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This Week in Credit Card News: April 2–8

Updated Sep 09, 2021 | Published Apr 08, 20212 min read

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At a glance

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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Written by

Brendan Harkness

Brendan has been writing about personal finance for over eight years, and is now taking on the challenge of bringing high-quality credit education to the masses. He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you.

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