Just How Much Stimulus Verify Money Can You Get?
We’ve got a fantastic idea how much cash another stimulation check can put in your pocket today that Senate Republicans have formally introduced their HEALS Act. The new suggestion matches the $1,200 payment setup from the initial stimulation check. But that does not indicate that the entire $1,200 is yours. Just how much cash you end up with depends upon a selection of variables, including the number of dependents you have. [CNet]
Earn 5% Cash Back On Groceries With This Brand New Chase Freedom Unlimited Offer
Brand New Chase Freedom Unlimited card holders may make $200 in bonus cash back after spending $500 on purchases in the first few weeks after you start the accounts. However, in addition, if you get the card today, You May Also earn a whopping 5% cash back to your supermarket purchases (not including Target
A Third Of Small Business Owners Have Tapped Personal Funds To Stay Afloat
Roughly 35% of small-business owners stated they’ve had to exploit their own funds—-through a private charge card or savings, such as —-to help prop up their business in the months since the coronavirus whacked the U.S. economy, according to a survey from CreditCards.com. Other sources serving as a lifeline included business credit cards or a business savings account, and loans (including through the Paycheck Protection Program). Altogether, 70% in the survey said they have leaned on one or more of those sources to remain in business since the coronavirus pandemic began. [CNBC]
Americans Are Rapidly Shrinking Their Credit Card Debt During The Pandemic
The amount of consumer revolving credit, which is mostly credit cards, plunged by another $24 billion in May, according to the Federal Reserve. This costly form of debt is down more than $100 billion since hitting a record high in February and is now below $1 trillion for the first time in nearly three years. That’s a sharp contrast with the last two economic downturns. The dwindling pile of credit card debt is yet more evidence of how drastically consumer behavior is changing during the pandemic and this period of financial insecurity. [CNN]
Can You Trust Your Mobile Payment App?
About half of U.S. adults incorrectly believe that they could reverse a payment made through a peerto-peer platform. If you change your mind, have a problem or make a mistake—-input the wrong email address or phone number, for instance—-you’re usually at the mercy of the recipient. Payment apps usually protect against unauthorized transactions, but not necessarily against other fraud — and that can be true even if you link to a debit or credit card that otherwise would offer such protections. [Associated Press]
Debit And Services Help Mastercard Stay Afloat During the Pandemic
Mastercard reported U.S. credit volume was down 21% year-over-year to $179 billion. Conversely, Mastercard’s U.S. debit and prepaid card purchase volume rose 13% to $226 billion even though the number of debit transactions slipped 2% to 4.91 billion. Mastercard said its online purchase volume and contactless transactions at the point of sale are way up. [Digital Transactions]
Consumer Finance Complaints Skyrocket During Pandemic
Year over year, there was an 84% increase in the number of consumer complaints to the CFPB related to credit reporting, credit repair services, or other personal consumer reports, a 77% increase in the number of complaints related to money transfer, virtual currency, or money service, a 29% increase in the number of complaints related to credit card or prepaid card, and a 41% decrease in the number of complaints related to student loan. [Patch]
Visa, Mastercard Debit Fees Are Hurting Retailers, Sen. Richard Durbin Says
Democratic Sen. Richard Durbin is asking the Federal Reserve to probe allegedly anticompetitive practices that are forcing merchants to pay excessive debit card fees levied during the coronavirus crisis by large networks like Visa and Mastercard. Durbin said practices by the large card networks and debit-card issuers are diminishing competition in the online payments marketplace and costing merchants potentially billions of dollars. [The Wall Street Journal]
30 Ways To Stay Protected Against Credit Card Fraud
In 2008, 9.9 million people were victims of identity theft. Ten years later, the number had increased to 14.4 million victims. Credit card fraud is one of the most common types of identity theft. One area that’s seen increasing numbers of reports is new account fraud. Losses for new account fraud reached $3.4 billion in 2018. Here are steps to protect yourself from becoming a victim of credit card fraud. [LowCards.com]
Point Wants To Provide Credit Card Rewards With Debit Cards
Creating a Point account is more like joining a membership program. When you sign up, you get a debit card with some level of insurance as it’s a Mastercard World Debit card. You can expect some trip cancellation insurance, rental car insurance, purchase insurance, etc. You earn points with each purchase. You get 5x points on subscriptions, such as Spotify and Netflix
How Many Contactless Debit Cards Are in Circulation?
Mercator estimates that Visa, the brand on 72% of U.S. debit cards, has 93 million contactless debit cards in the United States. Contactless debit will increase as the big banks put more contactless cards in the market and as smaller financial institutions prioritize the investment. Visa reports 80 of the largest 100 merchants accept contactless cards, resulting in over 60% of in-person card transactions taking place at a contactless-enabled merchant. [Payments Journal]
JPMorgan Chase Partners With Fintech Start-Up Marqeta To Launch ‘Virtual’ Credit Cards