Capital One Financial is the latest credit card issuer to release loss reserves because its loans have performed better than expected during the pandemic
U.S. credit card delinquencies reached record-low levels in 2020, as Americans took advantage of stimulus checks and adjusted their spending habits, according to a new report.
Consumers have largely kept up with their payments during the pandemic, but Discover chief Roger Hochschild says he expects defaults to rise as structural changes in the economy lead to more layoffs of white-collar workers.
The online lender founded by Renaud Laplanche is now a full-fledged challenger bank that can offer generous checking terms because, it says, it can count on its loans for profits.
Synchrony wasn’t unscathed by the pandemic — consumer spending slowed during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and travel.
The credit reporting firm has been building out its identity and fraud protection business for existing customers, which include many of the world’s largest banks and telecommunications companies.
American Express is reportedly under investigation by top federal agencies exploring allegations of unethical sales tactics by the company’s small-business credit card sales representatives.
