This Week in Credit Card News: April 2–8
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Instacart and DoorDash to launch their own credit cards; 41% of survey respondents began using cashless payments because of COVID-19; U.S. consumer credit industry sees big growth in February.
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Instacart and DoorDash in Talks to Launch Their Own Credit Cards
- Instacart, a grocery delivery company, is reported to be partnering with J.P. Morgan Chase for a new credit card. It may offer 5% back for Instacart purchases.
- DoorDash, a food and takeout delivery company, has not yet chosen a credit card issuer but has received offers from more than 10 major banks, including Chase.
- Instacart and DoorDash have seen big gains since the pandemic, and it’s no surprise they’re looking to expand. DoorDash already partners with Chase to offer credit card rewards and benefits; learn more about Chase’s DoorDash benefits here.
- Source: Wall Street Journal
Survey Finds 41% of Americans Started Using Cashless Payments Due to COVID-19
- A new survey by CouponFollow found that 41% of respondents began using cashless payments because of the COVID-19 pandemic. It also found:
- 49% said they are worried about using cash due to the potential risk of COVID-19 transmission.
- 42% said they started using apps like Venmo and PayPal more often in 2020.
- 32% are “increasingly reliant” on digital wallets like Apple Pay.
- Contactless payment options, including mobile/digital wallets, are available for an increasing number of credit and debit cards. Many credit and debit cards allow contactless payments without the use of a mobile app, as well. Learn more about contactless payments here.
- Source: CouponFollow
U.S. Consumer Credit Sees Biggest Growth Since Late 2017
- Consumer credit grew by $27.6 billion in February, more than any month since 2017, according to a new report from the Federal Reserve. The gains exceeded estimates given by economists surveyed by Bloomberg. Borrowing rose 7.9% in February.
- Revolving credit (like credit cards) increased by $8.1 billion; non-revolving credit (such as installment loans, like auto loans and personal loans) increased by $19.5 billion.
- The improvements are seen to be a result of the broader reopening of the economy, as states lift restrictions, employment bounces back, and consumers become more confident in the economy.
- Source: Bloomberg
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