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.
The primary second quarter earnings season for payment card industry gets underway on July 14, before the market open, with reports from Chase and Wells Fargo, according to CardData. Visa is slated to report July 23rd after the market close, while MasterCard will release on July 29 before the market open.
One of the nation’s largest commercial card issuer is expected to report $17.8 billion in outstandings and $16.8 billion in purchase dollar volume (PDV) for the second quarter, according to RAM Research. CardData reports U.S. Bank posted an 6.3% year-on-year (YOY) increase in purchase dollar volume (PDV) in the first quarter (Q1/15).