This is a roundup of news that I have come across during the day. Here you can read about a possible $1B Bitcoin heist, cardholders paying balance in full, Visa faces antitrust suit, Florida will welcome its first and only snow amusement park, United lawsuit says they charge older people more, and downloadable American Express proof of travel insurance.
In 1987, Valerio Viccei stole an estimated $97 million in cash and valuables when he broke into safe deposit boxes in London. Two decades after that, a gang of thieves dug a 256-foot tunnel that led to a bank in Brazil and a cool $71.6 million payday. Not bad. But those historic heists have nothing on what potentially went down this week in cyberspace, where some $1 billion in digital currency, 69,369 bitcoins, was moved from the fourth richest wallet in the world.
U.S. cardholders from April through June 2020, who pay their monthly balance in full, rose 0.6 percentage point to an all-time high of 32.2% and the share of those who carry over a monthly balance fell 2.2 percentage points to 42.4%, the lowest level since the fourth quarter of 2015. Meanwhile, the share of Dormant accounts increased 1.7 percentage points to 25.5%. The increase came during a quarter of severely curtailed economic activity, when monthly credit card spending fell 25–30% across risk tiers.
The U.S. Justice Department sued to block Visa Inc.’s $5.3 billion acquisition of Plaid Inc., accusing Visa of using the deal to eliminate an emerging threat to its online debit business. The Justice Department filed an antitrust complaint in federal court in San Francisco Thursday, saying the Plaid deal would illegally extend Visa’s dominant position.
Florida’s First and Only Snow Amusement Park Will Have Tubing, Snowman Building, a Giant Igloo, and More
In the winter months, Florida often becomes the temporary home of many Northerners seeking refuge from bitter cold temperatures. These sun-seeking snowbirds choose sand and sea over snow and ski, but soon they’ll be able to enjoy the best of both worlds, alongside locals looking for a wintry escape. This month, Florida will welcome its first and only snow amusement park.
A year ago United Airlines offered a 10% discount to 18-22 year olds who booked through the United mobile app. Now a lawsuit filed Tuesday in the U.S. District Court for the Southern District of California, alleges violations of California anti-discrimination law and seeks class-action status on behalf of customers excluded from the promotion because of their age.
American Express card products in select markets come with travel insurance that kicks in when certain travel expenses have been paid using them. Some countries now require arriving passengers to have proof of insurance in the case of Covid-19 infection-related healthcare expenses.