Banks Tightened Standards on Credit Cards in Third Quarter, Fed Survey Finds
Banks are tightening their standards on credit card loans in the third quarter, out of concern with the more uncertain economic outlook, according to the latest Federal Reserve survey of senior loan officers. Banks have increased underwriting standards for approving credit card applications for the past three quarters.
What’s the Most Popular Type of Credit Card? Hint: It’s Not Travel Cards
A recent Experian report listed the most-viewed types of credit cards using its CreditMatch tool, giving us a glimpse of what cards consumers search for the most. Here are the four most popular types of credit cards: No-annual-fee cards took the No. 1 spot, receiving 27.8% of total views. With 27% of total views, secured credit cards are a surprising second on this list. The ever-popular rewards credit cards received 22.1% of views. Cash back cards ended up with 18.7% of total views.
Credit Cards Have Gone Out of Style in China. Will the U.S. be Far Behind?
Imagine opening Instagram not to post a photo or comment on someone’s story, but instead to pay for your groceries. That’s what more than 1 billion people in China do. Except instead of using Instagram or other popular social media outlets in America, they open up WeChatPay and Alipay to scan QR codes to pay for goods in place of a traditional checkout. WeChatPay is the Chinese equivalent of Facebook. AliPay is the Chinese equivalent of Amazon. Together these two platforms account for $41 trillion in transactions annually…Read more>>