Debit Cards overtake cash as the most popular payment type, according to Fed diarists

 

A0FE2848-40C7-4605-8B60-94219EE522E2

The growing popularity of debit cards and the displacement of cash by card and electronic payment alternatives is nothing new, but a Federal Reserve banks’ report released Thursday shows debit cards for the first time have surpassed cash as the most-used payment type.

The findings come from the 2018 Diary of Consumer Payment Choice, the fifth in an annual survey overseen by the Federal Reserve banks of Atlanta, Boston, Richmond, Va., and San Francisco. The research draws on a nationally representative panel of consumers who record all their purchase and bill-pay transactions and amounts over several days. The year’s group included 2,873 participants who recorded transactions for at least four days in October.

Continue reading… “Debit Cards overtake cash as the most popular payment type, according to Fed diarists”

0

This map shows Americans’ average credit score in every state

4292BE7D-7EB3-4D13-A95E-4292C5A9BFB1

An aerial view of the downtown Minneapolis skyline and Loring Park.

Minnesota residents can brag about more than their 10,000 lakes — they typically have the country’s best credit scores too. As in previous years, the midwestern state has America’s highest average credit score, according to Experian.

Those living in Minnesota have an average score of 713, which falls into the “good” range of scores between 670 to 739, according to Experian. The company’s annual State of Credit report and state ranking is based on Vantage Scores, which range from 300 to 850. South Dakota, Vermont, New Hampshire and Massachusetts round out the top five states with the highest average credit scores for 2018.

Continue reading… “This map shows Americans’ average credit score in every state”

0

Update: Petal’s no-fee credit card for the credit score-less is now open to the public

IMG_9316

Petal, the startup credit card company that’s offering a no-fee credit line to people without a credit history, is now publicly available.

Launched earlier this year by co-founders Jason Gross, Andrew Endicott, David Ehrich, and Jack Arenas, Petal has received a $34 million credit facility from Jeffries and Silicon Valley Bank to bring its consumer lending product to the masses.

That money will take Petal beyond the few thousand customers that have trialed the company’s credit card in a pre-release to broad distribution for applicants.

Continue reading… “Update: Petal’s no-fee credit card for the credit score-less is now open to the public”

0