Page 59 – BestCards.com

Capital One Removing Benefits from Quicksilver Card

by Cory Santos Tuesday June 22, 2021

Last updated on April 12th, 2023

Capital One is notifying existing Quicksilver credit cardholders that their card benefits will change beginning in September. The changes appear to be impacting Quicksilver Mastercard cardholders and not Visa versions of the card – here is what you need to know:

Some Quicksilver Cardholders Losing Benefits This Fall

Capital One is unique among most credit card issuers in that they offer different payment networks for the same card products. One such product is the Capital One® Quicksilver® Card.

The Quicksilver is one of the bank’s most popular card products, featuring unlimited 1.5% cash back on every purchase, every day. The card also comes with a lengthy 0% intro APR period on purchases, no foreign transaction fees, and the protections that come from the card’s payment network (either Visa or Mastercard).

It appears that Mastercard versions of the Capital One Quicksilver will be losing benefits this fall, however. Current Quicksilver cardholders are being notified of changes to their Mastercard – effective September 1, 2021. These changes include the discontinuation of the following benefits:

$100,000 in worldwide automatic travel accident insurance
Extended warranty coverage on select purchases with U.S. manufacturer warranties
MasterRental coverage
Master RoadAssist Service
Price protection
Travel assistance services

As noted, these changes only apply to Quicksilver and Quicksilver One Cards that use the Mastercard payment network and not Visa versions of the card.

Removing these features may leave a sour aftertaste for Quicksilver cardholders but follows a trend of banks eliminating features from their card lineups. Many issuers removed the same elements from their Mastercard credit cards in 2019, following the lead of the payment giant itself. Capital One was one of only a handful of card issuers to keep select Mastercard benefits – including re-adding purchase protection last year.

Featured image by jackmac34 / PixaBay

Shopify Launches New Buy Now, Pay Later Service

by Cory Santos Monday June 21, 2021

Last updated on April 21st, 2023

Shopify has launched a new buy now, pay later product with Affirm. The new product, Shop Pay Installments, is designed especially for Shopify merchants and allows buyers to have greater flexibility with their budgets when making purchases on the platform. Here is what you need to know:

Shopify Launches Shop Pay Installments

Shopify has a new buy now, pay later (BNPL) service targeted towards merchants that utilize its platform and mobile app – the Shop app. The new service, Shop Pay Installments, seeks to streamline the buying process on Shopify, which the company says will increase purchase size and transaction speed.

According to data collected by Shopify, merchants using the Shop Pay service experienced a four-fold (4X) increase in checkout speed and a significant rise in order size. Shopify’s data claims that merchants using the new BNPL service have an average checkout-to-order rate 1.91X higher than regular checkouts.

The Shop Pay Installments plan was created in conjunction with Affirm, one of the leading names in the blossoming BNPL market. Affirm has been proactive in the space, introducing a number of innovations in the BNPL marketplace – including a BNPL debit card earlier this year.

Shopify and Affirm Comment on the New BNPL Launch

Commenting on the launch of Shop Pay Installments, Kaz Nejatian, VP, Product, Merchant Services at Shopify hailed the firm’s new partnership with Affirm and the promise it offers both brands:

“Our partnership with Affirm combines their technology and expertise in buy now, pay later. Together, with our deep understanding of our merchants’ unique needs and the power of our commerce platform, we are delivering the best possible buy now, pay later experience for merchants and their buyers,” he said in a statement.

“All businesses, regardless of size, deserve access to technology that can help them grow and succeed. This is why we custom-built Shop Pay Installments in partnership with Shopify,” added Max Levchin, Founder and CEO of Affirm. “At a time when consumers are demanding more flexible and transparent payment options. Providing a pay-over-time solution that doesn’t hit consumers with late or hidden fees is no longer a nice-to-have but a must. We are thrilled to make Shop Pay, our solution, immediately accessible to hundreds of thousands of Shopify merchants in the U.S. This will support the millions of consumers they serve as we advance our vision of becoming ubiquitous.”

Featured image by Avelino Calvar Martinez / Burst

Apple Pay and Google Pay Add Coinbase Support

by Cory Santos Sunday June 20, 2021

Last updated on November 4th, 2021

Google Pay and Apple Pay have added support for the Coinbase Card to its payment platform. The addition of support for Coinbase on Google Pay follows on news of the addition of the card to the Apple Pay network – meaning Coinbase Cardholders can earn crypto rewards through the two largest mobile wallet apps in the United States.

Coinbase Adds Mobile Wallet Integration and Support

Coinbase, a leading cryptocurrency marketplace and rewards platform, has announced support for its upcoming crypto debit card with both Google Pay and Apple Pay. The new support and integration will make it even easier for Coinbase Card users to earn crypto rewards when making purchases anywhere Apple Pay or Google Pay are accepted in the United States – except for Hawaii.

The Coinbase Card is currently in the waitlist stage. Users already on the waitlist will receive an invitation to apply soon, although the exact timeframe is unknown. Coinbase initially eyed a winter 2020 release, but the company decided to push that back to sometime in 2021.

How to Add the Coinbase Card to Your Mobile Wallet

Once the card goes live, users can quickly add their new crypto debit card to both Apple Pay and Google Pay mobile wallets. Once approved for the card, iPhone users can add their card either through their Apple Wallet app or via the Coinbase mobile app. Android users can add the Coinbase Card through Google Pay by following the simple instructions through the app.

About the Coinbase Card

The Coinbase Card is a crypto rewards debit card that features up to 4% back on all Stellar Lumens (XLM) purchases or 1% back in Bitcoin (BTC). The card, a Visa debit card, allows users to seamlessly buy, sell, spend, and send cryptocurrencies around the world for no annual fee.

The Coinbase platform is available in over 30 countries and supports approximately 50 cryptocurrencies, including Bitcoin, Stellar Lumens, Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), Litecoin (LTC), and more.

Featured image by geralt / PixaBay

SALT Announces SALT Crypto Credit Card

by Cory Santos Sunday June 20, 2021

Last updated on April 26th, 2023

SALT Lending, a leading fintech and cryptocurrency lending platform, has announced plans for a new crypto rewards credit card. The new SALT credit card will allow cardholders to leverage their cryptocurrency holdings as security towards a line of credit. Here is what you need to know about the SALT Card – the world’s first secured crypto credit card:

SALT to Launch World’s First Secured Crypto Credit Card

The current crop of crypto credit cards all features an unsecured line of credit. However, the upcoming SALT Card will use cryptocurrency to act as security for the credit line – making the card more akin to a secured credit card.

Users will have access to a credit limit of up to 60% of their crypto held (currently, only Bitcoin). Once users open a credit card account, they can use their crypto as a credit line – instead of spending their hard-earned Bitcoin.

The addition of a secured crypto card is an intriguing twist, as it makes the SALT Card attainable to those with sizable cryptocurrency holdings but limited credit history. In addition, one of the significant aspects of a secured crypto credit card is that it won’t require a credit check for approval.

The secured credit card also mirrors SALT’s personal loans and business loans backed by cryptocurrency. SALT offers loans of between 30% to 60% of an applicant’s Bitcoin holding, with no origination fees and repayment terms of up to 12 months.

Join the SALT Waiting List

SALT Card is currently in the waitlist phase of development. The launch date is unknown, but without an issuing bank or payment network, the secured card probably won’t launch until late 2021 at the earliest. Consumers interested in the SALT Card can join the waitlist.

Featured image by SALT

Wells Fargo Announces New Active Cash Card

by Cory Santos Saturday June 19, 2021

Last updated on April 20th, 2023

Wells Fargo is launching a new cash back credit card this July. The new Wells Fargo Active Cash Card will earn 2% back on all purchases and appears to replace the recently discontinued Wells Fargo Propel American Express Card. Here are all the details of the new Active Cash Card – including when it goes live.

New Active Cash Card from Wells Fargo

Product refreshes are all the rage these days, with more banks seeking to provide customers with everyday rewards versus travel perks. For instance, TD Bank recently unveiled its new TD Double Up Card and made changes to its flagship TD Business Solutions Card. Wells Fargo is now jumping on the bandwagon with a new 2% back card – the Wells Fargo Active Cash Card.

The new Active Cash Card, a Visa Signature product, will debut on July 1, 2021, and looks set to replace the Propel Amex Card – the bank’s ever-popular travel rewards card. Instead of travel rewards, however, cardholders will enjoy unlimited cash back, a valuable sign-up bonus, and a lengthy 0% intro APR period – all for no annual fee.

Wells Fargo Active Cash Card: At a Glance

Here is what we know about the new Active Cash Card so far:

Cardholders earn an unlimited 2% cash rewards on every purchase, with no category limitations or quarterly activations.
New accounts earn $200 back after making $1,000 in purchases in the first three months. This sum equates to an impressive 20% bonus cash back for meeting very modest spending requirements.
New accounts also enjoy 0% intro APR for 15 months on both purchases and balance transfers.
No annual fee
The new card is expected to go live to new applicants on July 1, 2021.

Other Notes

There are a few additional notes to keep in mind if you consider applying for the Wells Fargo Active Cash Card this July. For starters, the $200 sign-up bonus may not apply to those who have opened a Wells Fargo credit card account within the last 15 months. This wrinkle applies to anyone that either received a bonus rewards offer or an introductory APR offer – even if the account is currently closed.

Second, some applicants may not qualify for the new Active Cash Card if they have opened another Wells Fargo credit card account within the last six months. Before applying, make sure to check your credit report to ensure your hard inquiries count is in good shape. Otherwise, you might face rejection when applying.

Photo by Erol Ahmed on Unsplash

Capital One and Williams-Sonoma Announce Partnership

by Cory Santos Friday June 18, 2021

Last updated on February 9th, 2024

Capital One and Williams-Sonoma are joining forces for a new portfolio of co-branded and private-label credit cards. The new partnership, which was finalized earlier this month, will see the debut of new rewards credit cards across Williams-Sonoma’s brands by the end of 2021. Here are all the details of the new Williams-Sonoma and Capital One credit card partnership:

Williams-Sonoma and Capital One to Offer new Credit Cards

Williams-Sonoma is a leading home furnishings company with several successful brands, including Williams Sonoma, Pottery Barn, Pottery Barn Teen, Pottery Barn Kids, West Elm, and Mark & Graham. The company currently offers credit cards through a partnership with Comenity Bank, featuring the Williams Sonoma Visa® credit card.

That credit card – and several proprietary store cards – will shift to Capital One later this year. Capital One and Williams-Sonoma have entered into a program agreement to launch new co-brand and private-label credit cards.

The new partnership also sees Capital One agreeing to a purchase and sale agreement for the existing Williams-Sonoma credit card portfolio from Comenity Bank. While details of the transition from Comenity to Capital One are unknown, existing Williams-Sonoma credit cardholders can expect more information regarding the transition to the new card program.

“Providing Customers with Best-in-Class Digital Innovation”

“Williams-Sonoma, Inc. and Capital One share a commitment to providing our customers with best-in-class digital innovation to enhance the customer experience,” said Laura Alber, President and CEO of Williams-Sonoma, Inc., in a statement accompanying the news of the partnership. “Our partnership with Capital One will allow us to also provide enhanced rewards to our cardmembers, enabling them to earn and redeem across our family of brands.”

“With its iconic collection of premium home furnishings, décor brands, and digital-first approach, Williams-Sonoma, Inc. is an ideal partner for Capital One,” added Buck Stinson, Senior Vice President, Head of U.S. Card Partnerships at Capital One. “In addition to strategic alignment, Williams-Sonoma, Inc. and Capital One share a mutual commitment to sustainability that will be reflected in meaningful ways in the refreshed credit card and loyalty program.”

Featured image by Brodie Vissers/ Burst

Credit One Launches WWE Credit Card

by Cory Santos Thursday June 17, 2021

Last updated on April 19th, 2023

The WWE and Credit One have a new credit card: the WWE® Champion Credit Card. The card is the first official launch of the WWE-Credit One partnership, with another card, the WWE® Superstar Credit Card, yet to be officially unveiled. Here is everything you need to know about the new WWE Champion card launch – and what it means for WWE fans everywhere:

Credit One Announces New WWE Champion Credit Card

Credit One Bank officially announced the new WWE® Champion Credit Card, the first card offering in a multi-year agreement with WWE. The WWE Champion Credit Card allows holders the chance to show off their love of WWE while also earning cash back rewards on everyday purchases.

The new WWE® Champion Credit Card offers benefits, including:

3% cash back rewards on eligible internet, cable, satellite TV, and mobile phone services
2% cash back rewards on eligible dining purchases
1% cash back rewards on all other purchases
WWE merchandise discounts
Up to 10% cash back rewards from participating merchants through the More Rewards Program

The WWE Champion Card is a Visa credit card and features an annual fee of $49. The card is currently available for new applicants.

“Helping Our Customers Get More in Unique and Rewards Ways”

Both Credit One and WWE hailed the new credit card launch in a press release accompanying the news. “We’re proud to be launching a product for WWE fans,” said David Herpers, head of product at Credit One Bank. “Helping our customers get more for their money is a tenant of everything we do, and the WWE Champion Credit Card is designed to do that in unique and rewarding ways.”

“WWE has the most passionate fans in the world, and we are proud to give them an opportunity to not only earn cash back rewards but get exclusive opportunities on WWE merchandise and experiences with the new WWE Champion Credit Card from Credit One Bank,” added Stephanie McMahon, WWE Chief Brand Officer.

WWE and Credit One Bank

The launch of the WWE Champion Credit Card is the first of two credit cards from WWE and Credit One. The other card offer, the WWE® Superstar Credit Card, offers WWE fans who are rebuilding their credit score the chance to earn cash back rewards and showcase their love for pro wrestling and sports entertainment at the same time.

Credit One Bank and WWE will also be working together to provide additional card member benefits tailored explicitly for WWE fans in the future.

Featured image by Credit One Bank

Chase Announces Q3 2021 5% Cash Back Categories

by Cory Santos Wednesday June 16, 2021

Last updated on March 8th, 2023

Chase has announced the Q3 5% cash back categories for two of its most popular credit cards, the Chase Freedom Flex and Chase Freedom (no longer open to new applicants). Starting July 1 through September 30, cardmembers can earn up to $1,500 in cash back rewards using their cards for select streaming services and eligible grocery store purchases.

Chase Announces Freedom Flex Q3 Cash Back Categories

The Chase Freedom Flex and Freedom Cards are two of the most popular cash back rewards cards on the market. Both cards offer 5% back on a rotating selection of quarterly categories, which Chase has just updated for the summer of 2021.

Chase has added streaming services and groceries to the third quarter of its 2021 5% cash back calendar. Eligible Chase cardholders earn 5% back on select streaming services (i.e., those that fall under the applicable MCC codes. Examples of select streaming services include Disney+, Hulu, ESPN+, Netflix, Sling, Vudu, Fubo TV, Apple Music, SiriusXM, Pandora, Spotify, and YouTube TV.

Additionally, cardholders earn 5% back on grocery store purchases. Keep in mind, however, that not all grocery purchases earn 5% cash back. For example, box stores like Walmart and Target are not applicable for the 5% cash back category. Other merchants that will not qualify as a “grocery store” include warehouse clubs, discount stores, some smaller merchants such as drugstores, and merchants specializing in only a few grocery items – such as pastry shops.

Chase 2021 Cash Back Calendar

Here is the 2021 Cash Back Calendar to date:

Q1: January - March

Q2: April - June

Q3: July - September

Q4: October - December

Q1: January - March

Q2: April - June

Q3: July - September

Q4: October - December

Chase Also Extending Pay Yourself Back

Chase is also extending their popular Pay Yourself Back program through Summer 2021. Starting July 2, eligible Chase cardholders (including the Freedom, Freedom Flex, Freedom Unlimited, and Freedom Student Card) can opt to apply Ultimate Rewards points to pay for all or a portion of their dining purchases up to a total of $250 and get paid back with statement credit through the Pay Yourself Back tool in the Chase Mobile App and online. Specifically, Ultimate Rewards points will be worth 10% more when redeemed for up to $250 in dining purchases through September 30, 2021.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.7 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.

Featured image by geralt / PixaBay

What Is a FAKO Score?

by Cory Santos Monday June 14, 2021

Last updated on April 3rd, 2024

VantageScore and FICO Score are commonly known terms in the world of credit score reporting. But have you have ever heard of a “FAKO” score? FAKO scores are credit scores from companies that don’t rely on the same information or use the exact modeling as those scores that banks and other lenders use. But there is more to them than just “entertainment value.” Here is everything you need to know about FAKO credit scores – and whether you should use them or avoid them.

What Does FAKO Score Mean?

“Credit score” is a very generic term. While you might associate the term credit score with a FICO Score or VantageScore, the fact is that there is a variety of credit scoring models – with an equally varying level of accuracy.

Each credit score is based upon information within your full credit report, but how accurate the score is depends on the available information to the credit scoring model. Each of the three major credit reporting bureaus (Experian, Equifax, and TransUnion), for example, offer VantageScore, which includes an accurate assessment of your credit based upon their uniquely weighted model. The Fair Issac scoring model (also known as FICO) is another example.

FAKO scores are several credit scoring models that mimic a FICO Score but aren’t exactly as accurate. These scores are typically found with credit monitoring or advice sites, like Credit Karma or Credit Sesame.

How Do FICO and FAKO Scores Differ?

The major difference between a FAKO score and a FICO Score is that many lenders rely upon FICO to decide an applicant’s creditworthiness. Because of this reliance, FICO is by far the best way to judge your credit health.

FAKO scores, on the other hand, are based on a variety of information from credit reports to provide a guestimate of a user’s FICO Score or VantageScore. Because the formulas aren’t an exact match for other scoring models, FAKO scores typically state they are “for educational purposes only.”

Should You Trust Companies That Offer Alternative Credit Scores?

Just because a credit score is for educational purposes does not mean it provides no real value. Companies that offer free FAKO Scores can help consumers identify trends in their credit reports that, in turn, can help them boost their credit score.

Credit Karma, for example, uses information from TransUnion to help calculate their credit score. This information can help users see areas where their credit is improving – and places where they might need to do some work. And, since every lender uses a different scoring model, FAKO scores might provide some insights that you might otherwise overlook.

Featured image by Ray_Shrewsberry / PixaBay

BBVA to Stop Accepting New Credit Card Applications

by Cory Santos Sunday June 13, 2021

Last updated on April 26th, 2023

BBVA will stop issuing new credit cards in mid-June, according to a new report from Doctor of Credit. The news marks the latest step in the transition of BBVA properties into PNC, the bank that purchased BBVA for $11 billion late last year. Here is the latest news on when BBVA will stop taking new credit card applications:

BBVA to No Longer Accept New Applicants After Mid-June 2021

A new report from Doctor of Credit states that June 15, 2021, will be the final day to apply for a new BBVA credit card. According to a BBVA representative, the bank will not accept new applicants on (or after) June 16, 2021. The report also indicates that new BBVA credit card applications must be made either over the phone or in-branch for Alabama, Florida, Texas, Arizona, Colorado, California, and New Mexico.

PNC Converting All BBVA Accounts in October

PNC Bank, the seventh-largest consumer bank in the United States, agreed to purchase BBVA USA for $11 billion in November 2020. The purchase will see PNC take over the U.S. holdings of Spanish multinational Banco Bilbao Vizcaya Argentaria, with over $100 billion in total accounts and more than 600 branches in the seven states it services.

The switch from BBVA to PNC has already begun. Existing BBVA deposit account holders will see their accounts switch to PNC deposit accounts in October of 2021. All other BBVA products, including credit cards, are also expected to switch to PNC credit cards during the October 2021 transition.

The only exception to product changes is with BBVA mortgage applicants, who must complete (or close) their applications before September 2021. For more information on the BBVA/PNC product conversion process, please visit PNC’s dedicated FAQ page.

Related Article: M&T Bank to Purchase People’s United Bank

Featured image by knerri61 / Burst

Citi and AT&T Extend Credit Card Partnership

by Cory Santos Saturday June 12, 2021

Citibank and AT&T are extending their consumer co-brand credit card portfolio in the United States. The partnership, which currently includes the AT&T Access Card, provides both brands with enhanced visibility while also offering exceptional rewards for cardholders. Here are the details of the Citi AT&T partnership extension.

AT&T-Citi Partnership Offers Everyday Value to Customers

The AT&T Access Card from Citi is a consistently popular rewards credit card thanks to its no annual fee and up to 2X points earned on eligible purchases. The card is also the entry route into the bank’s ThankYou Rewards program, which provides exceptional value for customers looking to transfer rewards points to over 15 airlines, hotels, and other travel partners.

Partnership Extended for Multiple Years

The AT&T Access Card is also front and center in the ongoing, nearly 25-year relationship between Citi and AT&T – a partnership the two brands recently extended. The new multi-year extension seeks to continue to “drive enhanced customer engagement and loyalty and explore additional consumer offerings.”

Both Citi and AT&T hailed the extension in a press release accompanying the news. Scott Frank, Vice President, Intellectual Property, AT&T, believes the partnership provides outstanding value for AT&T customers.

“We have a long history of working closely with Citi to provide innovative credit programs,” he said. “We look forward to the value this renewal will bring for our customers across the U.S. in rewarding them for their everyday purchases and further fostering long-term loyalty.”

The news was equally welcomed by Citibank: “We are delighted to announce a multi-year extension of our nearly 25-year co-brand credit card relationship with AT&T,” said Pam Habner, Head of U.S. Branded Cards and Lending, Citi. “We look forward to continuing to work together to deepen and expand the partnership to deliver meaningful benefits and value to a digitally engaged consumer base.”

About Citi

Citi, a leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citibank is the fourth largest bank in the United States by total assets – and the third-largest issuer of credit cards. Over 131 million Citi credit cards are currently circulating, including proprietary, co-branded, and private label credit cards with names like Best Buy, Macy’s, American Airlines, and Expedia.

Featured image by Sarah Pflug / Burst

PayPal Adding Support for Third-Party Bitcoin Wallets

by Cory Santos Friday June 11, 2021

A new report cites comments from PayPal’s head of blockchain and cryptocurrency indicating that the payments giant intends to provide support for Bitcoin transfers off the platform and to third-party wallets soon. What does the news mean for the future of crypto payments and cryptocurrency rewards? Here is what you need to know:

PayPal Adding Crypto Wallet Support

PayPal added the ability for users to buy, sell, and hold Bitcoin on its platform late last year. Now, the payments giant is seeking to add support for third-party Bitcoin wallets in 2021. According to a report from crypto news site, Decrypt, Jose Fernandez da Ponte, PayPal’s head of blockchain and cryptocurrency, made the announcement at the Consensus conference last week.

“We want to make it as open as possible, and we want to give choice to our consumers,” Fernandez da Ponte said. “We understand there is more utility to those tokens if you can move them around, so we are definitely exploring how we can let people transfer crypto to and from their PayPal addresses.”

When the third-party crypto wallet support would be rolled out was not immediately apparent. Also omitted was how PayPal plans to handle the blockchain transactions when users send and receive crypto through the service. Currently, PayPal uses Paxos to handle all Bitcoin operations.

Is Crypto Ready for the Mainstream?

The new PayPal feature would make it easier for consumers to use cryptocurrencies in everyday life – a major hurdle in helping crypto going mainstream. Crypto is currently enjoying exponential growth in many sectors, with more and more services seeking to add Bitcoin and other cryptocurrency integrations.

Banks and other lenders are also getting in on the action, with many crypto rewards cards set to launch in 2021. PayPal itself may get in on the move, with the payment platform rumored to be creating its own stablecoin.

Related Article: Is Bitcoin the Future of Credit Card Rewards?