Card offers are now flooding mailboxes; Get the catch with Buy Now Pay Later

It’s not just you. Banks are really sending out more credit card offers

Americans paid off credit card debt during the pandemic. Credit card issuers spend a lot to get back on credit. Lenders spend on mailers and generous rewards to attract customers and add credit. Banks’ credit card marketing costs skyrocketed in the last quarter. Credit card inquiries by mail are back above pre-pandemic levels. The issuers are making cash back offers and other rewards more generous. [The Wall Street Journal]

The catch to “buy now, pay later” could be your credit

Buy Now, Pay Later Payment plans allow consumers to break down their total purchase into a series of smaller installments at the checkout. But with the promise of convenience, zero interest and minimal fees, many buyers wonder, “What’s the catch?” It could be your credit. BNPL providers typically fail to report on-time payments to major credit reporting agencies. Unlike credit cards or loans, you cannot build up credit with this type of financing. However, some providers report missed payments which could affect your score. [Associated Press]

Amazon can remove Visa as a partner on US credit cards

Amazon is considering ditching Visa as an affiliate on its U.S. co-branded credit card after previously confirmed it will stop accepting Visa credit cards in the UK as the dispute over payments escalates. Since the UK left the European Union, there is no longer an EU-enforced fee cap for card issuers in Great Britain, so providers are free to increase the fees. Visa started charging 1.5% of transaction value for credit card payments made online or over the phone between the UK and the EU last month, up from 0.3%. [Reuters]

Eligible Chase cardholders are now receiving $ 10 per month per card in credits for Gopuff’s fast delivery service

Gopuff is an online service that brings you thousands of products for a small fee. From alcohol to electronics to medication, you can get almost every “everyday item” at Gopuff. It prides itself on its quick 30 minute delivery time, although this is not guaranteed. Now, Gopuff has teamed up with Chase Credit Cards to bring select cardholders new benefits, namely $ 10 in bank statements every month when you use an eligible card to make a Gopuff purchase. The service charges a fee of $ 1.95 per delivery, or you can join Gopuff Fam and pay a flat rate of $ 5.95 per month for unlimited deliveries. The minimum order is $ 10.95 and there is an additional charge of up to $ 2 if your order includes alcohol. [Business Insider]

The majority of Americans are not very sure about which credit card they choose

According to a US news poll, most people don’t seem to be sure if they got the right credit card. In fact, almost half are concerned that different cards could bring them more rewards. Only about 38% say they feel very safe having the right cards in their wallet. Just over 36% of respondents say the most important feature of their newest credit card is the rewards program. Almost 15% say they chose a credit card to build up a loan. [U.S. News]

Credit card start-up upgrade increases 83% to $ 6.28 billion in just four months

Upgrade, the fintech start-up that converts credit card balances into installment loans, has completed a fundraising round that valued the company at $ 6.28 billion. Upgrade’s main product is a card that converts purchases into installment loans with a fixed rate of interest. The start-up is the youngest company to benefit from the “buy now, pay later” trend in the fintech sector. While conventional cards charge more than 18% interest annually, the upgrade card starts at 8.99%. That made it one of the fastest growing maps in the country. [CNBC]

Goodbye, Staples Center. Hello, Crypto.com arena

Staples Center gets a new name for Christmas: Crypto.com Arena. The downtown Los Angeles venue – home to the Lakers, Clippers, Kings and Sparks – will bear the new name for 20 years under an agreement between the Singapore cryptocurrency exchange and AEG, the owner and operator of the arena. Crypto.com paid more than $ 700 million for the naming rights, making it one of the largest naming agreements in sports history. [Los Angeles Times]

Morgan Stanley and American Express Announce New Cash Back Credit Cards for Brokerage Customers

Morgan Stanley and American Express have announced their first ever cash back credit card exclusively for Morgan Stanley and E * TRADE customers with eligible broker accounts. The new Morgan Stanley Blue Cash Preferred American Express Card allows cardholders in US supermarkets to earn 6% cashback (then 1%) on purchases up to $ 6,000 per year. 6% cashback on select US streaming subscriptions; 3% cashback at US gas stations and in transit; and 1% cashback on other eligible purchases. New cardholders can receive a $ 300 welcome bonus after spending $ 3,000 on eligible purchases in the first six months. They also receive an exclusive Morgan Stanley cardholder bonus of $ 100 each year after spending $ 15,000 on eligible purchases. [CNBC]

Banks, credit unions slip in the customer satisfaction survey

In a national customer satisfaction survey, banks outperformed credit unions for the second year in a row. The American Customer Satisfaction Index for 2020 saw a slight decrease in the score for credit unions from the previous year. The industry’s 77 score was one point below that of the banking sector. Last year was the first year banks beat credit unions, and this year’s survey marks an all-time low in credit union satisfaction, 10 points less than the industry’s high in 2011. While they outperform credit unions, the Results of the banks in 2020 also less than a year earlier. [American Banker]

US retail sales rise with the start of the holiday season, improving economic outlook

U.S. retail sales rose in October as Americans busily started their Christmas shopping early to avoid empty shelves amid shortages of some goods due to the ongoing pandemic, which gave the economy a boost early in the fourth quarter. The solid report from the Commerce Department suggested that high inflation was not yet dampening spending, although worries over rising cost of living pushed consumer sentiment to a 10-year low in early November. [Reuters]

18 of the most impressive credit and debit card designs in banking

The banking industry may be driving digital innovation, but most of the credit and debit card designs out there are boring, dull and frankly vanilla. These little plastic (or metal) billboards are still used every day, and a handful of institutions (both traditional and digital) have found striking new ways to make their cards stand out among consumers. [The Financial Brand]

Does mobile improve the in-store shopping experience?

A new survey found that in-store shoppers continue to visit showrooms or use their cell phones to check competitor prices, but also use their devices for purposes that are beneficial to the store they are in. The most popular use of cell phones when shopping in stores was using loyalty cards or coupons stored on the phone (70%); Visiting the retailer’s website (68%); Price comparison (68%); Use of the retailer’s app (64%); Reading user reviews (63%); and scanning QR codes or smart shelf tags for more information (53%). [Retail Wire]