This Week In Credit Card News: Your Card’s Interest And Fees May Now Be Waived; Beware Of Card Fraud During Pandemic

Contact Your Credit Card Issuer: Fees or Payments May Be Waived Amid Coronavirus Pandemic

Your credit card company may cut you some slack during the coronavirus pandemic. With job cuts, furloughs and business closings, credit card companies are preparing for some cardholders to have problems making their monthly bills. Credit card issuers have programs that can help cardholders when they need assistance. [USA Today]

Credit Card Fraud During Coronavirus: Here’s What to Look Out For

You should always exercise caution when receiving emails with attachments or phone calls from someone you don’t know. But as the coronavirus pandemic continues to spread, hackers may be leveraging your vulnerability to steal your personal data, including your information on your credit card. Here are some specific tips for staying safe and protecting yourself against credit card fraud during this time. [CNBC]

Millions of Americans Will Soon Run Out of Money. Here’s How to Deal with Bills You Can’t Pay.

The coronavirus has infected the global economy and millions of Americans now out of work are trying to figure out what to do with no paycheck coming in. It’s scary to see the bills piling up and no money coming in. Start looking for things you can do to ease the financial strain. Some relief is already in place and more steps are being taken every day to help you get through this difficult time. [NBC News]

Delivering Stimulus Funds Via Paper Checks Will Slow Down The Recovery Process

Congress and the White House are debating the size and shape of an incipient stimulus program that entails giving money to taxpayers. Previous stimulus programs entailed the government mailing a physical check to its citizens. However, paper checks are costly to execute, take a lot of time to print and distribute, and necessitate millions of person-to- person transactions at a time when we are striving to reduce such contacts. The federal government should do either real time disbursements using existing networks or via prepaid credit cards for people without a bank account. [Forbes]

Fed Rate Cut Lowers Interest Rates to Near Zero

The Federal Reserve Board announced an emergency rate cut, lowering interest rates to near zero. This rate cut marks the continued effort to minimize the economic impact of the coronavirus. The latest Fed rate cut lowers interest rates by 100 basis points, compared to 50 basis points from the March 4 rate cut. This will likely cause a 1% decrease in interest rates on many financial products, such as credit cards, mortgages, loans, savings accounts and more. [CNBC]

Coronavirus Is A Blessing In Disguise For Visa And Mastercard

The Coronavirus pandemic may be a blessing in disguise for electronic payment companies, specifically Visa and Mastercard. With a huge shift away from in-person shopping and a surge in online shopping, transactions taking place through their payment rails can be expected to see a short-term boost. Additionally, this pandemic may lead countries to re-think the need for cash and place a heavier emphasis on a transition to digital and card payments as more sanitary. [Seeking Alpha]

Department of Justice Launches Investigation against FICO for Exclusionary Conduct

The DOJ’s Antitrust Division is looking into FICO’s policies for signs of “potentially exclusionary conduct.” Exclusionary conduct refers to a monopoly over an industry that creates a disadvantage for competitors. FICO has long been a namesake in consumer lending, and is the only credit scoring agency accredited by Fannie Mae and Freddie Mac. [LowCards.com]

Chase and United Launch United Club Infinite Card with 100k Welcome Offer

Chase and United have just launched a new premium credit card with an enormous limited-time welcome bonus. The United Club Infinite Card a step up from the United Club Card and is offering new cardholders 100,000 miles after spending $5,000 in purchases in the first three months from account opening. Cardholders will enjoy 4x miles per dollar spent on United purchases, 2x on all other travel and dining and 1x on everything else. The card also sports a ton of extra perks and benefits. [Android Central]

As Coronavirus Spreads, Banks Face a Tough Call on Branch Closures

The coronavirus pandemic is forcing banks to begin closing branches indefinitely, an unprecedented measure that could curb the virus’s spread but rattle customers who expect instant access to their money. JPMorgan Chase said it would close 20% of its nearly 5,000 branches starting Thursday. Capital One on Monday closed about a quarter of its 461 branches. As the coronavirus pandemic spreads throughout the U.S., banks occupy a unique position. They are among the few businesses deemed essential and not subject to government-ordered shutdowns. [The Wall Street Journal]

Restaurants Slash Mobile Ordering Fees as America Takes Shelter

As restaurants across the United States shutter dine-in locations and switch to carry-out and delivery-only options, many fast casuals are discounting or totally waiving delivery fees in an effort to not only help keep their businesses alive but to also make it easier for Americans to access food. [Mobile Payments Today]

Why I’m Not Going to ‘Burn’ My Miles for Merchandise

There’s no question about it — following the coronavirus outbreak, people around the world are struggling financially. There may be an emergency stash available to you that you may not have considered: liquidating points and miles for gift cards, merchandise or even cash back. If you’re running out of options and need to put food on the table, it’s something you might want to think about. But if you can afford to keep your loyalty programs intact, that’s certainly what I’d recommend. [The Points Guy]

Bank of America to Give $100 Million for Coronavirus Relief

Bank of America will donate $100 million to help communities hurt by the coronavirus. The money will go to both local and national organizations to help increase medical capacity, address food insecurity, and boost access to learning in the wake of school closures. [The Charlotte Observer]