This Week In Credit Card News: Get $40 Off At Target; Who Has The Most Credit Card Debt?

Get $40 Off a $40 Target Purchase After Approval for the Target RedCard

New applicants who are approved for the Target RedCard card through October 10, 2020 receive a $40 coupon for a future qualifying purchase at Target. If you frequently go on Target Runs and order from Target.com, you may want to consider applying this month. The Target RedCard already offers a unique 5% discount at checkout on most purchases in-store and at Target.com, plus free two-day shipping on most items. [CNBC]

Americans Near Retirement Age Have the Most Credit Card Debt

Consumers in their 50s have the highest levels of credit card debt, according to a 2020 study of credit card debt statistics. The total debt on credit cards amongst this group of people rapidly approaching retirement is $213.2 billion. For comparison’s sake, for folks in their 40s, that figure is $196.6 billion, and it’s $151.4 billion for those in their 30s. This is particularly alarming, considering that plenty of people between the ages of 50 and 59 are only a decade, or even less, away from retirement age. [The Motley Fool]

Emirates Launches Its First US Cobranded Credit Card

Emirates Skywards, the award-winning loyalty program of Emirates and flydubai, has partnered with Barclays to launch the Emirates Skywards Mastercard, its first cobranded credit card suite in the U.S. Customers can now earn Skywards Miles quickly through everyday spend, including travel and lifestyle purchases, and earn up to 40,000 bonus Skywards Miles and many more privileges. [Rus Tourism News]

How ‘Pandenomics’ Will Drive Mobile Check Deposits

“Pandenomics” may usher in a new age for mobile check capture and deposits. Mike Diamond, general manager of digital banking at Mitek, said it’s unlikely that customers will revert back to their branch-intensive, pre-pandemic banking behaviors. In fact, we might not go back to the bank in person at all unless we have to, say, sign and notarize a mortgage document or cash a cashier’s check. [PYMNTS]

Mastercard Will Spend $500 Million to Expand Financial Access in Black Communities

Mastercard is pledging $500 million over the next five years to expand financial inclusion for Black individuals and businesses. The company aims to deliver tools and resources to allow many long-excluded African Americans to access affordable financial services and build prosperity. This new initiative will directly target members of the Black community, who have been hit particularly hard by the pandemic. The Federal Reserve Bank of New York found that Black businesses have had a 41% closure rate—versus 17% for white businesses. Even in ordinary times, the median wealth of Black families is a tenth of that of white families. [Fast Company]

Hotels.com Launches its First Credit Card, Helping You Earn Rewards Nights Quicker

Hotels.com is the latest business to dive into the credit card market, announcing the launch of the Hotels.com Rewards Visa
V
Credit Card. This new no-annual-fee card is issued by Wells Fargo
WFC
and backed by the Visa network. With Hotels.com Rewards program you earn rewards or “stamps” for each stay you book on the site. Collect 10 stamps and receive one reward night. With the Hotels.com Rewards credit card, you can now you earn an additional reward each time you spend $500 on your card, helping you get to a free night stay even sooner. [CNBC]

Square’s New Products Target Business Banking

Square mobile payments has launched two new products; “on-demand pay,” which lets businesses using Square for payroll give employees up to $200 of their paycheck ahead of schedule, and “instant payments” which lets businesses fund payroll immediately using money in their Square balance, instead of paying through external bank accounts. [Mobile Payments Today]

X1 is a Credit Card Based On Your Income, Not Your Credit Score

There are many reasons why you could have a good or a bad credit score. But if you’re just entering the job market, you may end up with reliable income and a low limit on your credit card. X1 Card wants to solve that by setting limits based on your current and future income instead of your credit score. The company says some customers can expect limits up to five times higher than what they would get from a traditional credit card. And that limit can move up if you get a promotion at your job. [Tech Crunch]

American Express Announces First Centurion Lounge Reopening Date

American Express announced that it will begin the process of reopening its popular Centurion Lounges. Airports in Seattle and Philadelphia will lead the way, opening their Centurion Lounge doors on October 5, with more lounges to follow in a phased format. Called the “Centurion Lounge Commitment,” the procedures include the option for contactless mobile check-in, capacity restrictions and reconfigured seating to allow for social distancing. Guests and employees will also be required to wear masks while in the lounge, and surfaces will be cleaned more frequently. [CNN]

Apple Cash Family Lets Kids Use Apple Pay

Apple has released Apple Cash Family, as part of Apple’s “family setup” for its watchOS 7, this week. This feature lets a parent securely load money onto a child’s Apple Watch giving the child the ability to purchase items wherever Apple Pay is accepted. Parents can view a child’s spend activity, receive notifications of purchases, restrict access to Apple Cash balances and limit who money can be sent to through person-to-person payments. Apple Cash Family can be enabled for up to five family members. [Mobile Payments Today]

Square Sees Dramatic Hike In Cashless Transactions

The Covid-19 pandemic is fueling contactless payments as one financial mobile app company says without a public health crisis, it would have taken three years to see such a reduction in the use of cash. Square said that its share of cash transactions has fallen to one-third since the first of August, down from nearly 41% compared to the same time last year. [PYMNTS]

Two Russians Charged in $17M Cryptocurrency Phishing Spree

U.S. authorities announced criminal charges and financial sanctions against two Russian men accused of stealing nearly $17 million worth of virtual currencies in a series of phishing attacks throughout 2017 and 2018 that spoofed websites for some of the most popular cryptocurrency exchanges. [Krebs On Security]