The effects of a bad credit rating; Be aware of Covid supplements

Bad credit doesn’t just affect getting a loan or credit card

It’s practically a universal truth: having a low credit score is bad. But what you might not realize is that having a low credit score can affect more than just your finances. Those with a credit score between 300 and 549 indicate that their bad credit history has impacted their housing, careers, relationships, and even their ability to communicate. In fact, around 28% of those with poor credit say they can’t rent the apartment they want, while 22% have been denied a cell phone plan. [CNBC]

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Beware of Covid surcharges on credit card statements

Industry reports indicate that surcharges on credit card could become standard practice during the pandemic. Retailers are allowed to charge customers to cover merchant expenses when customers use credit cards. Merchants can set a minimum of $ 10 for credit card purchases under the Dodd-Frank Wall Street Reform and Consumer Protection Act. [NWest Iowa]

Credit card companies sent 63% fewer offers in last quarter

Credit card companies sent only 407 million credit card offers in the third quarter of 2020. For comparison, the same companies sent 1.1 billion card offers in the third quarter of 2019, a decrease of 63% compared to last year. During the same period, there was a 53% drop in mailings for the insurance, telecommunications and financial services sectors combined. [LowCards.com]

How 5G will transform digital banking in 2021

Covid-19 has sparked a digital banking boom, caused by social distancing measures and lockdown restrictions. This has led more and more people to open savings accounts with their mobile devices and for existing customers to put money aside for an uncertain future. Next year will bring even more growth opportunities for digital banks and a remarkable transformation for financial services. But this time around, the catalyst for growth won’t be the pandemic, but the launch of 5G. Digital banking is inextricably linked with mobile phones. [Computer Weekly]

Visa has quietly warmed up to crypto, with PayPal and Square

The price of bitcoin rose 190% in 2020 and hit a new all-time high on Wednesday. The rise was mainly attributed to two factors: institutional investment by Wall Street companies and public support for PayPal and Square, two very big names in consumer payments. But Visa, a company larger than the other two combined, has also slowly warmed to cryptocurrency. Visa’s crypto milestones may hold the greatest potential for mainstream adoption. [Yahoo Finance]

Mastercard loses $ 18.6 billion in UK class action court ruling

MasterCard faces the prospect of a UK $ 18.6 billion class action lawsuit, the largest of its kind, after losing another battle in the nation’s highest court over illegal sweeping charges. The Supreme Court ruled in favor of a group behind a British lawsuit plan, representing some 46 million consumers. Friday’s ruling also paves the way for a slew of class actions, after judges made it easier to file mass claims. [Bloomberg]

Millennials and Generation Z are the most likely to use mobile banking apps. here’s why

Mobile banking is a convenient way to manage your money on the go and continues to grow in popularity. In fact, 54% of consumers agreed they were using digital banking tools more now, due to the pandemic, than they did last year. It’s no surprise that Millennials and Gen Z are the two groups that use mobile banking apps the most. The study found that 99% of Gen Z and 98% of Millennials use a mobile banking app for a wide range of tasks, including viewing account balances, checking their credit score, and depositing money. a check. [CNBC]

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Citi CEO Says Long-Term Productivity May Suffer From Remote Work

Citigroup’s Michael Corbat said he was concerned about the potential long-term negative effects after many of his employees spent the vast majority of 2020 working from home. The CEO said in May that, unlike some of his competitors, he was not considering the option of letting workers stay at home permanently after the pandemic was over. The bank, which has around 200,000 employees worldwide, wants to see how productivity evolves over long periods of time and whether creativity suffers before deciding how much homework to allow. [Bloomberg]

It’s not too late to earn extra credit card rewards on last-minute holiday shopping

It has been a difficult year for credit card. But card issuers are still hoping to end this year with a good holiday season. There are plenty of great deals currently available for vacation shoppers. It’s not too late to take advantage of your credit cards to save money on purchases, interest charges, or both. Here are several ways you can use your credit cards to save money on your holiday shopping. [Money]

DoorDash, Payfare to Provide Instant Payment Solution to Dashers

DoorDash and Payfare launched DasherDirect, a banking solution for DoorDash delivery drivers called Dashers, offering a business prepaid Visa card and mobile banking app. With the card, Dashers can be paid daily, with earnings automatically added daily to the DasherDirect Visa card at no charge. Dashers can check their balance, pay bills, transfer money, find free ATMs in the app, and earn 2% fuel back at any station. [The Paypers]

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