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House Democrats Propose a Credit Reporting System Run by the Government House members have advocated for dramatic changes to the credit reporting sector, with some Democrats advocating a national credit reporting system, claiming that the three big agencies are failing Americans. The National Credit Reporting Agency Act, which would establish the Public Credit Registry within the CFPB, was one of three bills presented for discussion. [Yahoo Finance] [Yahoo Finance] [Yahoo Finance

A global chip scarcity could start to have an impact on the card business.
Credit/Debit Card Supply Could Be Affected by a Global Chip Shortage
A worldwide chip scarcity is currently threatening to bring the online payment system to a halt. More than three billion EMV-based payment cards are issued globally each year, according to the Smart Payment Association, for individuals who open a bank account, as well as those who renew or replace their cards when they expire. Card makers, on the other hand, are finding it increasingly difficult to obtain chips for their products due to supply chain constraints. [Technotification]
Using a personal loan to pay off credit card debt can save you money on interest.
Due to interest rates, carrying credit card debt from month to month can substantially deplete your budget. When you’re trying to handle overwhelming credit card debt, it can feel like you’re just throwing money at it every month rather than paying it off. If this sounds like you, try consolidating credit card debt with a personal loan. Personal loans are lump-sum loans that are repaid over a defined period of months or years in consistent monthly instalments. When compared to credit cards, personal loans have set interest rates, making it easier to keep track of your debt repayment. [Fox Business] [Fox Business] [Fox Business] [
To entice cardholders, US credit card issuers up the ante on rewards.
According to a Competiscan analysis, credit card businesses recruiting new consumers upped their online offers by 85 percent in May 2021 compared to May 2020. In the first quarter of 2021, balances outstanding on credit cards issued by the country’s largest banks declined between 9% and 14% when compared to the first quarter of 2020. Credit card firms are using a tried-and-true strategy of giving zero percent interest on transferred balances for up to 18 months. [PYMNTS]
ADDITIONAL INFORMATION FOR YOU
How a Burner Identity Can Keep Your Email, Phone, and Credit Cards Safe
Using alternate details, which you may generate using a variety of tools, is one approach to secure your personal information from both individuals and organizations. These “burner” identity programs generate fictitious email addresses, credit card numbers, and phone numbers that can be used to safeguard your main accounts while you do just about anything online. [According to The New York Times]
Walmart and Green Dot have switched their MoneyCard accounts to Demand Deposit Accounts.
Walmart’s MoneyCard is now available as a demand deposit account, according to Walmart and Green Dot. Users can manage their funds online or at one of Walmart’s 4,500 stores or over 90,000 Green Dot retail distribution locations around the country. Users of Walmart MoneyCards get access to a digital banking platform that functions similarly to a traditional bank account. Customers who activate a Walmart MoneyCard purchased online or in-store and deposit $500 or more by Aug. 15 will receive a $20 bonus. [Financial Dive]
In the Post-Pandemic Era, Mobile Banking
The percentage of weekly mobile bankers has climbed by 22 percentage points since YouGov began measuring the uptake of mobile banking. In 2021, 56 percent of adults in the United States said they use mobile banking once a week or more frequently. This shift toward mobile banking could be fueled by factors such as peace of mind, convenience, and security. [YouGov]
Small business customers can now use Capital One’s new flexible payment options.
Capital One is giving its small business customers more payment options and increased cash flow by allowing them to use credit cards in places where they aren’t normally accepted. Capital One’s small company customers may now pay their bills through credit card to vendors all around the United States, even those that prefer direct bank or wire transfers, as well as paper checks, thanks to a partnership with B2B payments startup Melio. Melio pays these vendors using their preferred mode of payment rather than requiring them to create a Melio account. Customers who sign up for Capital One’s small business service receive a discount on all credit card transactions for the first year. [Scratch Sheet]
The Times Are A-Changin’ for Credit Cards: Buy Now, Pay Later
The fact that the market is in flux was one of the highlights of our recent Buy Now Pay Later research report. Fintechs have grown in popularity, but they are one-trick ponies who must expand their offerings beyond a single $100 transaction. They do need to improve their credit policies by providing more stringent lifecycle services. Fintechs aren’t the only ones involved in lending, and they’ll have to compete with traditional lenders. [Billings Journal]
Slice Raises $20 Million to Attack India’s Credit Card Industry
Slice, an Indian fintech startup that has developed a “super card” for millennials in India, has announced a new funding round of $20 million. Only roughly 30 million Indians have a credit card, despite the fact that hundreds of millions have a bank account. The majority of people in the South Asian market are not qualified for a credit card, and many of those who are don’t bother to apply because the process is too clunky and time consuming, and the benefits are insufficient to compensate. [Technology Crunch]/nRead More

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