Big changes with in-app payments; A major credit card move by Apple?

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Google is loosening its grip on in-app payments, starting with Spotify

Google has struck a landmark deal that will see Spotify offer its own in-app payment option alongside Google’s Android billing system, a move the search giant has resisted for years. While the change may seem minor, it could turn out to be a major crack in the fortresses that Google and Apple have built around their massive mobile app economies since they laid the groundwork over a decade ago. years. The effect on consumers like you may be very small at first: a segment of Android users who wish to subscribe to Spotify will be able to register more easily in its application and have a new choice of payment method. But the change, if adopted more widely, wouldn’t just give you more control over how you pay for transactions in mobile apps. It could also disrupt the dynamics that in some cases made your in-app purchases more expensive and in other cases removed the option of an in-app purchase altogether. [CNet]

Acquisition of Apple’s small fintech could proceed with a credit card takeover

Apple said it was buying British fintech Credit Kudos in what could be its first step in an attempt to take over the international consumer credit market. Credit Kudos is a London-based fintech for less than three years, specializing in credit checks. The company, which Apple paid $150 million for, could give Apple Card a path to the UK thanks to its business model that, well, thinks differently. Credit Kudos rivals Big Credit by performing credit checks on someone’s current finances rather than their financial history, enabling approval of creditworthy applicants who fall through the cracks of legacy companies like Experian, Equifax and Trans Union. Not only could Apple use the company’s technology to improve Apple Card‌’s credit checker‌ in the United States, but it could also serve as a springboard for Apple to establish itself as a supplier of financial products in Britain. . [The Motley Fool]

The 5 Best Travel Perks You Can Get With Your Credit Card

Travel is back, and so are some of the things we didn’t do missed during the pandemic: the mosh pit at the gate; snail-paced security lines and those irritating baggage fees. One escape from this inconvenience may lie in the travel credit card you use to book your trip. Cards with the richest perks come with hefty annual fees ($400 or more on the most expensive options), but with access to airline clubs and hotel upgrades, you might recoup that after a few trips. Here are some of the best ways to use your plastic on the road. [The Wall Street Journal]

Most medical debt will not appear on your credit report if it has been paid off

Three of the nation’s largest credit reporting agencies remove nearly 70% of medical debt from consumer credit reports. Effective July 1, Equifax, Experian and TransUnion will no longer include medical debts that have been subject to collections on consumer credit reports once they have been paid off. This will eliminate billions of dollars of debt on consumer records. Additionally, unpaid medical collection debt will not appear on credit reports in the first year, whereas the previous grace period was six months. This will give people more time to work with their insurers or healthcare providers to settle the bills. [CNN]

Newsom Offers $400 Debit Cards to Car Owners as Gas Spikes, But GOP Rejects ‘Band-Aid’

Vehicle owners in California would receive $400 debit cards from the state as part of a proposal unveiled by Governor Gavin Newsom on Wednesday in a bid to alleviate soaring gas prices. Under Newsom’s proposal, Californians would receive a $400 debit for each registered vehicle they own, with a limit of two. According to the governor’s office, the average motorist pays about $300 in gasoline excise taxes each year. The rebate program will cost a total of $9 billion. [Times of San Diego]

Robinhood Ups Fintech Competition With New Debit Card Launch

Robinhood has launched a new debit card that would enable reserve currency investing as it seeks to expand beyond commerce and into more consumer finance verticals, intensifying competition with fintech giants Chime and PayPal. With the new payment card, users could choose to round their currency to the nearest dollar and invest it in assets of their choice. The company, known as a pioneer in commission-free trading, would also reward users of this feature with a weekly bonus. The card is offered by Robinhood Money, a new affiliate of the online brokerage. [Reuters]

This rewards card offers 5% rewards on climate-friendly spending

There’s a new card that rewards cardholders for their climate-friendly spending. If you’re trying to reduce your carbon footprint, this may be a good rewards card option to consider. When you use the Visa FutureCard to make climate-friendly purchases, you get 5% back in rewards. Other purchases made with your card will earn you 1% rewards. Purchases of trains, buses, subways, metros, light rail and commuter trains; online marketplaces for thrift stores and second-hand clothes; charging of electric vehicles; bicycle shops; self-service electric scooters, mopeds and bicycles; plant-based meat, dairy and egg products. It should be noted that rewards earned at a rate greater than 1% are capped at $25,000 in spending per calendar year. [The Motley Fool]

Bank of America offers new credit card with digital resources for small businesses

Bank of America announced new secure credit options to help small businesses, including a credit card and line of credit, as well as new digital resources. The bank has launched its Business Advantage Unlimited Cash Rewards Secured Credit Card, Business Advantage Secured Line of Credit and Start a Business Center, its latest products and resources for entrepreneurs looking to start a small business or grow the business history. credit from their business. The new credit card has no annual fee, and some of its benefits include a customer-determined line of credit of $1,000 to $10,000; 1.5% cash back on all purchases, no cap on annual rewards and eligibility for preferred business rewards. The products are all free to join or participate. [GO Banking Rates]

United Club Infinite card offers 120,000 bonus miles for a limited time

One of the best airline credit cards has just increased the value of its sign-up bonus by 50%. The United Club Infinite card now comes with 120,000 bonus miles after spending $6,000 on purchases within the first 3 months of account opening. That’s 40,000 points more than his previous offer of 80,000 miles after spending $5,000 within three months of opening the account. Insider estimates that the value of united miles is 1.3 cents on average. This makes this new bonus worth $1,560, $520 more than the previous offer. [Business Insider]

Credit card churning: what bonuses can I earn multiple times?

Here’s something you might not know: it’s possible to earn the sign-up bonus on some rewards credit cards more than one time. Each card issuer comes up with their own rules to govern the process, but you can rack up many of the same bonuses over and over again if you give them enough time. Keep in mind that we’re not suggesting “card churning” (signing up for new offers just to earn the sign-up bonus). But if you’ve had a card once in the past and think you might be ready to try its benefits again, some cards will give you another chance. [The Simple Dollar]

Capital One scores again with Kohl’s private label credit cards

It takes a lot to maintain a private label credit card relationship these days. Bank margins are under more pressure than ever and trading partners are faced with a changing environment. In the past year alone, we’ve seen Walgreens enter integrated payments with a link to Synchrony, American Express bolstering its decades-long relationship with Delta Airlines, Barclaycard replacing Synchrony with Gap PLCC and a new branded card, and Citi bringing the Exxon Mobile Smart Card+ at a time when gas prices are at an all-time high. And don’t forget Capital One, which won the Walmart business from incumbent Synchrony, and now serves the largest US retailer. Today’s news is about another Capital One win with Kohl’s. [Payments Journal]

CFPB overdraft fee research refuted by CBA president: ‘unsupported by reality’

The president of the Consumer Bankers Association has accused the Consumer Financial Protection Bureau of making ‘unsubstantiated claims’ about overdraft fees after the federal agency released research into the extent to which banks relied on these costs over the past six years. CFPB research found revenue from overdraft fees and insufficient funds in 2019 was estimated at $15.47 billion, and the agency’s director said banks have become dependent on these fees “to fuel their profit model” rather than focusing on customer service. [Fox Business]


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