Venmo, the popular mobile payment network owned by PayPal Holdings Inc., on Monday unveiled a digital-focused credit card, entering the fray of financial-services providers looking to leverage smartphones.
The Visa credit card, issued by Synchrony Financial, will be managed through Venmo’s smartphone app, but accompanied by a physical card printed with a QR code. The primary methods of making purchases will be via a credit-card number for online shopping or the physical card in stores, Venmo said Monday.
One of the card’s key differentiators is its rewards structure, which gives users 3% cash back for their top spending category each billing cycle, 2% for the next highest and 1% for all other purchases, said Venmo Senior Vice President Darrell Esch and Dennis Bauer, who leads the Venmo and PayPal partnership at Synchrony. The eight categories include bills and utilities, travel, groceries and dining and nightlife.
(Bloomberg) — Credit Suisse Group AG has hired investment banker Neel Laungani as the Swiss lender seeks to build its team for deals in telecommunications, media and technology in Asia Pacific, according to people familiar with the matter.
Laungani is rejoining Credit Suisse in Hong Kong as a vice chairman of investment banking in Asia Pacific with a focus on TMT, the people said, asking not to be identified because the matter is private. He has been a managing director and head of TMT for the region at Deutsche Bank AG since 2017.
Hiring the veteran dealmaker would help fill the gap left by Alain Lam, who departed the Swiss bank earlier this year to join Chinese smartphone maker Xiaomi Corp. as
Ruth Bader Ginsburg Paved the Way for Women to Get Credit Cards
If you are a woman who holds a credit card, you owe it in large part to the efforts of Ruth Bader Ginsburg. In Reed v. Reed, the landmark 1971 case highlighted in the 2018 film “On The Basis Of Sex”, Ginsburg co-wrote a brief arguing that a provision of Idaho state law which said men were to be preferred to women in appointing the administrators of an estate violated the Constitution. The court agreed, finding unanimously that dissimilar treatment, “on the basis of sex,” between men and women was unconstitutional. [NextAdvisor]
Here’s Who Qualifies for Chase Sapphire Preferred’s New Massive, Limited-Time 80,000-Point Welcome Bonus
Chase just released its highest ever welcome bonus: eligible new Chase Sapphire Preferred Card applicants can earn 80,000
Even with new features like cash rewards and cash back credit cards, the card industry seems to have gotten a bit stale of late.
That’s understandable, as the move from cash to plastic is in full surge, giving credit card companies few reasons to tinker with an industry that has captured so many financial consumers.
According to industry data, there are 511 million open credit cards in the U.S. in 2020 and 2.8 billion active credits across the entire globe. With those kinds of numbers in play, why should the credit card industry change a model that’s working so well?
Turns out, maybe most credit card providers have gotten complacent – but not all of them.
Case in point – the X1 credit card created by ex-Twitter executives and backed by Max Levchin, founder of PayPal. The card, set for a late 2020 launch could be a game-changer for the
Millions of independent contractors are making money in the gig economy, but many don’t have access to financial credit services to help grow their personal microbusinesses.
Level wants to help. The Seattle startup partners with marketplace platforms such as Dolly and Keepe, which use Level to offer workers flexible credit options that are only paid back when they earn.
Level CEO and founder David Edelstein said the company is seeing traction amid the pandemic as both supply of workers and demand for on-demand services rises. Level is on track to extend more than $1 million in cash advances by the end of the year.
“We identified an opportunity to empower people in the rapidly growing on-demand economy to grow their microbusinesses, while addressing challenges faced by labor marketplaces seeking to grow their companies,” Edelstein said.
Level graduated from Techstars Seattle last year. Edelstein previously