This Week in Credit Card News: July 30 – August 5
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New business credit card — U.S. Bank Triple Cash Rewards World Elite Mastercard; Chase adds Air Canada Aeroplan as new 1:1 transfer partner; U.S. consumer demand for credit card debt grows in Q2.
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New Business Credit Card — U.S. Bank Triple Cash Rewards World Elite Mastercard
- U.S. Bank has released a new credit card for small business owners: U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard®.
- The Triple Cash card is inexpensive and designed for a variety of spending, while giving you a chance to pay off new business expenses or old credit card debt. Features include:
- 3% cash back at:
- Gas stations
- Office supply stores
- Cell phone service providers
- 1% cash back on all other eligible purchases
- Welcome bonus: $500 cash back after spending $4,500 in the first 150 days
- Purchase APR: 0% 15 billing cycles on purchases, then 13.99% - 22.99% Variable
- Balance Transfer APR: 0% 15 Billing Cycles, then 13.99% - 22.99% Variable
- Balance Transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- Annual fee: $0
- 3% cash back at:
- The Triple Cash Rewards replaces the old U.S. Bank Business Cash Rewards World Elite Mastercard.
- See other U.S. Bank credit cards.
Chase Adds Air Canada Aeroplan as New 1:1 Transfer Partner
- As of August 3, eligible Chase cardholders can transfer Ultimate Rewards points to Air Canada Aeroplan at a 1:1 rate.
- Air Canada is part of the Star Alliance airline alliance; once you transfer rewards to Air Canada, you can then use those miles with any Star Alliance member. Other Star Alliance airlines include United Airlines, Lufthansa, EVA Airways, Air China, and Avianca.
- With the addition of Air Canada, Chase currently has 14 airline and hotel transfer partners, each with a 1:1 transfer rate; other popular partners include JetBlue, Southwest, Marriott Bonvoy, and World of Hyatt.
- The eligible Chase cards that earn Ultimate Rewards and can perform point transfers are:
U.S. Consumer Demand for Credit Card Debt Grows in Q2, According to N.Y. Fed
- The N.Y. Federal Reserve Bank has released its Quarterly Report on Household Debt and Credit for Q2 of 2021, showing a slightly increased demand for consumer credit card debt and some other loans. These findings reverse the trend of declining credit card and loan use throughout the coronavirus pandemic.
- Credit card balances in Q2 increased by $17 billion compared to Q1, totaling $787 billion. But this is still $140 billion lower than card balances at the end of 2019.
- The number of credit inquiries in the past six months (an indicator of credit demand) have increased, after having declined since Q2 of 2020.
- “We have seen a very robust pace of originations over the last four quarters with new extensions of credit for mortgages and auto loans combined with rebounding demand for credit card borrowing,” said Joelle Scally, Administrator of the Center for Microeconomic Data at the New York Fed. “However, there are still two million borrowers in mortgage forbearance who are vulnerable to financial distress once the forbearance programs come to an end.”
- Although increased credit card balances may be a sign of a healthier economy, we always recommend paying your credit card statement balance in full (unless you’re using a 0% APR card).
- Source: New York Federal Reserve Bank
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