Crypto comes to your card; How to get a free $ 200 Amazon gift card

Cryptocurrency comes to your credit cards

Cryptocurrencies are a volatile investment today, but card companies, including Visa and Mastercard, are betting that crypto will one day be used routinely for daily purchases from food to clothing to airline tickets, and they do not want to be left behind when that happens. Consumers can now make payments with cryptocurrencies linked to Visa and Mastercard cards provided mainly by fintech companies, but it is a niche market. And transactions generally depend on third parties converting crypto to local currencies. Visa and Mastercard say they are working on ways to handle the mechanics of cryptocurrencies themselves. These efforts, if successful, will mark a major turning point, the first time the decades-old networks would make it possible to settle payments in assets beyond what most people consider ordinary currencies. [The Wall Street Journal]

This credit card will give you a $ 200 Amazon gift card, but not for long

Even though Prime Day has passed, you can still take advantage of the savings offered by the Amazon Prime Rewards Visa Signature Card. This credit card now offers a $ 200 Amazon Gift Card immediately upon approval of your account, but only through July 29th. If you spend $ 300 on Amazon purchases, you can use the $ 200 gift card at checkout and reduce your balance to $ 100. You will then earn 5% cash back on the rest, which means you earn $ 5 in rewards to be used for a future purchase, giving a net purchase price of $ 95. [CNet]

Americans spend less on their credit cards

The Americans cut back on spending on their credit cards in June, indicating another weak month of US retail sales, according to two major lenders. Barclays economists said their internal credit card numbers suggest retail sales may have fallen 0.4% last month, which would be a second consecutive decline. “Recent data suggests that the US consumer may begin to cut back on spending,” they wrote in a research note. This has “led us to question whether a sharper decline in consumption is around the corner.” [Bloomberg]

Bank of America is fined $ 225 million for losing pandemic benefits

Regulators are fining Bank of America $ 225 million for breaking the distribution of unemployment benefits in the midst of the pandemic, and ordering the bank to compensate more than 100,000 people in a dozen states as a result. The bank was hired by 12 states to administer unemployment assistance, and “failed these prepaid cardholders by denying them access to their imposed unemployment fund,” while leaving them without a way to fix the situation. The Office of the Comptroller of the Currency ordered the country’s second largest bank to pay $ 125 million and compensate those who were harmed by unfair and misleading practices related to a prepaid card program. The CFPB also fined Bank of America an additional $ 100 million, accusing it of “botching the payment of state unemployment benefits at the height of the pandemic.” [CBS News]

This is how much credit card fees cost customers per year

The Consumer Financial Protection Bureau will take a closer look at the penalties charged to consumers. A new report from the CFPB shows that credit card fees cost consumers $ 12 billion each year. But now the CFPB will start looking more closely at what it calls “excessive delay charges”. The CFPB requested information on the Federal Reserve Board of Governors’ 2010 immunity provision for “excessive delay fees” that allow credit card companies to escape enforcement checks. The CFPB tries to determine whether late payment charges are “reasonable and proportionate.” It also looks for information on card issuers ‘income and expenses, the deterrent result of these fees and how they increase the credit card companies’ profitability. [Fox Business]

Debit cards for children: learning tools or too much too early?

The hunt for half-liter plastic holders is underway. About one-fifth of children ages 13 to 17 have a credit card, and about twice as many have a debit card, according to Next Gen Personal Finance. But many companies now market cards to children who are still in primary school. Greenlight has no age limit; technically, a newborn could hold one in its tiny claws. There is also BusyKid, marketed for babes as young as 5 years, and GoHenry for children from 6 years and up. All offer a combination of debit cards and apps, presumably to teach the little ones financial independence and literacy, but also how to spend money. [New York Post]

Capital One cardholders can get free access to over 100 museums for 6 months

Capital One gives cardholders free access to over 100 museums for six months through The Cultivist, a global art member-based club. Cardholders can get an enthusiast-level membership as a credit card distributor, which has a value of $ 240. This subscription-based membership gives the cardholder plus three guests free access to participating museums. Cardholders with Capital One credit cards that earn rewards can take advantage of this benefit. [The Motley Fool]

American Express updates Blue Cash Everyday Card

Consumers with the American Express Blue Cash Everyday Card can benefit from higher cashback rates at qualified gas stations and online stores. The card now earns 3% cashback on US gas stations and on US online store expenses of up to $ 6,000 in each category each year. Previously, cardholders could earn 2% and 1% back in these categories, respectively. The highly rated card still comes with no annual fee, and now offers a $ 15 monthly credit for purchases with Home Chef meal package company and a $ 7 monthly credit for consumers with a qualified Disney Bundle subscription, a streaming subscription that includes Disney +, Hulu and ESPN +. [U.S. News and World Report]

Melio will integrate payment platform with Capital One Business

Melio, a US-Israeli startup that offers payment tools for small businesses, said it entered into a strategic partnership to integrate its accounts payable platform with Capital One Business. The agreement will enable Capital One business cardholders to pay their suppliers with a card, even if they do not accept credit cards, directly from the Capital One Business account. [Reuters]