Nearly half of Americans have not written a check in the past year
In a new survey from GOBankingRates, 44.5% of respondents indicated that they had not written a physical check in the past year. While this percentage may seem very high, many are still using their checkbooks in an active manner. For example, 15% say they write a few checks a month and 22% write a check once a month. (GoBanking Rates)
44% of Americans say they haven’t written a check in the past year.
NOTICE
Nearly One in Three Have Been Affected by Financial Infidelity
An early January survey by US News shows that 31.9% of respondents have experienced financial dishonesty. This represents a 2-percentage-point increase over last year’s January survey of financial dishonesty. Financial dishonesty occurs when a partner hides or lies about a financial decision. Type of financial dishonesty experienced: Making secret purchases: 55%. Concealed debts or accounts: 44.8%. Lies about income: 38.9%. Withdrawal from deposits: 29.3%. Borrowing money without your partner’s consent: 20.6%. (US News & World Report)
Top Ten-Year Credit Card, Personal Loan Rates Coming to 2023: TransUnion
The rate at which U.S. consumers miss payments on credit cards and personal loans is expected to rise to unprecedented levels. in 2010, according to TransUnion estimates. TransUnion predicted that credit card delinquencies will rise to 2.6% at the end of 2023 from 2.1% at the end of 2022. It will rise to 4.3% from 4.1% over time. the same. The increase in debt follows two years of loan growth, the report said. (Business Fox)
Your credit card rewards may not be valid
New research found that people with the highest credit (those with a FICO score of 780-850) on average earned $9.50 in rewards and paid $7.10 less in interest each month. on rewards cards compared to regular credit cards. . Subprime consumers, characteristics people with scores below 660, earn only $1.80 in rewards and pay $6.40 more in interest. “We estimate a total redistribution of $15 billion from the least to the most educated, poor to rich, and high to low minority groups, widening the existing disparity,” said their report. The researchers looked at two specific groups of what they call “naive” consumers who make more mistakes with rewards cards: they borrow too much, and they default on their payments. Credit card in a good way. (Vox)
NOTICE
How Smart Analytics is Changing the Game for Lending Partners
In recent years, Capital One has increased its strong card partnership business. Retailers such as Walmart, Williams-Sonoma, and REI Co-op partner with the company to provide exclusive software programs to their customers. Data plays a major role in Capital One’s efforts to grow its credit card business. The power of data analysis is helping to make informed decisions that enable retailers to give credit to a wide range of customers. Data also drives the company’s digital tools, including its mobile brand, which help retail partners build stronger relationships with customers. buy by providing a great shopping experience. (Fast Company)
Amid China’s Shopping Surge, Alibaba Launches ‘Shop Now Last Pay’
SplitIt and Alipay have formed a partnership to strengthen the ‘Pay After Purchase’ option for customers on AliExpress, a global eCommerce market owned by the Chinese Internet giant Alibaba. Splitit’s technology platform, combined with Checkout.com’s payment-acquiring capability, allows AliExpress shoppers to pay after checkout with their credit card. Under the Splitit-Alipay tie-up, a hold will be placed on customers’ credit cards when they shop on AliExpress. For major cities in Europe, such as Paris and Madrid, products can be delivered in 10 working days. Shipping time is 15 to 20 days for remote locations in Europe. (In gasoline)
More than 1 in 4 Account Holders Pay Deposit Fees
Even with free checking services widely available, 27% of account holders pay monthly fees. For consumers who don’t use free checking, those fees add up to an average of $24 a month, or $288 a year, according to a new study from Bankrate.com. The average payment is $29.80, but $26.58 is not enough. (CNBC)
NOTICE
Is Delta Giving Top Cardholders a 15% Discount on SkyMiles Award Tickets?
A great new benefit is available for Delta flyers with the Delta SkyMiles Reserve American Express Card: discounts when you redeem your Delta SkyMiles. American Express quietly updated some of the terms on its official Reserve Card landing page to add a new benefit called “TakeOff 15.” Just log into your account with a Reserve Card attached, search for a flight using your SkyMiles, and you’ll get a 15% discount when booking a ticket on flights operated by Delta and not shared with airlines such as Air France or KLM. (Underestimated Competition)
Link Raises $30 Million to Help Merchants Accept Direct Bank Payments
Link claims to be one of the first companies in the US to allow customers to make online payments using their bank accounts. Sellers can build Links into their existing products, either web-based or in-app. Alternatively, merchants can accept payments through a Link-hosted checkout page that uses “dynamic links” to create and share payment links. and customers. Connect customers to bank payments, send money directly from their bank to the merchant. The network that guarantees funds, sells to the credit problems of customers; an AI model that tries to identify potentially fraudulent or dangerous transactions before they proceed. (TechCrunch)
Why Most Americans Don’t Think They Need a Bank
The latest Best Banks 2023 GOBankingRates survey found that only 56% of Americans say they “need” a bank. That leaves 44% of the population somewhat undecided about needing a bank: 20% of Americans say they “may need” one and 20% feel the uncertainty. Meanwhile, 1.9% said they “probably don’t” need one and 1.6% said they “definitely” don’t. The data shows, however, despite this feeling, the majority of Americans have bank accounts. To put this into perspective, 4.5% of US households—5.9 million Americans—were called “unbanked” in 2021, meaning no one in the household had a checking account or bank account. a bank or credit union. (GoBanking Rates)
NOTICE
Not All Banks Allow Children to Use Credit Cards
Not all banks or credit card companies allow children to be added as an authorized person. And even if the policy allows to add minors, it does not mean that adding them will help their scores in the future, because not all banks report the history of the authorized people to the agencies. Debt. There is no federal law that sets a minimum age requirement for credit card issuers. However, each bank can set its own policy. Adding children to your credit accounts comes with unexpected risks: late payments or bankruptcy, for example, may a affecting the credit of an authorized person. (USA Today)
Department of Justice Sues Russian Founder of Cryptocurrency Firm
A Russian national who founded a currency exchange that the Justice Department says has become a haven for the proceeds of crime has been arrested, federal officials said. Prosecutors have alleged that Anatoly Legkodymov’s exchange, Bitzlato, where he served as the majority owner, did not implement anti-money laundering safeguards and required little information from its users. even allowing them to provide information about “wild registrars,” people who act as cover for users. (Associated Press)