Fintech

Citigroup and Macy’s renewed their longtime credit card partnership after the two spent months renegotiating the terms of the agreement.

Bank of America is turning to private jets and exotic cars to compete with American Express and JPMorgan Chase and lure big spenders to its credit cards.

With prices increasing faster than they have since the 1990s, the Federal Reserve appears poised to tighten monetary policy. Top industry executives are worried about the chances of either a recession or runaway inflation, depending on whether the central bank moves too quickly or too slowly.

Lawmakers approved legislation designed to protect trillions of dollars of assets when the London interbank offered rate expires.

Purchases by adults between the ages of 25 and 40 have risen 50% over 2019, and the same group accounts for 75% of sign-ups for American Express’s pricier new cards.

Immigrants from Brazil, Nigeria and Kenya will be able to get scores based on their home country credit histories under a partnership between American Express and Nova Credit.

Research shows the number of fraudulent transactions and dollar amounts involved are soaring as merchants increasingly go digital. Credit card and other companies are expected to more than double what they invest in AI and other tech to fortify their systems.

Coming out of the pandemic, traditional banks will have just two years to update their business models or they risk falling behind more innovative peers and aggressive upstarts, the consulting giant warns in a new report.

Startups in the U.S. and Canada are emphasizing features such as virtual issuance and receipt capture in creating expense cards for business owners.

The portfolio, which Bank of America has handled since 2015, has roughly $100 million in balances.