This Week In Credit Card News: A Card Made From A Boeing 747; PayPal Takes BNPL To A Different Level

- Advertisement -

This Amex credit card is for a retired Boeing 747 . were made from

- Advertisement -

In 2018, Delta Air Lines retired the last of its Boeing 747s, the iconic wide-body jet that, from its first flights in 1969, changed the scale and magnitude of commercial air travel forever. The airline moved most of its decommissioned fleet to Boneyards in Arizona, California and New Mexico, save for the ship 6301, the first Delta 747-400 ever flown, including the immersive 747 experience at the Delta Flight Museum in Atlanta today. For aircraft enthusiasts still nostalgic for the “queen of the sky,” today the airline, in partnership with American Express, is announcing a limited-edition run of the metal-cut credit card from Delta Ship 6307, the first The credit card was upcycled. From a decommissioned 747. [Fast Company]

- Advertisement -

PayPal will let users split the cost of purchases over 24 months

PayPal is expanding its buy, pay later options with a longer-term payment plan. The company has enabled users to cover the cost of purchases on certain interest-free payments and also offers credit cards. Pay Monthly, which is issued by Webbank, is another option for people in the US. This is valid for purchases between $199 and $10,000. The cost will be split into monthly payments for between six and 24 months. If you select the monthly payment option at checkout, you will need to complete an application. If it’s approved, you’ll be able to choose from three payment options with different time periods. The APR is calculated on risk basis and will be in the range of zero to 29.99%. The first payment is due one month after purchase. [Engadget]

Fed attacks inflation with its biggest rate hike since 1994

The Federal Reserve on Wednesday intensified its campaign to contain high inflation raising your prime interest rate By three-quarters of a point – its biggest increase in nearly three decades – and a sign of much larger rate hikes to come that will raise the risk of another recession. The central bank intensified its drive to strengthen credit and slow growth as inflation hit a four-decade high of 8.6%, spreading to more sectors of the economy and showing no signs of slowing showing. Americans are also expecting higher inflation to last longer than previously thought. This sentiment could embed an inflationary psychology in the economy that would make it harder to bring inflation back to the Fed’s 2% target. [Associated Press]

US banks finally see an uptick in credit card lending

Big US banks are set to raise some earnings from the pick-up in the battered credit card business, but a potential slowdown will pull back consumers and bring losses on outstanding loans. In stagnant economic times, cards are one of the most profitable businesses for banks, and analysts say continued growth in card lending will bring relief to banks. According to Federal Reserve data, total balances at US banks on credit cards and similar loans now account for 15%, up from a year earlier on May 25 and closer to pre-pandemic levels. Even better for banks, cardholders are now allowing more of them to roam the balance instead of making monthly payments and incurring interest charges. [Reuters]

American Express Launches First Crypto Product: A Card That Allows Users To Earn Rewards In Crypto

While American Express may soon end hopes for a cryptocurrency-linked credit card, the card giant confirmed earlier this year indications that it would be teaming up with digital-asset services major Abra for crypto rewards. will provide. The Abra Crypto Card will allow users to earn crypto back on any purchase, no matter the amount or category. Cardholders can choose from over 100 cryptocurrencies supported on the Abra platform, with no annual or foreign transaction fees. The card will also come with Amex offers for shopping, travel, dining and services, as well as presale ticket access and purchase protection. [Fortune]

India lifts ban on Mastercard

India has lifted the ban on Mastercard after the payments giant displayed “satisfactory compliance” with the local data storage regulations of the South Asian market. In a series of moves last year, the Reserve Bank of India had indefinitely barred MasterCard, American Express and Diners Club from issuing new debit, credit or prepaid cards to customers over non-compliance with local data storage rules. Trade restrictions on American Express and Diners Club remain in force in the country, although they are allowed to continue serving their existing customer base. Unveiled in 2018, local data-storage rules require payment firms to store all Indian transaction data within servers in the country. Mastercard has identified India as a key growth market and has invested over $2 billion in the country over the past decade. [Tech Crunch]

Samsung introduces new digital wallet

In an effort to streamline and make available the digital information people access every day, Samsung has unveiled its new Wallet, which combines the existing Samsung Pay and Samsung Pass platforms into one. The new platform will let users store and access digital IDs, payment and loyalty cards, keys, boarding passes and more. Samsung Wallet is using Samsung Knox for defense-grade security. Security includes fingerprint recognition and encryption to help protect users’ sensitive data. In addition to Samsung Knox, some key sensitive items in the wallet are stored in SecureElement, an isolated environment designed to help protect against digital and physical hacking. [Tech Republic]

Capital One Travel Credit Card Get Extended Airport Lounge Access

Capital One announced Tuesday that the Capital One Venture X, Venture and Spark Miles credit cards are gaining greater access to airport lounges globally. Additionally, for a limited time, cards will earn rewards for booking a rental car through the Turo app or the Turo website. The Venture X, Capital One’s highest tier travel card, will now come with unlimited access to over 100 Plaza Premium lounges around the world. This expands the card’s Priority Pass membership, meaning cardholders can enjoy access to more than 1,400 airport lounges globally for both subscriptions. And as of May 16, 2023, Venture X will earn 10x miles per dollar for rental cars booked on or the Turo app. [ZD Net]

Grubhub adds instant payment option for delivery drivers

Grubhub has rolled out a new feature called Instant Cashout via Direct to Debit, which allows its drivers to access their earnings instantly. The offering is enabled by PayPal’s payment management platform HyperWallet, which then uses Visa Direct to deposit funds to bank debit cards. Instant Cashout is designed to give drivers more flexibility when it comes to accessing their pay in a secure, reliable manner. This payment option, which will be available to drivers this month, builds on Grubhub’s recent per-mile driver pay increase to help offset higher fuel costs and retain drivers. [Restaurant Dive]

How JPMorgan Chase is Using Payment Data to Lure Merchants from Fintech

To help merchants improve their marketing, pricing and staffing strategies in a strong economy, Chase this week began sharing deep insights into shopper habits derived from two streams: its US giant consumer card- Spending databases and huge national card-processing operations. The new resource, called Chase Customer Insights, debuted this week for small-business customers and users of QuickAccept after months of testing, the latest version of its small-business card acceptance service. The bank is offering the product among small businesses as anticipation of an economic slowdown worsens. In May 57% of small business owners predicted the economy would get worse next year, up from 42% in April. This fear may prompt small businesses to be more cautious about marketing and operating decisions. [American Banker]

The use of gift cards is on the rise

According to Fisher’s Q2 Gift Card Gauge, 37% of consumers have already taken advantage of gift card promotions in 2022, and 58% say that gift card promotions will motivate them to buy more gift cards during this inflationary period . Consumers find the most value in gift card promotions that offer bonuses (ie, purchase a $50 gift card and receive a $10 bonus gift card as incentive). While 51% of consumers are significantly reducing their personal shopping habits due to inflation, only 23% of consumers are buying fewer gift cards. [CU Today]

Credit: /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox