Credit Cards
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Wells Fargo Adds New Anti-Gaming Language to Credit Card Terms
Wells Fargo has updated the terms for its credit card products. These changes were announced in the monthly statements sent out to customers. One of the main changes that most readers might worry about, is about Misuse or Gaming.
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A Game Changing Credit Card? Cred.ai Unveils Its AI-Powered Metal Card
Cred.ai, a Philadelphia-based fintech company, has introduced a new kind of consumer spending product that leverages proprietary technology to give users first-of-their-kind controls, convenience, and automatic credit score optimization.
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Amex Schwab Platinum Cardholders Having Issues Cashing Out Points
After a points transfer is initiated, the points transfer and are deducted from the Membership Rewards balance but not showing up in the Schwab account. Seems the issues have started in the last few days, probably since July 26.
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Chase Partners with Marqeta to Launch Virtual Credit Cards
Chase is getting into the virtual credit card business. Largest credit card issuing bank in the country, with about 92 million physical cards in circulation, is partnering with Bay Area start-up Marqeta to now launch digital-only credit cards.
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A Third of Americans Had Credit Limits Cut or Cards Closed by Issuers
The survey says that about 70 million people said they involuntarily had a credit limit reduced or a credit card account closed altogether in a 60-day period stretching from mid-May to mid-July.
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NY Law Requires 90 Days Grace Period to Use Points After Credit Card is Closed
Senate Bill S7104A relates to “establishing a set grace period for the use of credit card reward points when an account is modified, cancelled, closed or terminated; ninety days shall be provided for the use of such points from the date notice of modification, cancellation, or termination of the card is provided.”
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Chase Now Using 5/24 Rule For Credit Limit Increases
A credit limit increase request was denied due “too many credit cards opened in the last two years associated with you”. This is the same reason that Chase gives to new credit card applicants when they have opened 5 or more revolving accounts in the past 24 months.
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Chase Sapphire Reserve No Longer Earns 5X at Restaurants
Purchases in the last couple of days are no longer earning 5X, but only the regular 3X Points for dining at restaurants worldwide. The last purchases that qualified for 5X earning were on 7/4 I believe.
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American Express Claws Back Points from Hilton/Delta/Marriott Cards
American Express had added new benefits to many of its credit cards during the pandemic. One of those benefits is extra points for grocery spend. But many people have not received their points, or have had points clawed back.
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Two Men Arrested for Opening 7,000 Credit Cards and Fraudulently Earning 790M Points
A grand jury has indicted two men, one from Ocean County, New Jersey, and the other from Utah, with carrying out a fraudulent scheme to obtain credit cards in the names of third parties, make purchases on the cards to generate rewards points, monetize the points, and cancel the purchases.
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U.S. Bank Altitude Reserve Cardholders Not Getting Any Extra Perks During Pandemic
During the current pandemic, several credit card issuers have made changes to reflect the shift in spending habits for cardholders. This is especially noticeable for premium travel cards. These are cards that come with high annual fees and provide mostly travel related bonuses and benefits.
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List of Merchant Category Codes (MCC) for Visa and Mastercard
Merchant Category Codes (MCCs) are used to identify the type of business in which a merchant is engaged. Most of the time MCC identifies a business correctly but there are always some outliers, especially when it comes to small businesses.
