Payments News

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Consumer Borrowing Picks up in November but Credit Cards Remain Out-of-favor

“U.S. consumer borrowing accelerated in November but consumers continued to avoid using their credit cards, according to Federal Reserve data released Friday. Total consumer credit increased $15.3 billion in November, 1.3% more than in October. That’s an annual growth rate of 4.4%, Economists had been expecting a $9 billion gain, according to the Wall Street […]
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Equifax to Add More ‘Buy Now, Pay Later’ Plans to Credit Reports

“A popular kind of “buy now, pay later” plan is coming to credit reports. Early next year, Equifax Inc. will begin recording installment plans that allow shoppers to make four biweekly payments instead of covering the full cost at checkout. The move is meant to give lenders a fuller picture of people’s financial commitments, including […]
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U.S. Consumer Credit Grows in August at the Smallest Rate in Seven Months

“Revolving credit, like credit cards, rose at a 4% rate in August after a 7% increase  in the prior month. This is down from a 22% jump in July.  Non-revolving credit, typically auto and student loans, rose at a 4.1% rate for the second straight month. This category of credit is ordinarily much less volatile […]
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JPMorgan Credit Card Spending Ticks Up, Modestly Helping Loan Growth

“Spending by customers holding JPMorgan Chase & Co (JPM.N) credit cards is up 17% year to date over the same period in 2019, bank co-president Gordon Smith said on Thursday. The uptick in credit card spending should mean that loans begin to grow modestly by the end of the year, Smith said.”

On The Wires

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American Express Expands Partnership With Nova Credit to Help Extend Credit to More Newcomers to the U.S.

“American Express (NYSE: AXP) announced today, in partnership with Nova Credit , that it has expanded credit access to people from Brazil, Dominican Republic, Kenya and Nigeria who have moved to the United States. The growth of this first-of-its-kind digital capability enables newcomers from nine countries to use their international credit history to quickly and […]
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Marqeta Partners With First National Bank of Omaha to Expand Ecosystem of Credit Partners

“Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced a partnership with First National Bank of Omaha (FNBO), expanding its ecosystem of partners that enable its customers to launch modern credit card programs. Consumer demand for credit cards has increased substantially this year, compared to during the height of the pandemic, with banks […]
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Flexbase Announces First-Ever Credit Card for Construction Industry

“Flexbase , the automated payment platform for contractors and the construction industry that delivers faster and more efficient payments, today announced the first-ever credit card specifically for construction companies, targeting small- and mid-sized businesses (SMBs). Flexbase Card is available immediately nationwide, offering up to 60 days interest-free credit and numerous other benefits.”
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CredEvolv Launches Platform To Bridge Gaps In Credit Equity

“Launching today, fin-tech platform CredEvolv revolutionizes the path to achieving and maintaining good credit, offering millions of consumers a path to financial stability. CredEvolv’s mission is to turn “no” in to “not yet” by breaking down the barriers to credit equity and guiding consumers seeking improved credit on a journey to sustainable, lifelong credit well-being.”
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CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels | Consumer Financial Protection Bureau

“The Consumer Financial Protection Bureau (CFPB) today published an issue brief showing that consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021. Prime and near-prime consumers are driving this recovery as applications remain down from borrowers with subprime and deep subprime for all types […]
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Citi and AT&T Renew Long-Standing Credit Card Collaboration

“Citi and AT&T today announced a multi-year renewal to extend their consumer co-brand credit card portfolio in the U.S. The agreement will continue to provide innovative credit card products, such as the AT&T Access Card, to drive enhanced customer engagement and loyalty and explore additional consumer offerings.”