This is a roundup of news that I have come across during the day. Here you can read about American Express profits slumping by 40%, a CNB shutdown story, The Cromwell is reopening in Vegas later this month, Barclays will now issue AARP credit cards and Chase launches QuickAccept.
Credit card companies have been hit hard as the pandemic-induced recession forces companies to lay off workers and consumers to stay at home. Spending on AmEx cards fell 19% to $248.7 billion in the quarter, with travel and entertainment related spending sliding 69% from a year earlier.
There aren’t that many CNB shutdown stories since most people have voluntarily closed the cards, but a handful of us are still using the card. Anyway a couple of readers got shut down yesterday; they were notified by snail mail.
The Cromwell, First Adults-Only Resort on the Caesars Entertainment has announced plans to resume operations at The Cromwell on Thursday, Oct. 29 at 10 a.m. PT. This is the first adults-only resort on the Las Vegas Strip. The boutique hotel and gaming floor will be open seven days a week for guests 21 and over.as Vegas Strip to Open Oct. 29
Barclays has entered into a new multi year deal with AARP to provide a range of co-branded cards. New Barclays AARP cards will launch in Spring of 2021. In addition Barclays has reached a new with JPMorgan Chase & Co to buy the existing AARP portfolio.
QuickAccept is only available to businesses with Chase accounts and same-day funding is free if the money goes into a Chase Business account, the bank said Wednesday. Chase has more than 3 million small business clients. Chase for Business, a division of JPMorgan Chase, said the new tool can be activated immediately for U.S. sales through the Chase Mobile app or contactless mobile card reader, which costs $49.95. There is a monthly service fee of $15 for the card reader, which can be waived by reaching minimum account balances or meeting other requirements.