Banks Are Eyeing $1.5 Trillion in Credit Card Secrets
Few people can get inside your head--or at least the part of your brain that makes spending decisions quite like Scott Grimes and Lynne Laube. The co-founders of Cardlytics Inc. deal in some of the most valuable and revealing personal data on the planet: how people use their debit and credit cards. They're quietly helping some of the largest banks in the U.S. to mine what's known in the trade as purchase data and use it to encourage customers to buy more things with their plastic. Conventional banks are trying to raise their data game. But it's a weapon they have to be extremely careful about using. [Bloomberg]
The Truth About Credit Card Debt Forgiveness
When some people think about credit card debt forgiveness, they think your debt is erased, and you live happily ever after with no consequences. But the harsh truth lies somewhere short of "totally erased" and "no consequences." Credit card debt forgiveness does exist, and it's possible to settle your debt for less than what you owe. But to get it totally erased is rare, and it usually requires an extreme measure, such as bankruptcy. Here's what it means for your credit score and your wallet. [US News and World Report]
The Costly Mistake That Even Smart Travelers Make
It makes sense for most people to use credit cards as much as possible when spending money abroad. But there is also a potential pitfall: dynamic currency conversion. You've probably been asked: Would you like to pay in the local currency or the currency of where your card is from? What they usually don't mention is that this is a costly service. You should always opt to pay in local currency, and not accept the card machine or ATM's prompt to convert it for you. The exchange rate a card terminal will give you is a worse deal than the one your bank would automatically give you. [Quartzy]
New Credit Card Offers Big Cash Back for Foodies, Movie Buffs
Foodies and movie buffs, Capital One wants to put a new card in your wallet: a revamped Savor Cash Rewards card with the highest cashback percentage in the industry for both dining and entertainment. The 4% is among the highest year-round offer in both dining and entertainment. Although experts were impressed with the Savor card's cash back--including 2% on groceries and 1% on all other purchases--the $95 annual fee could be a turnoff for frugal consumers. [USA Today]
Square Readers Can Now Read Chip Cards in Just Two Seconds
Mobile payment company Square announced it has lowered its chip card read time down to two seconds. The company says the industry average is typically between eight and 13 seconds. That makes Square's Reader and Register platforms significantly faster than standard card-reading technology for EMV cards. The company's previous milestone was 4.2 seconds in 2016. [The Verge]
Discover Surpasses American Express in Credit Card Customer Satisfaction
Discover inched past American Express in the Credit Card Satisfaction Study from J.D. Power. Discovered earned a score of 836, compared to 830 from American Express. Rewards were the driving force in customer satisfaction. Cardholders with rewards cards reported significantly higher satisfaction rates than those without rewards. More than one-third (36%) of respondents said they did not understand their credit card rewards program. Those who did spent an average of $307 more per month on their credit cards. [LowCards.com]
Citi's Credit Card Chief to Exit in Consumer Bank Shake-Up
Citigroup is restructuring its consumer banking operation in a shake-up that includes the departure of its global credit card chief. Judson Linville, who ran the world's largest portfolio of credit card loans, is leaving as the bank merges that business with its wealth and retail units in the U.S. North America consumer revenue growth slowed to 1% last quarter from 4% in the previous three months, and Citigroup has struggled to meet targets for its U.S. branded-card business. [Bloomberg]
American Express Partners with GreenSky for Alternative Payments and Financing
GreenSky recently announced a partnership with American Express to offer alternative payment solutions to merchants and consumers. The companies aim to join American Express's large customer base with GreenSky's ability to offer point-of-sale financing options. The partnership would allow customers to finance large purchases without creating a large paper trail, making the interaction much more like a typical point-of-purchase sale. [Value Penquin]
Mobile Merchant Transactions to Help Drive Financial Inclusion
A new Juniper Research study forecasts that the use of mobile devices to make retail and store payments will act as a driver for financial inclusion of the unbanked in emerging markets. The research predicts mobile merchant transactions by unbanked individuals will grow from 1.8 billion per year in 2018 to 3.8 billion by 2023. The new research finds that Kenya and India will be core incubator markets for merchant services. [Mobile Payments Today]
Barclays Brexit Move Shifts Credit Cards to a German Base
With roots in London dating back to 1690, and strong presence across central Europe, Barclays’ shift to Ireland is a significant sign of the world to come as the UK exits from the European Union. The move shows Barclays putting its Brexit contingency plans into action, in common with other banks which are not waiting for the outcome of negotiations over how financial services will operate after Britain leaves the EU in March. [Payments Journal]
How To Give Mobile Banking More Curb Appeal
If your mobile app doesn't simplify people's lives and make banking easier, you can't compete. Financial institutions must rethink the mobile channel to grab people's attention and move market share. Here are four ways you can rev up a tired mobile banking app. [The Financial Brand]
Provided by LowCards.com
