This Week in Credit Card News: October 22–28
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New Bank of America Business Advantage Unlimited Cash Rewards Card; Capital One launches new pre-approval tool for students; Mastercard and Bakkt allow banks to provide customers with cryptocurrency payments and rewards.
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New Bank of America Business Advantage Unlimited Cash Rewards Card
- Bank of America has launched a new flat-rate cash back card for small business owners: Bank of America® Business Advantage Unlimited Cash Rewards Card.
- The card is very much like BofA’s other business reward cards, but it has no bonus categories. Instead, you earn the same rate for everything you buy, which can be good if you don’t tend to spend a lot in certain categories. It features an intro APR that gives you some time to pay down big purchases at no interest.
- Key features of the Business Advantage Unlimited Cash Rewards include:
- 1.5% cash back for every purchase
- Intro bonus: $300 statement credit after spending $3,000 in the first 90 days
- Purchase APR: 0% for 9 billing cycles, then 12.24%–22.24% Variable
- Annual fee: $0
- See more business credit cards, some with bonus categories and some without.
Capital One Launches New Pre-Approval Tool for Students
- Students can now see if they’re pre-approved for any Capital One student credit cards, quickly and easily online: Capital One student pre-approval tool.
- Checking for pre-approval has no impact on your credit scores. A pre-approval means you’ve passed some initial criteria, but it doesn’t guarantee approval.
- Capital One student cards that you may be pre-approved for include:
- You can also check your pre-approval status for other Capital One cards as well: Capital One pre-approval tool.
- See more student credit cards, or the full selection of Capital One credit cards.
Mastercard and Bakkt Allow Banks to Provide Cryptocurrency Payments and Rewards
- After announcing its intentions to get more involved in cryptocurrency earlier this year, Mastercard has now partnered with crypto firm Bakkt to provide digital services for banks and merchants on the Mastercard network. This move comes as traditional payment networks are being threatened by new distributed payment systems, giving Mastercard, one of the largest payment networks in the world, a new avenue into the space.
- Specifically, according to the WSJ, the two companies said that “Banks and other financial institutions that issue cards through Mastercard will be able to issue cryptocurrency debit or credit cards that let people make payments and earn rewards in bitcoin. Other cryptocurrency assets could follow.”
- Bakkt, which has its own Bakkt Visa Debit Card, would help power this new generation of crypto cards. A consumer would store crypto (bitcoin, for now) in a Bakkt wallet; when a purchase is made, Bakkt will convert the crypto into a currency the merchant accepts, before processing the transaction on the Mastercard network. The conversion from crypto to fiat currency happens at the time of the purchase.
- The new program will also allow cardholders to earn rewards in crypto, and potentially convert cash back, points, and miles into crypto.
- There are already some crypto credit cards and debit cards right now, that earn rewards in crypto (or rewards that get converted to crypto), but for the most part they’re niche products from smaller banks. The Mastercard-Bakkt partnership will make it easier for the average consumer to spend and earn cryptocurrency, reducing the investment risk by simply providing small amounts of crypto as rewards on mainstream cards.
- Sources: Wall Street Journal; Investopedia
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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