Both American Express and Bank of America saw credit card delinquencies climb last month. According to a recent Securities and Exchange Commission filing, American Express’ delinquency rate rose from 1.3% in October to 1.4% at the end of November, a figure that’s still below pre-pandemic levels. Bank of America, meanwhile, reported...
Marc Hopkins, vice president at E-Complish, told PYMNTS that although they’re almost universally used, and consumers expect merchants to accept them, credit and debit card acceptance is not automatically a given. “There are pain points in the costs for processing cards,” he said. The costs,...
American Express has launched Reward Xcelerator, a new initiative aimed at strengthening its Membership Rewards program in India. This program offers Platinum Charge cardmembers the opportunity to earn up to 20X rewards across a range of premium brands, the company said in a Friday (Dec....
National banks dominate the U.S. consumer credit card industry, with a strong position that is unlikely to be challenged anytime soon. However, smaller financial institutions (FIs) are slowly gaining ground. The study “Credit Unions and Community Banks Gain Credit Card Issuing Momentum,” a PYMNTS Intelligence...
Ualá, a Buenos Aires-based FinTech company, has introduced a no-fee credit card in Argentina. Backed by prominent investors including George Soros, Steve Cohen and Tencent Holdings, Ualá aims to provide financial services to the millions of Argentines who lack access to traditional banking products, Bloomberg reported Friday (Dec....
In today’s economic landscape, steep interest rates and increased borrowing costs have made accessing credit more challenging. This economic reality is causing heightened concern among consumers, particularly among younger generations. Examining credit card use sheds light on this concern, as 12% of Generation Z consumers...
Citi Mobile made moves in this edition of PYMNTS’ Provider Ranking of Credit Card Apps. Venmo, which was previously No. 1, fell to make room for more competition between Citi Mobile, Chime and Discover Mobile. Here are the top 10 apps this month. The Top...
Credit card company Petal is reportedly seeking a buyer amid doubts about its viability. The company, which provides cards for consumers who are new to credit, is exploring a number of options following several months of struggle, Fortune Magazine reported Sunday (Nov. 19), citing five sources from the...
Last month’s credit card data indicates an ongoing deterioration of credit quality. That’s according to a report Sunday (Nov. 19) by Seeking Alpha, which says a survey of last month’s card metrics shows the average card delinquency rate slightly below pre-pandemic levels, while the average...
