Goldman's second consumer credit card borrows many features of its three-year-old Apple Card, such as instant issuance through a mobile app and an emphasis on virtual account numbers.

Two co-founders of the company are expected to give depositions this month in a suit brought by an entrepreneur who says one of them stole her idea of providing credit to immigrants and turned it into a multimillion-dollar venture. Petal denies the allegations.

Alliance Data Systems, which saw key clients like Pier 1 Imports shuttered during the pandemic, has diversified into buy now/pay later loans and other credit products it offers to consumers directly and through merchants.

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.

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.

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

Americans are looking for immediate ways to offset rising costs, rather than saving points for future travel. Cash rewards, which were already growing in popularity, are now even more coveted.

U.S. consumers’ card debt, which fell sharply last year, has now climbed for two consecutive quarters. The upcoming holiday shopping season will signal how quickly borrowing will return to 2019 levels.

On Jun. 30, 2021. Dollars in thousands.

The $395-a-year Capital One Venture X card goes up against American Express and JPMorgan Chase cards that offer similar benefits to people who want to spend again on travel as restrictions ease.

On Jun. 30, 2021. Dollars in thousands.

The auto lender’s acquisition of Fair Square Financial would diversify its consumer product lineup. The pandemic derailed its last effort to buy a card company.

U.S. consumers have been more punctual than ever before in paying back debts as the economy rebounds from the pandemic. 

Spending on cards continued to increase during the third quarter, while loan balances rose slightly and payment rates began to return to more normal levels. A top company executive expressed confidence that loan growth will pick up but said, “It’s going to take time.”

Banks generally did not curtail loans to existing cardholders last year despite mass unemployment, according to new research by the Consumer Financial Protection Bureau. The results contrasted with what happened during the Great Recession.

Several company leaders will relocate to Atlanta as part of the expansion, and the office will focus on technology and client services.

The second of three credit cards announced in June, Reflect rewards consumers who don't miss payments by extending the 18-month promotional period for its 0% annual percentage rate to 21 months.