As of October 24, 2018, Buy Now, Pay Later plans will not be available with Chase cards.
Buy Now Pay Later plans have grow to be all the craze amongst corporations lately as they entice customers to pay for goods, services and travel they can not currently afford out of pocket. In most cases, these plans are usually not a very good option for many who are financially strapped as a consequence of the high rates of interest that may accrue on them. Chase seems concerned about piling up more debt, as the corporate is now telling customers that they may not be allowed to pay for Buy Now Pay Later plans with Chase bank cards starting October 10, 2024. [Frequent Miler]
Starting in October, Buy Now Pay Later plans will not be available for purchase with Chase cards
Macy’s bank card tests rate of interest limits
Macy’s has sent a letter to its card users announcing an rate of interest increase on its bank card to 34.49%, which appears to be a record high. Macy’s joins a gaggle of other retailers that now offer APRs above 30% on their loyalty cards, including Petco, Good Sam, Michaels and Exxon Mobil. Cards sold only to loyalty cards have a median rate of interest of 30.24%, based on figures compiled by Bankrate. For comparison, the typical bank card rate of interest is 21.19%. Two fundamental aspects are causing rates of interest to achieve recent heights. In addition to high rates of interest from the Federal Reserve, retailers are searching for revenue streams to offset the Consumer Financial Protection Bureau’s efforts to cut back late fees. [Payments Journal]
Mortgage and bank card debt are a reality for over 1 / 4 of investors in retirement
Retirees are increasingly rethinking their financial strategies and lifestyle as traditional ideas about retirement change, based on research from Nationwide. Almost a 3rd (31%) of retirees expect to feel less secure in retirement than previous generations. This uncertainty is compounded by ongoing financial obligations. Over a fifth (22%) of retirees worry about whether they may find a way to pay their monthly expenses. In addition, 26% of retirees proceed to repay their mortgage, while 25% are still fighting Credit card debt. [Investment News]
Increase in overdue bank card payments
With the rise in bank card debt has also come an increase in delinquencies. Failure to make payments on time can hurt your credit rating and your future creditworthiness. For many Americans, the one solution to make ends meet is to load up on bank card debt. Meanwhile, delinquent bank card debt is rising to its highest level in greater than a decade. Those under 35 are struggling essentially the most, with rates of interest exceeding 22%. The Federal Reserve reports that the variety of high-delinquency debts, those greater than 90 days overdue, rose 10.7% in the primary quarter of 2024. [ABC 33/40]
JPMorgan goals to build up 15 percent of US consumer deposits and increase the share of bank cards
The largest US bank desires to get even larger. JPMorgan Chase has set an ambitious goal of attracting 15% of the country’s consumer deposits. The bank had an 11.3% share of US retail deposits at the top of June 2023, the newest data available. The lender also desires to offer bank cards, which account for 20% of the country’s spending (currently 17%). [Reuters]
New York Mayor Faces Bipartisan Opposition Over New Round of Immigrant Debit Cards: ‘The Self-Service Train’ Must Stop
New York politicians from each parties have sharply criticized the move by Mayor Eric Adams’ administration to distribute one other tranche of hundreds of prepaid debit cards to migrant families. While Adams’ office claimed when it was introduced in February that this system would save the town as much as $7.2 million a 12 months, some city lawmakers condemned the newest allocation of seven,300 cards as an indication of more border crossers. [Fox News]
Mastercard’s introduction of hand payments shows that biometrics have gotten mainstream
Mastercard’s pilot of a palm biometric payment system in Uruguay could possibly be successful if the payment process may be further streamlined. Manufacturers’ integration of biometrics into smartphone security measures has raised consumer awareness of biometrics. With consumers now accepting the reliability and security of biometrics, the payments market is able to integrate the answer into its systems. If the palm scanner proves to be a seamless and simple validation method, it’s going to likely take off in SCA as consumers demand simplicity and speed. If successful, the system could see further opportunities in Europe and Asia Pacific as customers in these regions value simplicity and speed even greater than within the Americas. [Yahoo Finance]
Airline bank cards: Sky Money
In May, the Biden administration took on an unusual plastic product: the airline bank card. The Consumer Financial Protection Bureau held a hearing that sharply criticized airline bank cards. Federal officials accused airlines of using deceptive practices to lure customers. The thing is, the individuals who select such a bank card don’t share that opinion. Airline bank cards are incredibly popular: In the U.S., about 30 million people own one, based on Airlines for America, the airline industry organization. That’s one in 4 U.S. households. Many users use the cards to hoard rewards that they’ll use at no cost travel and overnight stays. The problem, nevertheless, is that airlines determine the worth of those balances, and that may change at inconvenient times. [Quartz]
The murdered man had his thumb cut off and used to steal his mobile payment app
A Washington, D.C., man who authorities imagine died a violent death in April had his thumb severed in an try and access his mobile payment app and steal money from him, authorities said. [NBC News]
