Remove Consumer Remove Credit Limit Remove Shutdown
article thumbnail

1 In 4 US Cardholders Saw Credit Limit Cut Over The Last Month

PYMNTS

Nearly 50 million credit card customers in the U.S. said they have had their credit limit slashed or their card closed in the past month as lenders move to minimize their risk amid the COVID-19 shutdown, a new study revealed.

article thumbnail

NY Fed: Credit Applications, Acceptances Plunge During Pandemic

PYMNTS

A new survey has revealed the steep plummet the consumer credit market took as the pandemic began, the Federal Reserve Bank of New York reported. 21) from its latest Survey of Consumer Expectations (SCE) Credit Access Survey , which showed most credit applications and acceptance rates falling sharply after February this year.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Today In Payments Around The World: China Lengthens Deferrals For Small And Micro-Businesses; Ant Group Scales Back Credit Limits Of Some Virtual Card Users

PYMNTS

In addition, some financial institutions catering to small companies will keep getting government support following a large shutdown earlier in 2020 because of the coronavirus. Ant Group Curbs Credit Limits Of Some Users Of Virtual Credit Cards. That arm of the FinTech company provides a virtual credit card.

article thumbnail

COVID-19 Triggers Need For Cash As Lenders Tighten Reins

PYMNTS

As a potential recession lurks, FinTechs, traditional banks and other financial institutions (FIs) are tightening the reins on loans to small businesses and households with shaky credit, The Wall Street Journal reported Saturday (March 28). Square and On Deck Capital are among the FinTechs planning to follow suit in the coming days.

article thumbnail

The Commercial Card Embraces A Season Of (Major) Change

PYMNTS

With a sense of intense urgency, the corporate card arena began to explore how to support some of the companies that were struggling the most as a result of an economic shutdown: small businesses. As the pandemic spread across Europe, and eventually the U.S., Spring began in dramatic fashion. In late-March, Bloomberg reported that large U.S.

article thumbnail

 The Amazon/Walmart Whole Paycheck Tracker: Rethinking And Realigning

PYMNTS

shutdown was preceded by the program’s closure in London in November 2018. Amazon and Synchrony Financial are partnering up on a new secured card credit offer for Amazon Prime members looking to rebuild their credit. Because the race for the consumers’ whole paycheck is always ongoing — and apparently always expanding.