Higher interest rates to come; How to save an extra $ 40 on bonus day


Fed pencils in raising interest rates earlier

Federal Reserve officials have indicated that they plan to hike interest rates by the end of 2023, earlier than they expected in March, as the economy quickly recovers from effects of the pandemic and inflation heats up. Their median projection showed they saw their benchmark rate increase to 0.6% from near zero by the end of 2023. In March, they expected to keep it stable that year. [The Wall Street Journal]

The Fed has signaled it may hike rates sooner than expected


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Save an additional $ 40 during Amazon Prime Day with targeted Discover credit cards

If you’re a Discover credit card holder and getting ready for Amazon Prime Day, you might be in luck. In addition to all the great Prime Day offers on June 21 and 22, Amazon is also running a promotion right now that can help you save even more money on many products sold when you use the cash back rewards of certain Discover cards. . Depending on the offer you’re targeted for, you can get up to 30% off most products sold directly by Amazon with a maximum discount of $ 30, or 40% off up to a maximum of $ 40 . [CNN]

In the new credit card war, consumers emerge as big winners

All-out war is about to break out between credit card issuers as they fight for the chance to fund Americans’ post-pandemic follies, experts predict. The real winners will be consumers, as companies launch new competitive cards and sweeten current offers with higher sign-up bonuses, improved rewards, and longer zero-interest financing, all with the goal of capturing as much of the anticipated increase in spending as possible. [Newsweek]

AmEx launches the first current account in Push Beyond Business Cards

American Express has launched its first-ever checking account as the card giant hopes to capture more small businesses in the United States. The company’s new current account has an annual percentage return of 1.1%. The company will also begin offering up to $ 150,000 in lines of credit to existing customers. [Bloomberg]

Bank of America CEO Brian Moynihan Says Consumer Spending 20% ​​Higher This Year Than 2019

American consumers are spending more freely as the economy opens up more, according to Brian Moynihan, CEO of Bank of America. Transaction volumes on customer credit and debit cards and on the Zelle payment network have increased by 20% so far in 2021 compared to this point in 2019. Almost all spending categories have recovered, with the exception of travel, which is still 15.% less than in 2019. [CNBC]

Digital banking remains the method of choice for consumers

As businesses begin to return to normalcy, the results of a Provident Bank survey are helping shed light on current consumer banking preferences. 91% of those surveyed said they bank through digital channels. More than half of these consumers (53%) said they had switched to digital banking in the wake of the pandemic. Although respondents currently prefer online banking over traditional in-branch banking, 58% have visited their local bank in person. And 25% of those surveyed said they went to a branch because they preferred face-to-face interactions. [NJB]

One-third of all point-of-sale transactions via a mobile wallet by 2024

The transition to a cashless society is gaining momentum. New data shows that by 2024, mobile wallets will be responsible for a third of all point-of-sale transactions globally. Since the health crisis began, cashless payments have become even more prevalent, seen as a safer and more convenient way to manage money. For small businesses, offering customers this increasingly popular, secure and convenient way to pay for goods and services is a smart way to meet consumer demand and ultimately be more profitable. [Small Business Trends]

Forget about plastic. The world’s most exclusive credit cards are now made of metal and sometimes gold

You did it: casually threw a metal credit card on the silver platter at the end of the meal and listened. That reassuring sound, so much louder than traditional plastic, imparts a cachet silver could never match, and that’s exactly what Composecure loves it. The company has an elite niche: it is the world’s largest manufacturer of luxury credit cards. Nilson, the market research firm, expects there will be 150 million metal credit cards in use globally by the end of 2021; each year, Composecure produces more than 20 million. [Robb Report]

Capital One Snags Credit Card Partnership with Williams-Sonoma

Capital One has entered into a credit card partnership with Williams-Sonoma, becoming the exclusive issuer for the home furnishings retailer and making a deal to purchase its existing card wallet. The issuer has signed a long-term agreement to offer co-branded and private label credit cards. Williams-Sonoma brands include Pottery Barn, West Elm, and Mark & ​​Graham. [American Banker]

The pros and cons of buy now, pay later financing for travel

After a year of staying home, many Americans want to travel this summer. The option to book immediately and pay for your trip over time can help you manage your cash flow and is an easy workaround for those without a credit card. Buy Now Pay Later financing differs from paying with a credit card in three important ways: payments are the same amount each month, you know up front how many payments it takes to pay off the balance, and the balance never increases. . [Consumers’ Checkbook]

Is this credit card signup bonus worth it? Here’s how to find out

From thousands of points to generous cash back offers, credit cards are always looking to entice new customers to purchase their product. These bonuses can just as easily be free money for some consumers. But for others, they may be less lucrative than they appear. When assessing whether a credit card signup bonus is worth it, there are two key factors to consider: the value of the bonus and your average credit card spend. [CNBC]

A startup launches the Digital-First Expense Management Mastercard

As companies prepare their plans and employees for returning to the office and resuming business travel, the two keys to a good traveler experience are a stronger “due diligence” infrastructure, as well as a stronger “due diligence” infrastructure. frictionless experience, to the extent possible. This experience is much easier thanks to automated expense management, directly linked to mobile phones and using virtual cards instead of physical cards when possible. [Payments Journal]


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