is tailoring rewards to everyday purchases, such as groceries. It also has a contactless feature that could appeal to shoppers fearful of touching terminals.


Mom-and-pop shops left holding bag in consumer card disputes


Payments processors are keeping a portion of payments as a reserve against potential disputes between cardholders and merchants. Small-business owners say the practice is eating into their profits.


Card issuers cut back on 0% offers; shift to mobile could speed branch divestment


Banks are looking to reduce their consumer credit risk exposure in the face of high unemployment; the drop in branch transactions is causing banks to rethink how many they need.


Fiserv sees existing credit lines as cure for PPP limitations


The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines.


Credit card lenders clamp down to mitigate coronavirus risk


Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults.


5 ways the CFPB has eased industry’s coronavirus burden


The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.


Amex CEO says most employees will work remotely for the year


American Express Chief Executive Steve Squeri said a majority of the company’s employees will work remotely through 2020 as it seeks to slow the spread of the coronavirus.