This Week In Credit Card News: Uber Launches Its Own Credit Card; Why Companies Push Mobile Payments10/30/2017 This Week In Credit Card News: Uber Launches Its Own Credit Card; Why Companies Push Mobile Payments http://ift.tt/2gW33fp Uber Rides Into Credit Card Market With No-Fee Credit Card Uber unveiled the Uber Visa card, a new no-fee, co-branded credit card with British bank Barclays that it hopes becomes a major part of consumers' everyday spending habit. Paying for an Uber ride will get the cardholder 2% cash back. Other rewards include: 4% cash back for every dollar spent on dining; 3% on airlines, hotels and vacation home rentals like Airbnb; 2% on online purchases and subscriptions; and 1% on all other purchases. The Uber card will also give a small $50 annual credit toward online subscriptions, like Netflix, Hulu or Amazon Prime, if the customer spends $5,000 on the card in a year. [Associated Press] Tech Companies Are Coming Up With Outlandish Ways To Get You To Try Mobile Payments Paying with your phone at a retailer is faster than pulling out and swiping a credit card, yet despite an aggressive rollout by companies such as Apple, Samsung and Google, it's never taken off with just 10% of consumers paying with mobile. Not enough incentive for consumers to make the switch and set up their phones to pay. That hasn't stopped hundreds of companies from trying to tweak the technology that will get consumers to ditch plastic when they're shopping at the grocery store, mall or gas station. When consumers use mobile payments, they can be pitched deals while they shop in the store, thanks to the location data a smartphone (as opposed to a credit card) provides. That's why, in part, giants like McDonald's, Whole Foods, Trader Joe's, Chevron Gas stations, Walgreens and Panera Bread offer contactless payment systems at their stores. [USA Today] Senate Kills Rule That Made It Easier To Sue Banks Vice President Mike Pence cast the tie-breaking vote to repeal a rule that made it easier for Americans to sue their banks and credit card companies. Senators passed the measure, handing Wall Street its first major win since President Donald Trump took office. Wiping out the rule would affect tens of millions of Americans who often don't know they are covered by an arbitration clause when they sign up for a credit card, checking account or prepaid card. Many companies tuck arbitration clauses into contracts as a way to resolve disputes outside the court system, making it harder for an individual to bring a case against a bank or credit card company. [CNN] PayPal Launches Facebook Messenger P2P Payment Service PayPal users now have the option to send money to friends and family using Facebook Messenger. This is an expansion to the payment service PayPal launched last year, where consumers could pay merchants directly through Messenger. Facebook already has a P2P payment system in Messenger where users can send money from their debit cards. Instead of entering card data, users now have the option to select PayPal as the provider for the transaction. Payments can be made using the person's PayPal balance or a bank or credit card account stored in PayPal. [LowCards.com] Business via Forbes - Entrepreneurs http://ift.tt/dTEDZf October 30, 2017 at 01:31PM
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