From October 10, 2024, Chase customers will no longer be able to pay for Buy Now Pay Later plans using Chase credit cards as a way to avoid incurring debt on top of debt. Meanwhile, Macy’s has increased the interest rate on its credit card to a record high of 34.49%, joining other retailers offering APRs over 30%. Retirees are facing financial uncertainties with over a quarter still dealing with mortgage and credit card debt, impacting their retirement security. Delinquent credit card payments are on the rise, potentially affecting credit scores and future borrowing power, with young Americans struggling the most with high-interest rates. JPMorgan Chase aims to amass 15% of US consumer deposits and increase its credit card share to 20% as it seeks to expand its market share.
In New York City, Mayor Eric Adams’ administration faces bipartisan backlash over the distribution of prepaid debit cards to migrant families. While the city claims it will save money, some lawmakers believe it may encourage more border-crossers. Mastercard’s pilot of a pay-by-palm biometrics payment scheme in Uruguay is gaining traction as consumer acceptance of biometrics grows. With the payments market ready to integrate biometrics for speed and simplicity, the scheme may expand to Europe and Asia-Pacific. The Biden administration has scrutinized airline credit cards for deceptive practices despite their popularity among consumers who use them to accumulate rewards for free travel and lodging.
In a shocking incident in Washington, D.C., authorities discovered a man’s thumb was cut off posthumously to access his mobile payment app and steal money. This gruesome act highlights the importance of safeguarding personal information and the risks associated with mobile payment apps. As consumer debt rises, particularly among young Americans, and retailers increase interest rates to generate revenue, financial institutions like JPMorgan Chase are strategizing to expand their market share. The evolving landscape of consumer finance, including new payment methods like biometrics and ongoing concerns over debt and credit card delinquencies, showcases the need for consumers to make informed financial decisions and protect their financial information.
