The pandemic is doing to credit cards what iTunes did to CDs

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Mastercard’s head of digital solutions says the pandemic has forced many consumers to reconsider how they think about paying for things, and thinks many of those changes will last.

Mastercard’s head of digital solutions explains how the pandemic has upended the way we buy.

How many times have you used your credit card since the pandemic started?

In just a few months, the pandemic has upended the way that many people are paying for things. People who rarely bought things online are now ordering all their groceries via Instacart, and the few times they’ve gone outside they’ve likely also turned to digital and contactless payment methods. Much of that behavior is likely to stick around once life returns to normal, according to Jorn Lambert, Mastercard’s EVP of digital solutions.

Continue reading… “The pandemic is doing to credit cards what iTunes did to CDs”

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

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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.

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Nine times when it makes sense not to pay off debt

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You really shouldn’t rush out and take on debt, but there are times when it actually makes sense not to pay it off.  All debt is not alike. Some of the worst kinds, such as unsecured credit card debt, can wreck your budget, but even there, you have cases where it won’t, and it could even work to your advantage. Other kinds of debt might seem imposing with those big red “Past Due” stamps but pose less of a threat to your financial future.

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NEC’s ultra-thin organic battery is just 0.3mm thick

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NEC’s organic radical battery (ORB)

NEC has been working on the “organic radical battery” (ORB) technology for some years, but has now announced its latest ORB breakthrough, the 0.3mm thick ORB. The output rated as 5kW/L with a capacity of 3mAh, according to Geek.com. On a full charge, the new battery prototype can refresh a screen 2,000 times. A recharge takes under a minute, about 30 seconds. The new batteries maintain 75 percent of their charge-discharge after 500 charges.

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8 debt options to finance your small business startup: part 1

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Credit cards are the most common form of financing for small business startups.

There are eight solutions to financing your startup with debt.  When you are talking about debt options, think of loans and lines of credit that you pay back to a lender.  We are not looking at any equity solutions such as angel investors, venture capital, etc.  But nothing is easy these days and if you have damaged credit or you’re looking for several hundred thousand dollars it’s much less likely to happen purely with debt.

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The Great Bank & Credit Card Backlash

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The smell of corruption is offending more than few nostrils

Futurist Thomas Frey:  Recent attempts by Congress and the Federal Reserve Board to curb the excessive fees being charged by credit cards, banks, and finance companies have resulted in a punitive industry response with interest rates and fees climbing in almost every category. This action has resulted in nothing short of a full-scale revolt by a victimized-feeling public.

 

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Adoption of Mobile Wallets Being Slowed by Behind-the-Scenes Battle Among Corporate Giants

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Consumers would wave their phones instead of swiping credit cards at the checkout counter.

The cellphone has been more than a cellphone for years, but soon it could take on an entirely new role — standing in for all of the credit and debit cards crammed into wallets.  Instead of swiping a plastic card at the checkout counter, consumers would merely wave their phones.

 

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Why Credit Cards Are Not the Future of Online Payment

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The future of credit cards online is changing quickly.

The concept of credit has been around for centuries. Starting in the early 1800s, local merchants allowed trusted customers to make purchases without paying the total cost upfront. This intuitive concept allowed sellers to reach a larger base of customers who could then pay their debt over time. The idea of enabling purchases by extending credit spread quickly, and in the early 1950s, a seminal moment occurred: the invention of the credit card.

Over the next half century, the credit card and buying on credit concept became entrenched in countries across the globe, particularly so in the United States. Today, we’re beginning to see signs of changing consumer behavior when it comes to making purchases, particularly in the online world…

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