Amazon’s Credit Cards Get an Overhaul
E-commerce giant Amazon has updated its line of Chase credit cards with new features, new looks and new names. The Amazon Prime Rewards Visa Signature Card and the Amazon Rewards Visa Signature Card are now Prime Visa and Amazon Visa, respectively. Both cards offer increased sign-up bonuses and expanded rewards you can access almost instantly. The cards don’t charge an annual fee, but you must have an eligible Prime membership, either $139 annually or $14.99 monthly, to get the Prime Visa. [U.S. News & World Report]
Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
Goldman Sachs does not want to continue its partnership with Apple, according to a new report from The Wall Street Journal. Apple has teamed up with Goldman Sachs for the Apple Card credit card in the United States, Apple Pay Later, and the Apple Savings account that Apple Card users can opt for. The banking company wants to cut back on its consumer business, and is now in talks with American Express (or Amex) about a potential takeover. A deal would see Goldman Sachs offloading its credit card partnerships to another company, which would include the Apple Card and other credit cards like one it offers for General Motors. [MacRumors]
The Fierce Debate Over Credit Card Costs
The economics of the credit card industry are complicated. Its politics may be even more so. Legislation to change how credit card transactions are handled is making its way through Washington. Proponents are hoping to lower the fees that merchants pay to accept credit card payments, and in turn the fees that big banks and card networks collect, prompting strong opposition from those giants. Along the way, things like how credit card purchases at gun stores are categorized, and how banks parcel out rewards points like airline miles, are emerging as talking points in a fierce debate. [The Wall Street Journal]
Medical Credit Cards May Lead Patients to Overpay for Their Health Care, Democrats Warn
A group of Democratic senators is asking the nation’s consumer finance watchdog to take action against medical credit cards such as CareCredit, saying use of these cards can result in patients paying much more for their medical care than they should. Medical credit cards have historically been used for elective procedures like cosmetic dentistry, dermatology, vision and in veterinary clinics. They come in handy for patients who can’t pay a medical bill all up front. But the lawmakers say the cards’ deferred interest features are confusing and often lead to consumers paying high interest rates after an initial promotional period has ended. [Associated Press]
Credit Card Delinquency Rate Steady in May
Credit card borrowers held out amid rising interest rates in May as delinquency rates were unchanged at major US card issuers tracked by S&P Global Market Intelligence. The average 30-plus-days delinquency rate for American Express, Bank of America, Capital One, Citigroup, Discover and JPMorgan Chase was unchanged at 1.11% from April and ticked up by 32 basis points from a year ago. The average delinquency rate of the six major card issuers in the last 12 months was 0.97%. [S&P Global]
Mastercard Focuses Its ‘Engage’ Program on Crypto
Mastercard has expanded its Engage program, which links potential card issuers with partners that can provide appropriate technical expertise, to help bring cryptocurrency card programs to market, allowing a growing cohort of crypto firms to leverage the credit card giant’s global network. Mastercard Engage helps cut the time it takes to bring crypto cards to market and creates crypto-to-fiat conversion capabilities. The system identifies and builds partnerships with companies that issue cards or are bank identification number sponsors looking to launch a crypto card. [CoinDesk]
Chinese Payment Giants Revive Effort to Accept Foreign Credit Cards
Chinese tech giants Tencent Holdings and Ant Group said that they would allow users to link international credit cards to their platforms, an issue that has long plagued foreign visitors as the country’s payment system has kept credit cards out for years. Tencent, operator of the popular chat app WeChat and payment network WeChat Pay, said on Wednesday that WeChat users overseas can link credit cards issued by Visa to their WeChat app from next month. Foreign tourists can then pay with WeChat when traveling in mainland China. [Reuters]
Bitcoin Bounces Back: Cryptocurrency Rebounds After Rough 2022
It is now exactly halfway through the year and, so far, 2023 has been a good one for bitcoin and the cryptocurrency market. There was much pessimism as investors rang in the new year six months ago. Bitcoin, weighed down by regulatory uncertainty and the collapse of crypto giant FTX, had fallen below $16,000 per coin, far lower than its record of $69,000 notched in 2021. But six months in, bitcoin has largely grown in value, and optimism is slowly replacing trepidation in the minds of investors. Bitcoin is now punching in at about $31,000 and is around levels last experienced in June 2022. That represents nearly 87% growth from the start of this year, truly tremendous returns for just a mere six months. And bitcoin isn’t the only digital asset that has overperformed in the first half of this year. [Washington Examiner]
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