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News Roundup
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.
American Express profit slumps 40% on lower credit card spending
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.
CNB shuts down a reader
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 Las Vegas Strip to Open Oct. 29
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 Partners With AARP For New Cobranded Cards
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.
After explosive growth at Square, Chase launches own version
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.
