Amazon Prime Day is quickly approaching, and this year Amazon is offering a $200 Amazon gift card to those who sign up for their Prime Visa credit card. The event is set to take place on July 16 and 17, with early deals already live on the website. The Prime Visa card has one of the best welcome bonuses on the market, making it an attractive option for those looking to score a deal on Prime Day. The $200 gift card can go a long way in covering some of the purchases made during the event.
However, signs of weakness are starting to show in the US economy, with unemployment rising to its highest level in over two years. Consumer demand appears to be tapering off this summer, with spending figures reflecting a downturn in economic activity. The Institute for Supply Management’s latest survey indicates that new orders and overall economic activity have unexpectedly slipped into contraction territory. This comes as a stark contrast to last year’s robust summer spending spree.
California has become the first state to require credit card companies to assign a unique code to stores selling firearms. The merchant category code (MCC) tracks the type of business where transactions are made, helping to determine tax reporting and transaction fees. The move has been met with mixed reactions, with gun safety advocates praising the legislation while bills banning MCCs have emerged in more than 15 red states. Visa and Mastercard have also agreed to extend caps on tourist card fees until 2029, settling an EU antitrust investigation.
Capital One’s credit card business is flourishing, with a net interest margin of approximately 6.7% in the current environment. The acquisition of Discover earlier this year could potentially put Capital One in the same league as Visa and Mastercard. Meanwhile, New York City is expanding its prepaid debit card program to migrant families staying in hotels, enabling them to purchase essential items. The move has sparked controversy, with concerns raised over potential misuse of the cards and preference given to migrants over New York residents.
The Supreme Court has allowed a lawsuit challenging a debit card interchange rate set by the Federal Reserve to proceed. Judge Margo Brodie recently rejected a $30 billion settlement between Visa, Mastercard, and merchants over credit card swipe fees, stating that a larger settlement could be obtained. Proximity mobile payments are on the rise in the US, with transaction value expected to exceed $1 trillion by 2027. Americans are also finding clever ways to build reward points, such as using the Bilt Mastercard to pay rent and earn points that can be redeemed for travel expenses.
In conclusion, as Amazon Prime Day approaches and the US economy shows signs of weakness, consumers are navigating a challenging economic landscape. Legislation regarding credit card codes for gun stores and settlement agreements between major payment networks and merchants are also shaping the financial industry. Despite these challenges, creative solutions such as using rewards credit cards to earn points are helping savvy consumers navigate the financial landscape and make the most of their spending.
