5 Tips If You're Packing a Credit Card for College
In 2009, nearly 84% of college undergraduates had at least one credit card. Seniors were graduating with an average credit card debt of more than $4,100 in 2009, up from about $2,900 in 2004. By 2016, just 56% of college students were carrying credit cards. Lately, college students are seeing offers pop up in the mail from cards or credit card offerings from their own banks or credit unions. Credit is out there. Here are five tips when shopping for a student credit card. [The Detroit Free Press]
Why Bank of America Branches are Disappearing
The future of banking is here, and it's mobile. Bank of America announced that deposits made on mobile devices like smartphones and tablets are outpacing those made at branches for the first time. Customers logged into Bank of America's mobile app 1.4 billion times last quarter. Bank of America now has 1,720 fewer branches than it did in June 2008, a 28% drop. At the same time, Bank of America's active mobile banking users jumped by 11% to 25.3 million over the past year. It's not just Millennials turning to their smartphones for banking. [CNN]
How Much Does a Data Breach Cost?
The average data breach could cost a company in the United States $7.9 million. The 13th annual report found the global average cost of a data breach is up 6.4% over the previous year to $3.86 million, and the average cost for each lost or stolen record containing sensitive and confidential information also increased by 4.8% year over year to $148 per record. A big question will be how the implementation of GDPR and its strict penalties related to data-breach disclosure will affect these numbers, not only in EU countries but around the world. [PC Magazine]
The Darlings of Prepaid: Why Gift Cards are as Relevant Now as Ever
Consumers love gift cards. Rather than remaining static gifting tools, gift card uses, applications, and capabilities have been quietly expanding through the years. Gift cards are no longer just present options that line end caps; they're becoming increasingly versatile forms of branded currency that are changing the way Americans make purchases for others and themselves, reward employees and create experiences. [Payments Journal]
CFPB Wants to Help Launch New Fintech Products
Mick Mulvaney, the acting chief of the CFPB, spent the past eight months rolling back policies implemented by his Democratic predecessor. Now he wants to add his own mark by giving the agency a fresh mission promoting innovation in consumer finance. He said the bureau has launched a "regulatory sandbox" to help fintech firms develop new products and services. [The Wall Street Journal]
Interest on Credit Card Debt Tops $100 Billion
Consumers continue to struggle to manage their credit card debt. Consumers racked up $104 billion in interest payments on their credit card debt for the year that ended March 31. That's up 10% from the prior year and 35% in five years. Even worse is that situation isn't likely to get better. Total credit card debt is running about $1 trillion and continues to steadily climb. [The Columbus Dispatch]
Mastercard Has a New Patent That Could Allow Bitcoin Transactions on Credit Cards
Consumers might one day be able to charge their purchases on their credit cards using bitcoin as a currency. On Tuesday, Mastercard won a patent to protect a method that would manage "fractional reserves of blockchain currency." Mastercard said that there has been "increased usage" in blockchain currencies by consumers who "value anonymity and security." But there are disadvantages to using digital currency, and there's a need to improve the storage and processing capability of such transactions. [CNBC]
Walmart Weighs a Bid From Capital One for Credit Cards
Walmart is considering moving its branded credit card business to Capital One from Synchrony Financial as it seeks to expand its mobile payments offering. The world's largest retailer has narrowed the competition for its credit card partnership to bids from the two lenders. The retailer is seeking a partner that can support its aspirations for Walmart Pay. Co-brand and private label credit cards are a lucrative business for banks and retailers seeking to monetize a cardholder's loyalty to a certain brand or store. [Bloomberg]
Chase and Southwest Have a New Travel Credit Card, But is it a Good Deal?
Frequent flyers on Southwest now have a new option when paying for their flights. Chase and Southwest Airlines on Thursday announced a new credit card, the Southwest Rapid Rewards Priority Credit Card. The new Priority card has an introductory offer of 65,000 points, compared to the 40,000 the other Chase Southwest cards offer. But it also has a higher annual fee: $149. Chase and Southwest will face competition from many other travel cards on the market, which increasingly have no annual fee. [MarketWatch]
How Apple Plans to Win the Mobile Payment War
There's a reason everyone seems to be getting into mobile payments. Thanks to increasing smartphone usage and a push for faster, simpler, more secure financial transactions, mobile payments could become a $3.4 trillion industry by 2022. In the U.S. last year, eMarketer estimated it to be a $49 billion market already. As consumers abandon cash, checks, and even credit cards, everyone is jumping into mobile payments, but perhaps none with the zeal of Apple. Apple Pay has become one of the leading digital payment services for U.S. consumers, but it doesn't yet dominate the global market. [Slate]
The Card Rewards Strategies Issuers Can Use to Win Top-of-Wallet Status While Maximizing Returns
US consumers are hungry for credit card rewards. 75% now have a rewards program attached to their most preferred card, up from 58% two years ago. Credit card issuers can't become complacent, however. In fact, now is the time for them to be rethinking their rewards programs; The rush to satisfy consumer card appetite and capture an engaged customer base has saturated the market with lucrative signup bonuses and rewards, and now banks are hurting for returns. But backpedaling on rewards to make up this deficit is not an option. [Business Insider]
Provided by LowCards.com
