This Week In Credit Card News: Sharp Rise In eCommerce; Are Financial Fears Subsiding?

Mastercard Research Indicates Sharp Rise in eCommerce, Abandonment of Cash

Mastercard’s SpendingPulse research unit found there has been a dramatic increase in eCommerce, particularly in the U.S. This grew an extremely robust 93% on a year-over-year basis in May. Mastercard found that around the world, nearly 7 in 10 consumers believe that the transition to digital payments will be permanent. Half of those surveyed also plan to use cash less frequently than they previously did, even after the coronavirus outbreak abates. [The Motley Fool]

Covid-19 Financial Fears Subsiding? Forbearance Re-Enrollment Numbers May Suggest So

When the Covid-19 outbreak first began, most of the credit card companies in America issued forbearance programs to help their customers. The programs included temporary credit line increases, waived interest and skip-a-payment options. Discover
DISCA
CEO Roger Hochschild said 80% of cardholders who enrolled in the skip-a-payment program resumed normal card payments after one month. Americans appear to be on the road to recovery. [LowCards.com]

A Guide To Credit Card Changes During Coronavirus

A few major credit card issuers are rethinking travel rewards card offerings throughout the coronavirus pandemic in an attempt to evolve alongside cardholder’s spending habits. From added rewards categories to bonus point-earning opportunities and disappearing perks, here’s your guide to major issuers implementing card offering changes. [Bankrate]

Major Crypto Debit Card Issuer Reportedly Missing $2.1 Billion in Cash

Major fintech company Wirecard, which issues Crypto.com’s debit cards, has fallen into controversy as some of its employees appear to have defrauded the company. Auditors from Big Four accounting company EY could not confirm the existence of about $2.1 billion. According to a statement from the company, a trustee of Wirecard’s bank accounts attempted to deceive the auditor and falsely indicate the existence of the cash balance. [Coin Telegraph]

Covid-19 and Your Credit Score: Worry About It Later

You’ve lost your job, or your work hours have been cut. Or maybe you’ve been furloughed and you aren’t sure if you’ll be called back to work. Another 1.5 million workers filed for first-time unemployment insurance last week. If you are among the newly unemployed, the loss in income may have resulted in a missed mortgage or rent payment. You may not even be able to make your minimum credit card payment. What are the financial issues you should be worried about? One thing that shouldn’t sweat is your credit score. Now is not the time. [The Washington Post]

Mastercard, Visa Face Payouts to UK Retailers After Top Court Case

The U.K.’s top judges ruled in favor of retailers in a blow to credit card companies that could now face billions of pounds in damages. The Supreme Court dismissed an appeal by Visa and Mastercard, ruling that fees the companies were charging shops restrict competition. The long-running litigation now allows some supermarkets to proceed to a trial on the size of the damages. At issue is so-called interchange fees, levied by banks at rates set by the card companies each time a consumer’s plastic is swiped at a register. [Bloomberg]

Get Up to $30 Off Your Next Amazon Order Using Just 1 Citi ThankYou Point

If you’re a frequent Amazon shopper and hold a Citi ThankYou card, we’ve got good news: there’s a new promotion from Amazon giving targeted Citi cardholders an opportunity to save 20% (up to $30) on eligible purchases by redeeming just one ThankYou point. Check your eligibility and activate the offer before placing your order. The current promotion is valid through Sept. 30, 2020. [The Points Guy]

Capital One Savor Credit Cards Add Limited Time Bonus Cash Back on Streaming Services

Continuing the trend of credit card issuers adjusting the benefits on their cards in light of the coronavirus pandemic, Capital One recently announced the limited-time addition of 4% bonus cash back on purchases made for popular streaming services when using either the Capital One Savor or SavorOne cards. The bonus cash back, available through Sept. 30, includes purchases made for eligible music and video streaming services such as Netflix
NFLX
, Hulu and Disney+. [CNN]

Wells Fargo Settles Lawsuit Over Denying DACA Participants Loans and Credit Cards

Wells Fargo Bank
WFC
will make loans and credit cards available to young, undocumented immigrants in the DACA program—as long as it lasts—and pay up to $19.6 million to settle a lawsuit over its former policy. The bank was accused in a 2017 lawsuit of violating federal and state laws by denying mortgage and consumer loans and credit cards to participants in Deferred Action for Childhood Arrivals. [The San Francisco Chronicle]

Six Flags Rolls Out Mobile Ordering for Theme Park Restaurants

Six Flags announced what it is calling the biggest launch of a mobile food ordering in the regional theme park space. A spokesperson said more than 75% of restaurants at the theme parks now offer mobile ordering as an option through the Six Flags mobile app. [Mobile Payments Today]

American Express Cleared to Process Local Payments in China

American Express was cleared to begin processing local transactions in China and will begin doing so later this year. American Express said its joint venture in mainland China, Express Hangzhou Technology Services Co., received approval from the People’s Bank of China for a network clearing license. Express Hangzhou is American Express’s joint venture with Lianlian DigiTech Co., a Chinese financial-services company. [The Street]