Payments News

On The Web

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Sapphire Reserve Strains JPMorgan’s Ties With United Airlines

“JPMorgan’s Sapphire Reserve has been a huge hit with frequent travelers and big spenders since its launch nearly three years ago. That is a problem for United Airlines Holdings Inc., which wants those same customers to sign up for and spend on the airline’s credit cards. For JPMorgan and other banks, promoting their own branded […]
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A Goldman Sachs Rival Pulled Out of the Apple Card Deal on Fears It Will Be a Money Loser

Within the industry, the deal is widely perceived as one that’s risky for a bank to take on. Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks. Other banks, including J.P. Morgan Chase, Barclays and Synchrony, also […]
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A profile of payment card services startup Marqeta

“Despite a rough start, Marqeta has had the right idea since its founding in 2010. It pursued a niche in the payments-processing business that had seen little innovation in over a decade: card issuing and processing, which involves deciding whether a debit card transaction should be approved. It iterated through three business models, staying frugal […]
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Bank of America Adds Instant Card Issuing to Mobile App

“Bank of America’s 27 million mobile banking users are now able to request a new or replacement debit card via the app — and instantly receive a digital version of their new card that they can use to start making purchases straight away. “This digital debit card has the same protections and benefits of a […]
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JPMorgan Boosts Annual Fee on Chase Sapphire Reserve Card

“The popular Chase Sapphire Reserve credit card is about to get more expensive.    JPMorgan Chase & Co. is boosting the annual fee for customers to $550 from $450 as it adds new perks with partners such as DoorDash and Lyft Inc., according to bank spokeswoman Ashley Dodd. For new cardholders, the increased annual fee will go into effect […]
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Citigroup Doubles Down on Credit Cards Even As U.S. Economy Softens

“Citigroup, the third-largest U.S. card issuer, according to payments industry publication The Nilson Report, has been among the most aggressive promoters of zero-interest balance transfers. For a small fee, customers can move debt from a rival card onto Citi’s plastic and pay no interest for 21 months. That is currently the longest 0% deal in […]
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On The Wires

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Chase Partners With DoorDash to Deliver New Benefit for Freedom, Sapphire and Slate Cardmembers When Ordering In

“Today Chase announced a new relationship with DoorDash, the nation’s leading on-demand food platform, to offer complimentary DashPass subscriptions for Sapphire, Freedom, and Slate cardmembers. Starting today, eligible cardmembers can activate and enjoy the convenience of DashPass, DoorDash’s subscription service that offers unlimited $0 delivery fees and reduced service fees on orders of $12 or […]
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U.S. Bank Enters Co-brand Agreement With BMW to Issue New Cards With Enhanced Digital Experiences, Greater Value to Customers

“U.S. Bank, the fifth-largest bank in the United States, has entered into a co-brand agreement with BMW Financial Services NA, LLC to issue credit cards that will deliver enhanced digital experiences and greater value to BMW, MINI and BMW Motorrad enthusiasts. U.S. Bank has also acquired the existing credit card portfolio from BMW Bank of […]