Tagged: Card Toggle Comment Threads | Keyboard Shortcuts

  • @fintechna 12:53 am on December 10, 2019 Permalink | Reply
    Tags: , , , Card, , , Ondot, ,   

    Ondot Brings Apple Card Functionality To Banks And Credit Unions 

    Every financial institution wants to be like , or more specifically Apple — “Created by Apple, Not a Bank,” as its slogan brushes off the role of Goldman Sachs.
    Financial Technology

     
  • @fintechna 4:53 pm on January 10, 2019 Permalink | Reply
    Tags: Card, , LendEDU, , , Servicers, ,   

    Student Loan Servicers Get A Report Card From LendEDU 

    The differences in servicing complaint rates are stark and NerdWallet suggests some alternatives while The Nation shows how some other countries handle education funding..
    Financial Technology

     
  • @fintechna 3:35 am on September 8, 2018 Permalink | Reply
    Tags: , , , Card, , ,   

    Q2 2018: US credit card issuer snapshot 

    Each quarter, Paul Sammer, Manager in the Issuing offering, compiles key metrics on US consumer cards, tracking spend, receivables, loss rates and returns reported by the largest US .

    US consumers are showing an increased preference for credit cards.  Banks reported robust growth in purchase volume over the past quarter, along with solid growth in receivables and benign loss rates. Read more about the key themes and notable happenings below.

    Key themes

    • Banks reported favorable credit trends in the past quarter as purchase volume and receivables continued to grow, and loss rates remained benign.
    • Credit card purchase volume increased at a significant pace over the past year, led by Capital One, American Express and Chase.
    • Receivables also grew at a healthy rate, most notably at American Express, Capital One and Discover.
    • New products and product refreshes were prevalent in Q2. Many of these new products are offering high-value incentives to open/activate.
    • Investments in digital capabilities are evident across the industry with new all-digital products (e.g., Chase’s Finn), and full-service functionality in digital channels.
    • Bank of America and Chase reported notable declines in card originations in the past quarter (nearly 10 percent YoY).
    • Issuers pointed to rewards (and associated cost) as a basis of differentiation, but there was a general theme of rational competition in most respects.

    Notable happenings

    Transactions

    Citibank completed $ 1.5B acquisition of L.L. Bean credit card portfolio from Barclays; Synchrony and PayPal finalized transfer of $ 7.6B in receivables; Signet Jewelers closed last phase of credit outsourcing, selling its non-prime portfolio to CarVal Investors and Castlelake.

    New Partnerships

    Alliance Data and IKEA introduced new co-brand offering 5 percent rewards on IKEA purchases; American Express announced new partnership with Amazon to offer a small business co-brand credit card; Wells Fargo launched no-fee Wells Fargo Propel American Express card.

    Partnership Developments

    In July, Walmart announced its intent to partner with Capital One and end its Synchrony relationship; Citibank renewed its card partnership with Sears, paying $ 425 million up front in a highly customized structure; Alliance Data and Victoria’s Secret renewed their PLCC partnership.

    New Products/Features

    American Express launched its no-fee, 1.5 percent cash back Cash Magnet card; Citi and American Airlines introduced new no-fee AAdvantage MileUp card, offering 2 miles per dollar; Chase and Hyatt introduced $ 95 annual fee World of Hyatt Card; Chase and Marriott introduced $ 95 fee Marriott Rewards Premier Plus card; Chase and Southwest Airlines introduced $ 149 annual fee Southwest Airlines Priority Card; Synchrony and Belk will introduce a co-brand credit card.

    Mobile & Tech

    Chase announces a partnership with Tock, a high-end dining program.

    Stay tuned for next quarter’s report on US consumer credit card trends.

    Industry trends (based on non-retail card issuers in scorecard section)

    1 Total receivables for non-retail issuers at end of 2Q18. 2 Total purchase volume of non-retail issuers in 2Q18. 3 After-tax ROA excludes Wells Fargo, Chase, Bank of America and US Bank, which do not report credit-specific income. 4 YoY = Year-over-year change versus 2Q17. 5 QoQ = Quarter-over-quarter change versus 1Q18. Note: Purchase Volume is reported volume for the quarter (it is not annualized or TTM)

    Scorecard—Q2 ($ in Billions)

    1 Chase no longer discloses an ROA measure directly attributable to Card Services. 2 Citigroup: Purchase volume includes cash advances. Citigroup data includes Citi-Branded Cards and Citi Retail Services. 3 Capital One: US card business, small business, installment loans only. Purchase volume excludes cash advances. 4 Bank of America: Receivables, purchase volume and net loss rates are for US consumer cards. 5 Discover: includes US domestic receivables and purchase volumes only. Restated: ROA reflective of Direct Banking segment (credit card represents ~80% of loans) and implied US Cards tax rate of ~22%. ROA denominator estimated from total loans ended figures. 6 American Express: Changed reporting method as of 2Q18. All figures except ROA are for US Consumer segment; Amex has stopped reporting net income attributable to US consumer segment. ROA is estimated based on US receivables comprising 88% of Global Consumer segment and 22% US effective tax rate. 7 US Bank: Net Income attributable to Payments Services totaled $ 361M as of 2Q18, compared to $ 282M in 2Q17; Payments Services includes revenue from consumer credit cards, as well as commercial revenue and other sources. 8 A/R and PV for Retail Card unit only. 9 Loss rates and ROA include all of SYF’s business lines (i.e., Retail Card, Payment Solutions, and CareCredit). Retail Card accounts for about 70% of total receivables. 10 Average Receivables.

     

     Paul Sammer, Manager, Payments

     

     

     

    The post Q2 2018: US credit card issuer snapshot appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 am on July 25, 2018 Permalink | Reply
    Tags: , Card, , , ,   

    Users Divided on Starling Bank’s New Debit Card 

    U.K. neobank is in a mood to switch things up, at least on the design front. Last week, Starling unveiled changes to the payments screen on its mobile app and today it unveiled a new . For starters, the new debit card is not purple, Starling&;s signature color. Instead it&8217;s teal and navy [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on July 24, 2018 Permalink | Reply
    Tags: , , Card, , , , , ,   

    Bank of America Merrill Lynch Launches Mobile App for Prepaid Commercial Card 

    With over 25 million users on the retail side, Bank of is shifting attention to ramping the numbers on the side, with the launch of a mobile app for its commercial cards. Today, Bank of America unveiled an app specifically designed for reloadable commercial prepaid cards. These cards [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on June 26, 2018 Permalink | Reply
    Tags: , Card, ,   

    Venmo’s Card Is Out of Beta & Ready to Use 

    PREMIUM- P2P payments app, Venmo, has launched its debit , Venmo Card, and it is powered by Mastercard. When Venmo first launched its card in last September, it was backed by Visa. After 10 months of trial, the PayPal-owned Venmo notified its users that they can get a Venmo debit card through a link on [&;]
    Bank Innovation

     
  • @fintechna 3:35 pm on May 18, 2018 Permalink | Reply
    Tags: , , , Card, , , ,   

    Q1 2018: U.S. credit card issuer snapshot 

    Guest blogger Paul Sammer reviews U.S. consumer use of cards to pay for transactions, fund loans, and receivables and transaction volume in Q1 .

     

    As purchase volume and receivables continued to rise during the recent quarter, several issuers reported material increases in returns resulting from tax reform. Read more about the key themes and notable happenings below.

    Key themes

    • Purchase volume in Q1 2018 continued to increase at a significant pace year-over-year, along with strong growth in receivables.
    • Chase, Capital One, Bank of America, and American Express reported robust purchase volume growth year-over-year, while American Express, Discover and Capital One led in terms of receivables growth.
    • cited increased consumer confidence and tax reform as drivers of strong purchase volume.
    • Loss rates continued to normalize although several banks suggested that losses may be stabilizing.
    • ROAs were bolstered by tax reform, which had a substantial impact on reported returns.

    Investment is ongoing in digital, mobile and self-service capabilities.

    Notable Happenings

    Transactions:

    • American Express and Citi complete sale of Citi’s $ 1.2 billion Hilton portfolio to American Express.

    New Partnerships:

    • Starbucks launches a new with Chase; Synchrony announces partnership with Crate and Barrel to offer a new private label credit card and co-brand card; Alliance Data and Lucky Brand agree to introduce a new private label credit card; Synchrony becomes preferred financing partner for Mahindra Powersports.

    Partnership Developments:

    • Due to retail partner bankruptcies, Synchrony replaces qualifying Toys “R” Us credit card accounts with a 2 percent cash back Mastercard and Alliance Data closes Bon-Ton accounts; Synchrony announces that it plans to onboard the PayPal Credit portfolio in 3Q18.

    New Products/Features:

    • Amazon introduces 5 percent back at Whole Foods on Amazon Prime Rewards Visa card; Chase announces new ultra-premium Marriott Rewards Premier Plus card and Amex announces new ultra-premium SPG Amex Luxury card (with single loyalty program branding coming in 2019).

    Mobile & Tech:

    • Synchrony invests in Payfone, provider of identity authentication in digital channels; Goldman Sachs acquires credit card startup Final.

    Industry trends (based on non-retail card issuers in scorecard section)

    1 Total receivables for non-retail issuers at end of 1Q18. 2 Total purchase volume of non-retail issuers in 1Q18. 3 After-Tax ROA excludes Wells Fargo, Chase, Bank of America and US Bank, which do not report credit specific income. 4 YoY = Year-over-year change versus 1Q18. 5 QoQ = Quarter-over-quarter change versus 4Q17. Note: Purchase Volume is reported volume for the quarter (it is not annualized or TTM)

    Scorecard—Q1 2018 ($ in Billions)


    1 Chase no longer discloses an ROA measure directly attributable to Card Services. 2 Citi: Purchase volume includes cash advances. Citigroup data includes Citi-Branded Cards and Citi Retail Services. 3 Capital One: U.S. card business, small business, installment loans only. Purchase volume excludes cash advances. 4 Bank of America: Receivables, purchase volume, and net loss rates are for U.S. consumer cards. 5 Discover: includes U.S. domestic receivables and purchase volumes only. Restated: ROA reflective of Direct Banking segment (credit card represents ~80% of loans) and implied U.S. Cards tax rate of ~22%. ROA denominator estimated from total loans ended figures.
    6 American Express: Changed reporting method as of 1Q16. Figures are for U.S. Consumer segment only and exclude small business. 7 totaled $ 343M as of 1Q18, compared to $ 309M in 4Q17 8 A/R and PV for Retail Card unit only. 9 Loss rates and ROA include all of SYNCHRONY ’s business lines (i.e., Retail Card, Payment Solutions, and CareCredit). Retail Card accounts for about 70% of total receivables. 10 Average Receivables.

    We are excited to share Q1 2018: Credit Card Issuer with you. Stay tuned for next quarter’s analysis.

     

    Paul Sammer, Manager

     

     

     

     

    The post Q1 2018: U.S. credit card issuer snapshot appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 pm on April 23, 2018 Permalink | Reply
    Tags: Card, , , , , ,   

    Elevate Credit Partners with Mastercard for SubPrime Credit Card Product 

    EXCLUSIVE – will launch a new credit that targets clients in June, for which the company has teamed up with . “One of the unique things about this card is that, unlike most subprime credit card products whose credit lines tend to be below $ 500, this one is significantly larger,” [&;]
    Bank Innovation

     
  • @fintechna 12:18 pm on April 4, 2018 Permalink | Reply
    Tags: Card, , , GoBank’s, , ,   

    Debit Rewards Make a Comeback with GoBank’s Uber Visa Debit Card 

    The Durbin Amendment to the Dodd-Frank legislation largely did way with reward programs (pour one out for PerkStreet.) Dodd-Frank is now under assault from all quarters in Washington, but looking fairly strongly entrenched. Still, debit programs are making a with the release of GoBank&;s debit , announced today. The GoBank [&;]
    Bank Innovation

     
c
compose new post
j
next post/next comment
k
previous post/previous comment
r
reply
e
edit
o
show/hide comments
t
go to top
l
go to login
h
show/hide help
shift + esc
cancel