Credit card debt can affect your health; Interest rates close to historic highs

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Credit card debt isn’t just bad for your budget. It can also affect your health.

The stress of carrying card debt as an adult is linked to poor health, including joint pain or stiffness that interferes with daily activities, according to one. recent study. Beyond worries about paying off debt, one of the reasons for poor health may be that people with high debt have little money to pay for resources that protect their health. It found that people who had consistently high levels of unsecured debt were 76% more likely to have pain that interfered with their daily lives than people without unsecured debt. People with debt over time reported poorer physical health later in life. [The New York Times]

Credit card interest rates hit record high, Fed data shows

Credit cards are a flexible and widely accepted payment option that allow consumers to spread large payments over time. But credit card interest rates have been rising steadily and recently surpassed 17% for just the second time, according to data from the Federal Reserve. The average rate on all credit card accounts rated at interest was 17.13% in the third quarter of 2021. This is up from 16.3% in the second quarter and 15.91% at the start of the year. year. The only other time credit card rates were this high was in 2019, when interest rates soared to 17.14%. [Fox Business]

Get up to $ 15 off on Amazon when you use your qualifying Chase credit card

Amazon currently has an offer that is a great way to not only redeem your Chase Points, but also save on your next Amazon purchase. Chase credit card holders targeted for this promotion can save 50% on their purchases on Amazon, up to $ 15 in total savings using Chase Ultimate Rewards points on Amazon by December 31, 2021. You must have a Chase the credit card which earns Ultimate Rewards points. This includes popular credit cards such as the Chase Sapphire Preferred Card, Chase Sapphire Reserve, and Chase Freedom Unlimited. [CNN]

Gen Z drives credit card growth despite BNPL

What explains this growing reliance on credit cards as Gen Z has a reputation for being averse to credit cards and even, in some ways, frugal? The first is that Gen Z is simply aging and the older members of the generation, now 26, are reaching the acquisition point of their lives. In short, they need stuff, and they need a way to pay for it. Gen Zers are generally the children of Gen Xers, not Millennials. Gen X were comfortable with credit and were the last generation to be courted by card companies while in college. [The Financial Brand]

Offer of the month: Southwest Airlines Companion Pass

In the world of frequent flyer programs, there are few things as valuable as the Southwest Airlines Companion Pass. This pass allows you to add a designated companion to any Southwest flight you have booked on, including award tickets. To earn the Southwest Airlines Companion Pass with credit cards, you must earn 125,000 points on one or more Southwest Rapid Rewards credit cards in a calendar year. [Money]

Capital One announces new Premium Venture X travel credit card

Venture X, which will have an annual fee of $ 395, will open applications starting November 9. New cardholders will be able to earn 100,000 bonus miles after spending $ 10,000 on purchases within the first six months of opening the account. And for a limited time, as part of the signup bonus, cardholders will receive up to $ 200 in statement credits for vacation rentals like Airbnb and VRBO. Other perks include $ 300 in annual statement credits for bookings made through the newly revived Capital One Travel portal, 10,000 bonus miles each year from the second year of card use, up to $ 100 in credits for Global Entry or TSA PreCheck membership and free cell phone insurance. The Venture X earns 2 miles for every dollar spent on anything you purchase, plus a total of 5 miles per dollar on flights booked through Capital One Travel and 10 miles per dollar on hotels and rental cars booked through Capital One Travel. [CNN]

AmEx launches debit card into war for small business customers

American Express unveiled its first-ever debit card as competition for small businesses intensifies. The card will be part of a new digital business checking account. The checking account should be accompanied by a cash bonus of $ 300 for new users of the account and an annual return percentage of 1.1%. Starting next year, customers of the product will also be able to earn AmEx membership reward points and redeem them for deposits to their accounts. [Bloomberg]

House Democrats urge CFPB to consider buy now / pay later

The rapid rise of the buy now / pay later industry caught the attention of Congress on Tuesday as lawmakers weighed the possible benefits and risks of the emerging payment method. Democrats were relatively skeptical of BNPL lenders. At a House hearing, they questioned whether the products risked falling behind on loan repayments and urged regulators to review the sector. [American Banker]

Mastercard acquisitions bolster crypto ambitions

In September, Mastercard acquired CipherTrace and has now announced a partnership with Bakkt, which will give Mastercard the ability to offer crypto custody services. However, four challenges can delay issuers’ production: First, issuing banks must decide that they want to offer crypto services. Second, even though it is offered independently of the central system, each issuer will need to provide customers with access to crypto assets through their online and / or mobile banking channel. Third, these crypto assets will eventually need to be reflected in the client’s overall account balance that is in the central system. Finally, the crypto assets will need to be linked to the cards of the issuers so that the assets can be spent. [Payments Journal]

Are you considering a “neobank” or a fintech? The Truth About Challenger Bank Fees, Benefits, and Long-Term Prospects

Most of the more popular fintech banking apps have marketed their services as democratized finance, with stress-free enrollments, transparent pricing, and the ability to easily access cash when needed. About 30% of Americans use some type of online banking only, according to Plaid Fintech Report 2021. About 67% of US customers use the online or mobile apps of traditional and digital banks. In a comprehensive review of 50 fintechs, we found that many had fees and prices clearly listed on their websites, albeit often in hard to locate parts of their FAQ and legal disclosure sections. But other hidden costs were hidden where only the most savvy consumers could find them. [Fortune]

Buy now, pay later Services are booming. Know the risks before registering

Nearly half of all U.S. consumers have made a purchase with an option to buy now, pay later, recent study finds CreditKarma study. Of these, more than a third fell behind on one or more payments. Buy now, pay later, services grew 215% year over year in the first two months of 2021, a Adobe Analysis suggests. Here’s what you need to know about buying now, paying later, and why you should exercise caution before using these alternative payment plans. [Next Advisor]

GoHenry launches biodegradable debit cards for kids

GoHenry, a debit card and financial education app designed for children ages 6-18, has announced the launch of its first fully biodegradable debit card made from plants that promises to break down after use, and not in your wallet. Unlike traditional plastic debit cards which take over 400 years to decompose, GoHenry’s new biodegradable debit cards are made from a renewable field corn-derived material called polylactic acid and break down in just as little than six months when exposed to sunlight, soil and microorganisms in the soil. [The Fintech Times]


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