Chase Forgives Canadian Card Debt; Mastercard, Visa Move Beyond Cards

Chase Bank Wipes Out All Outstanding Credit Card Debt Owed by Canadian Users

Chase says it is letting some Canadian consumers off the hook for credit card debt as it exits the market. Chase Bank says it is forgiving all outstanding debt owed by users of its two Canadian credit cards. Chase folded all Amazon and Marriott Visa accounts last year and recently opted to cut its loan losses completely. Chase decided to quit the Canadian credit card market in March 2018 after 13 years north of the border. [BNN Bloomberg]

Some Canadians jumped for joy when they heard that Chase was forgiving their credit card debt. (BigStock Photo)

Mastercard Announces its Largest Acquisition Yet in Further Attempt to Move Beyond Cards

Mastercard announced the biggest acquisition in its history on Tuesday, as the card network continues its efforts to move beyond plastic. The company plans to acquire the account-to-account business of Danish payment-technology company Nets for about $3.19 billion. Mastercard will be gaining infrastructure, bill-payment technology, and open-banking capabilities through the acquisition. Mastercard has increasingly been trying to capture payment volume that occurs between bank accounts, as business-to-business payments and other transaction types have historically avoided the card rails. [MarketWatch]

Visa’s Future Growth Lies In Non-Card-Based Transactions, And It Looks Bright

Visa delivered another quarter of strong growth. Visa’s core debit and credit card business remains strong, but looking ahead many of Visa’s non-card-based solutions are prepared to grow at an even faster rate and provide additional revenue streams for the company. Visa’s ability to find new payment avenues is one of its greatest strengths as a company and will help support long term growth. [Seeking Alpha]

Mastercard Looking to Develop Cryptocurrency and Crypto Wallet

Mastercard is aiming to build a cryptocurrency development team, according to the company’s active job listings. The jobs include vice president of project management for blockchain/crypto, as well as a director of project management for cryptocurrency and wallets. [LowCards.com]

I Worked at Capital One. Hacks Like This Are Most Dangerous for Low-Income People

The Capital One breach announced recently compromised the data of 100 million Americans, which is nearly 40% of all U.S. adults. One group of consumers is at particular risk in the Capital One breach: 80,000 Americans who applied for secured credit cards with the company. For secured card applicants, who tend to be low-income, bank account information was compromised as well. Resolving checking account fraud is no walk in the park, and the costs here will be borne by people who can’t afford to take a hit. [Talk Poverty]

Visa to Test Advanced AI to Prevent Fraud

Visa is rolling out a platform to help its engineers quickly test advanced artificial-intelligence algorithms aimed at detecting and preventing credit card fraud. The platform is an example of the broader financial-services industry trend of using AI to detect patterns in transactions that could signal criminal behavior. The banking industry is expected to be the second biggest spender on AI systems this year, behind retail. [The Wall Street Journal]

How 5G Will Revolutionize Retail Mobile Payments

Retail has increasingly become a mobile function to meet the needs of a constantly on-the-go consumer base, especially with the rise in popularity of mobile e-wallets. The introduction of 5G will only enhance innovations in retail technology and, in turn, benefit the consumer. Faster internet speed and a decrease in latencies will lead to even faster, more seamless payments made via a mobile device. [My Total Retail]

Mobile Payments May Be Key To Better App Experience

Businesses are increasingly discovering that their mobile app is one of the best things that ever happened to their business. Providing an excellent source of analytics fodder for big data analysis, as well as a way to step up business in general through increased convenience, apps can be a great way to connect with customers. Yet many retailers may be failing to provide one critical core point of the app market: a proper mobile payments system to use within. [Payment Week]

Russians Pull Out Credit Cards, and Consumer Debt Spirals

The growth in credit card lending has alarmed some economic policy officials, who note that a growing number of Russians are using a quick swipe of plastic or relying on payday lenders to cope with hard times brought on by Western sanctions and slumping prices for oil. The spending has lifted the economy but with ballooning consumer debt that could help start a recession. Since the onset of Russia’s military interventions in Ukraine and the ensuing sanctions, total outstanding personal debt among Russians has roughly doubled. Outstanding average debt per person has reached about $3,300. [The New York Times]

The Apple Card Launches to Select Users Today

Apple announced on Tuesday that the Apple Card will be released to a random selection of people who opted into the “notify me” list that opened earlier this year. These participants will be the first consumers to preview the credit card backed by Goldman Sachs and part of Mastercard’s global payment network. While Apple isn’t revealing the credit score consumers need to qualify for the card, it was created with the iPhone user in mind. The tech company is using this introductory period as a test run to fine-tune the product. [CNBC]

The 5/24 Rule: How Opening And Closing Credit Cards Can Backfire

Starting in 2015, some individuals with excellent credit scores began reporting they’d gotten a rude surprise. They’d been rejected for Chase Ultimate Rewards-earning credit cards because they had opened too many new accounts in the last 24 months. Those involved in an online discussion concluded that users who had opened five or more credit cards in the last 24 months were being rejected, the so-called “5/24” rule. We must point out that since Chase has not published an official “5/24” policy. But whatever Chase’ exact policy is, the point is clear: if you open and close too many accounts in your pursuit of sign-up bonuses, Chase (and possibly other card issuers, too) may not want to do business with you, even if your credit score remains stellar. [Forbes]

Provided by LowCards.com

Source Link