Merchants will be able to offer the interest-free installment product starting in October. One of Synchrony’s retail partners, Amazon, announced a buy now/pay later partnership with Affirm last month.

The market for short-term installment credit is growing among millennials and Gen Z consumers who distrust credit cards. Banks are letting a golden opportunity slip away.

Earlier this summer, bankers sounded upbeat about Americans’ purchasing patterns, particularly in connection with loan growth in the credit card business. But more recent data suggests that the delta variant is taking a toll on consumer confidence.

The Toronto-based bank will take over the account from Capital One, which is ending its deal with the membership-only retail chain.

The move is part of CEO Jes Staley’s broader strategy to beef up the British bank’s U.S. consumer business and strengthen relationships with retailers who may eventually need investment banking services.

The bank, which issues the Voyager card, and Mastercard are collaborating on U.S. Bank’s first-ever fleet credit card accepted on multiple networks.

Customers have been particularly frustrated with midsize issuers for failing to adjust their rewards programs to reflect changing behavior and generally being less responsive than large issuers, according to a new report from J.D. Power.

Holders of the card, issued by Synchrony Financial, receive 3% cash back on medical visits, veterinarian bills, gym fees and certain other health-related expenses.

JPMorgan Chase revamped the rewards on its popular Sapphire cards as the fight to win affluent customers continues to escalate.

On Mar. 31, 2021. Dollars in thousands.

As people more heavily use exchanges and other providers of digital-asset-related services, they're registering more beefs with the Consumer Financial Protection Bureau, too. Experts say it's only a matter of time before the agency invokes its broad authority to police the sector.

Bank of America is adding a commercial credit card for on-the-go businesspeople in a bet that work travel will eventually return.

Consumers who had paid down balances during the pandemic started spending more, while issuers made additional credit available, according to researchers at the Federal Reserve Bank of New York. The findings suggest the start of a return to more normal borrowing patterns in the card industry.

On Mar. 31, 2021. Dollars in thousands.

The goal is to add customers and prop up borrowing until business travel rebounds and consumers burn through their excess cash, CEO Roger Hochschild says.

The Consumer Financial Protection Bureau's recent advisory on the products was mild, but some analysts say it's only a matter of time before the agency develops more prescriptive rules and targets providers for enforcement.

Citigroup stopped taking applications for its $495-a-year Prestige card, a competitor to American Express’s Platinum line and JPMorgan Chase’s Sapphire Reserve.

Income from stock trading and investment banking trounced analyst estimates in the second quarter and made up for weaknesses in the company's much bigger fixed-income and credit card divisions.

While customers of the nation’s largest bank are spending more, an unusually small percentage of their purchases are becoming debt. Executives warn that the bank’s predicament could persist for the rest of the year.

The card issuer, which is offering its customers a chance to purchase non-fungible tokens created from a recent performance by the singer SZA, is betting that the digital art-trading phenomenon will become more mainstream.