Only 39% of students correctly know that paying off a delinquent loan or credit card balance is not enough to remove it from a credit report. Sixty percent believe using checks and debit cards can help build credit.
Using a prepaid card is like paying with cash, offering the consumer no ability to establish a credit history. In fact, many prepaid cards lack security features. While the CFPB hopes to regulate better transparency about what prepaid card issuers do and don’t cover, currently these cards fall into a “buyer beware” category.
While Visa continues to control 70% of the U.S. general purpose debit card market, MasterCard is outpacing Visa in year-on-year (YOY) growth, based on gross dollar volume (GDV), according to CardData. Forecaster RAM Research expects the U.S. V+M market to reach $2575 billion for 2015.
American Express U.S. credit card outstandings are growing by 7.3% year-on-year (YOY) and likely to top $67 billion in the fourth quarter. U.S. Card Services reported first-quarter net income of $934 million, up 7% from $876 million a year ago, according to CardData
Sionic Mobile launched its all-new ION Rewards app v4.0 for consumers, free in both App Store and Play. The latest release introduces new features and functionality including an interactive user interface, simple, yet secure two-tap checkout process and instant, real-time rewards for every purchase completed using the app.