This Week In Credit Card News: How Much Your Stolen Credit Card Is Worth; The End Of Overdraft Fees?

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Capital One is the largest US bank to eliminate overdraft and insufficient funds fees

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capital a It became the largest US bank to say it would remove all overdraft and insufficient funds fees for consumers, as regulators monitor institutions that rely heavily on overdraft fees. The sixth-largest retail bank in the US unveiled the move the same day the CFPB announced it would take action against banks whose practices it says take advantage of economically vulnerable consumers. [CBS News]

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Your credit card number is only $5 on the dark web

How much do you think someone on the dark web would be willing to pay for your credit card information? You may be surprised to learn that the total cost is only a few dollars, and is much less than the cost of your bank account. The worldwide average total cost of purchasing a card was $9.70. However, some countries—Hong Kong and the Philippines, in particular—can cost closer to $20, while Mexico costs an average of $2.36. Of all the countries with cards found on the dark web, the United States was the most affected, with 1,561,739 cards for sale. [PC Mag]

Credit card applications rise to pre-pandemic levels

According to the New York Federal Reserve, US consumers are applying for credit cards at pre-pandemic rates, which is broad-based across age and credit score groups. Application rates for credit cards rose throughout 2021, reaching 26.5% in October, up 10.8 percent from October 2020 levels, a series low. In addition, the data showed that the application rate for increase in credit card limit has also increased. [GO Banking Rates]

It takes more than convenience to entice credit card users

Consumers want more than just a great interest rate when they choose a credit card issuer. Three out of four consumers consider user experience features such as cash back rewards, better data privacy protection and credit-building tools. One report found that many consumers use credit cards to manage debt, cash flow, and boost their credit scores. In the past 12 months, 168 million consumers have used credit cards, and 137 million have done so in such a way that they have month-to-month balances. Research shows that 75% of active users who are parents cite credit-building tools as an important factor when deciding between cards. [PYMNTS]

More than half of shoppers are going into debt this holiday season

Americans are spending a little less this holiday season, but still more than they can afford. Overall spending on Black Friday, both in store and online, fell slightly from a year ago, the first drop on record, partly because holiday shoppers started their purchases earlier due to supply chain failures and shipping delays. . According to the National Retail Federation’s annual survey, consumers plan to spend an average of $997 this year, down from a pre-pandemic high of $1,047 in 2019. About 45% of shoppers plan to use “buy now, pay later” services. To spread out your expenses for your holiday shopping. [CNBC]

Cannabis and Banking Veterinarians Launch Credit Cards for Dispensaries

Most consumer cannabis transactions are done in cash, legal or not. Since the United States classifies cannabis as a Title IV drug, the banking industry has been reluctant and unable to provide services for cannabis operations. This allows dispensaries to manage and protect huge amounts of cash, and stores cannot offer the consumer a modern retail payment system. The Supernet will issue and process the credit cards that will work in the dispensaries. [Tech Crunch]

Debt collectors can now DM you on social media

Debt collectors have many ways to contact you, and the Consumer Finance Protection Bureau has added a new way for them to reach you: social media. Debt collectors won’t be able to comment on your post or write anything for the public to see. But now they can message you privately on social media. Debt collectors should clearly identify themselves, and they should also include a way for them to stop receiving your messages, basically providing a mechanism to get out. [USA Today]

Train Announces New No Annual Fee VIP Rewards Visa Card

One of the leading online travel agencies used by US consumers to find cheap travel. Consumers can book flights, rental cars, cruises and more all in one convenient place. And now, Priceline is introducing its own credit card: the VIP Rewards Visa Credit Card. Once you are approved for the Train VIP Rewards Visa Card, you are eligible to earn a welcome offer of 10,000 bonus points after you spend $1,000 in the first 90 days of card membership. Those points are worth $150 when redeemed for travel via train, or for a $100 statement credit. [CNBC]

Klarna Now Offers Payment Options In USA, Klarna Card Coming Soon

US consumers now have the option of using Klarna’s “Pay Now” service to pay promptly and in full at any online retailer where Klarna is available. Klarna has doubled its customer base to over 21 million customers. In addition to Pay Now, Klarna will introduce its Klarna card to US customers, which will enable them to make interest-free payments in four installments using the physical card format in store or online. [Tech Crunch]

Chase launches new Air Canada credit card with 100,000-point bonus

A new airline credit card has officially arrived on the scene. Chase has unveiled its new Chase Aeroplan World Elite MasterCard credit card, the issuer’s first card exclusively tied to Air Canada. The card replaces the carrier’s previous US credit card, which was issued by TD Bank and was discontinued in 2020. Airlines have attempted to broaden the bonus categories on their credit cards in recent years, and the Chase Aeroplan card is no exception. With an annual fee of $95, the new Chase Aeroplan card has a number of unique features that could make it attractive even to US consumers who don’t usually visit our neighbor to the north. [CNN]

Visa and Mastercard Stocks Are Sick as Omicron Hits Travel

Visa and Mastercard seem to be early casualties of the Omicron version of the COVID-19 virus. Large card networks rely heavily on revenue related to cross-border travel as consumers and businesses use their cards for plane tickets, hotel and car rentals as well as for purchases abroad. Forecasts of revenue and profits may need to be cut if the Omicron version puts the brakes on travel as countries re-impose restrictions or quarantine rules. [Barron’s]

Mobile contactless payments now account for one in three card transactions in Russia

Mobile contactless payments now account for more than a third of all card transactions (34%) and less than a third of the total card transaction value (31%) in Russia, compared to 25% of transactions in 2019-2020 and 23% of transaction value Is. , In addition, 45% of mobile contactless payments in Russia were made using Apple Pay, 36% using Google Pay, 15% using Samsung Pay and 4% using other services. [NFCW]

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