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Canadians Lean Towards Credit Card Alternatives

by Jeannyn Gomez Thursday September 29, 2022

Last updated on March 20th, 2025

A recent study shows Canadians seem to be turning to credit card alternatives. More than one-third (36%) of credit card customers say they would seek different financing options for their larger purchases. The alternate options appear aimed toward BNPL services and even personal loans.

Canadians Considering Credit Card Alternatives

According to the J.D. Power 2022 Canada Credit Card Satisfaction Study, a third of credit card holders say they are considering alternative payment options in place of credit cards. The 20% that plan on switching cards say they would consider alternative payment options if offered a lowered interest rate on their purchases. The key findings in the 2022 study point to a decline in spending on primary credit cards. However, the use of cash, debit cards, and other non-credit card-related spending is up by 51% among Canadians. BNPL and personal loans appear to be the go-to alternatives for Canadians seeking other payment methods in place of credit cards.

What is BNPL?

If you’re unfamiliar with BNPL (Buy Now, Pay Later) services, you may have seen the option to use such a service during online checkout. Some popular BNPL services include fintech like Klarna and Afterpay, and if you’re Canadian, then you’re probably familiar with PayBright by affirm. BNPL services work in installment loans. The option is usually offered at checkout online and sometimes in stores. Typically, BNPL users make a small down payment for the overall purchase, then pay off the remaining balance in a series of installment loans (often interest-free).

Related Article: Best prepaid credit cards in Canada

Key Findings For 2022 Study

“Overall credit card customer satisfaction in Canada has been remarkably steady for the past several years, and we’re even seeing some increases in satisfaction with product and benefit-level satisfaction, but macroeconomic trends and growing competition from alternative lending providers should raise concern for card issuers,” says John Cabell, managing director of payments intelligence at J.D. Power. “Steps taken now to tighten up problem resolution, better align rewards and benefits with customer needs and improve customer engagement will be critical for customer retention and growth as we enter a potentially difficult economic cycle.”

Furthermore, the J.D. Power 2022 study also finds the financial health of Canadian consumers is suffering. Over half (54%) of Canadian credit card consumers are classified as financially unhealthy. That is nine percentage points above the previous year.

The way J.D. Power measures the financial health of consumers is by combining their spending/savings ratio, credit worthiness, and safety net items, such as insurance coverage which creates a scale that ranges from healthy to vulnerable. In comparison, the trend observed in the United States for financially unhealthy credit card customers has only risen four percentage points this year.

Additionally, the study found it is time for credit card customers to reevaluate credit card choices. A total of 27% of credit card holders feel they don’t fully understand their current credit card benefits and features. Cash back cardholders are also less satisfied with their current credit card rewards, according to this 2022 study. Moreover, on a 1,000-point scale, Canadian cardholders rank their satisfaction with credit cards at 764, despite product improvements. An expected outcome for this key finding considering the scores fall in line with scores from the past five years. Find the press release for this 2022 study here.

About The Canada Credit Card Satisfaction Study

The Canada Credit Card Satisfaction Study is a comprehensive, independent survey of credit cardholders. It was created to assist customers and card issuers act on satisfaction ratings from large brands on the market. Learn more about the study here.

About J.D. Power

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

Related Article: Klarna Card Launches in the U.S.

Featured image by Vitapix/Getty Images Signature

Owner’s Rewards Card by M1 Scraps Annual Fee

by Cory Santos Tuesday September 27, 2022

Last updated on September 28th, 2022

M1 is making major changes to its Owner’s Rewards credit card. There will be no annual fee or shareholder requirements with the card, with the changes rolling out in early November. Here is everything you need to know about the exciting changes coming to the Owner’s Rewards Card from M1:

M1 Waives Annual Fee and Shareholder Requirements

Beginning November 9, 2022, the M1 Owner’s Rewards Card will no longer charge an annual fee for current or future cardholders. Initially $125 per year, the annual fee was removed for premium tier M1 members in February. Now that fee is gone for all users.

M1 is also removing the shareholder requirement for its top-tier rewards. Previously, M1 credit cardholders needed to own company shares to earn up to 10% cash back rewards on purchases. Now, that requirement is gone, with M1 Plus members earning the following accelerated rewards:

10% cash back on purchases from brands like Netflix, Spotify, Ulta, Tesla, Lululemon, and more
5% cash back on purchases from brands like American Airlines, Delta, Chipotle, JetBlue, Southwest, Marshalls, Mcdonald’s, and more
2.5% cash back on purchases from brands like Audible, Whole Foods, Apple, Airbnb, Walgreens, Verizon, and more

Streamlined Cash Back for Non-M1 Plus Members

Owner’s Rewards cardholders without an M1 Plus membership earn a flat 1.5% cash back. The cash back is automatically invested into cardholders’ portfolios, helping to maximize rewards and grow long-term wealth through everyday transactions.

Eligible M1 Owner’s Rewards cardholders without an M1 Plus membership will receive the opportunity to purchase a membership at $75 ($50 off the regular price) and unlock the top-tier benefits of being a cardholder. Eligible users can access this promotion offer until it ends on October 7, 2022.

What is M1 Plus?

The M1 Plus membership tier provides much more value than up to 10% back on purchases. M1 Plus members enjoy access to a higher APY with the M1 Spend account, a special edition of the M1 Spend Visa® Debit Card (including their choice of five unique metal card designs), and more, including:

2% loans through M1 Borrow. Members receive a 1.5% reduction on the base rate of M1 Borrow, the firm’s portfolio line of credit.
Access to a special afternoon trading window if the account has more than $25,000 in the investment portfolio

Check out our Owner’s Rewards Card by M1 review for more information on the card, its rewards program, and how to apply.

Related Article: The Best Cash Back Credit Cards of 2022

Featured image by M1 Finance

Chase Launches Marriott Bonvoy Bountiful Card

by Cory Santos Sunday September 25, 2022

Chase and Marriott Bonvoy have launched a new, premium hotel credit card: the Marriott Bonvoy Bountiful™ Card. The new card allows cardmembers to rapidly earn points toward free stays at over 8,100 hotels and resorts participating in the Marriott Bonvoy program. Here is everything you need to know about the new Marriott Bonvoy Bountiful credit card:

Chase and Marriott Launch New Credit Card

The Marriott Bonvoy Bountiful Visa Signature is the latest addition to Chase’s hotel credit card line-up. The new card, featuring a $250 annual fee, earns up to 18.5X points per dollar spent on eligible Marriott stays thanks to complimentary Gold Elite tier status in the Marriott Bonvoy loyalty program.

The Marriott Bonvoy Bountiful Credit Card from Chase offers cardmembers the following benefits:

6X Points per $1 spent at hotels participating in Marriott Bonvoy
4X Points per $1 on the first $15,000 in combined spending each year on grocery store and dining purchases
2X Points per $1 spent on all other purchases
1,000 Bonus Points per eligible stay at hotels participating in Marriott Bonvoy
Free Night Award after $15,000 in spending every calendar year (valued at 50,000 points)
15 Elite Night Credits towards status each calendar year
Automatic Gold Elite status each account anniversary year as a cardmember

New eligible Chase Marriott Bonvoy Bountiful cardmembers can also earn 125,000 Marriott Bonvoy points after they spend $4,000 in eligible purchases on the card in the first three months.

The Bonvoy Bountiful also provides cardmembers with Visa Signature features, including the following consumer protections:

Zero Fraud Liability	Cardholder Inquiry Services	Emergency Card Replacement	Luxury Hotel Collection	Extended Warranty Coverage
Roadside Dispatch	Lost/Stolen Card Reporting	ID Navigator from Norton	Travel & Emergency Assistance

Unlock Meaningful Value and Elevate the Travel Experience

“No matter where or why we travel, experiencing more of the world provides fresh perspectives and has the power to be transformative,” said Khary Barnes, Managing Director and General Manager of Marriott Co-Brand Cards at Chase, in a release announcing the new card. “Building on the Marriott Bonvoy Boundless Card enhanced benefits announced earlier this year, the addition of the Marriott Bonvoy Bountiful Card to the Chase Card portfolio provides our cardmembers with additional opportunities to unlock meaningful value and elevate their travel experiences with Marriott Bonvoy.”

“We are experiencing a travel renaissance among our Marriott Bonvoy members, and the new card from Chase will meet the growing desire to earn points as fast as possible – whether members are staying at one of our properties or making everyday purchases – and redeem their points toward free stays,” added David Flueck, Senior Vice President, Global Loyalty, Marriott International.

Related Article: The Ultimate Marriott Bonvoy Program Guide

Featured image by Michelle_Maria/PixaBay

Payhawk Launches US Credit Card

by Jeannyn Gomez Saturday September 24, 2022

Payhawk combines company cards and expenses into one integrated experience and has now launched a US credit card. Payhawk originally has a presence in the UK and Europe and has recently announced the expansion of its spend management solutions for the US market.

Payhawk US Credit Card Launch

With the US credit card launch, Payhawk seeks to support various companies across the UK, Europe, and the US. The Payhawk US credit card launch is accompanied by the opening of a New York office location. The company’s record year of growth by 524% and a growing number of employees (250% more) are all of what led to the US credit card as part of its expansion strategy.

In addition to the US credit card expansion, the Payhawk spend management solution offers a mix of credit cards and debit cards for corporations to help manage company finances. The transatlantic expansion also places Payhawk in a position to serve businesses with overlapping operations spread throughout the two continents – Europe and North America. Currently, Payhawk serves 2.6 Million firms with over 100 employees.

Payhawk currently strongly focuses on enterprises and already serves scaleups and enterprises in 32 countries. Their products include business credit cards in various forms, such as virtual cards, physical cards, and team cards. The card features a variety of management tools to set budgets, spending rules, real-time receipts, and more, all easily controlled by finance teams through the Payhawk platform.

Payhawk Credit Card Features

As part of their services, the credit cards come with invoice management which digitizes bookkeeping and eliminates the manual work by automatically extracting data through Ai. Payhawk products also feature integration that easily syncs expenses with ERP systems and accounting software of the customers’ choice.

The Payhawk US credit card launch perfectly aligns with the regional corporate purchasing habits as part of its strategy. The US Visa credit card is accepted globally with credit limits of up to $250,000. To enroll, US customers must join a waiting list for cards with up to 1.5% cash back on card payments. The first US customers are set to go live in October of 2022.

Hristo Borisov, co-founder, and CEO, of Payhawk, said, “Our goal is to focus on providing the best solution on the market for global scaleups and enterprises. Naturally, these businesses have an international presence, and we want to cater for that. Today, more than 10% of our customer base is already on a waiting list for our US credit card.”

About Payhawk

Payhawk is a spend management solution for scaleup businesses and is headquartered in London. The company uses technology to provide an all-in-one service for businesses to manage their finances with a more automated approach. Payhawk creates tools for finance teams to easily take control of company finances through company cards and more.

Featured image by Payhawk

GasBuddy Reveals More Gas Savings

by Jeannyn Gomez Thursday September 22, 2022

GasBuddy has recently announced more ways to save on gas through its new Card Linked Offers program. Gas prices have hiked up by 50% in the last year and with the overall costs of inflation, gas rewards can go a long way for a bit of relief on North American wallets.

GasBuddy Announces More Gas Savings

With the new Card Linked Offers from GasBuddy, users can automatically get free gas credit by shopping and dining out at local businesses. That is in-store purchases at thousands of local retailers. The GasBuddy Card Linked Offers further improves the in-app GasBack marketplace launched in 2019. The Card Linked Offers includes retailers like Walmart, Home Depot, Instacart, and more.

“GasBuddy has a focused mission to help consumers save money on gasoline,” said Mark Coffey, senior vice president, and general manager for GasBuddy. “Our Pay with GasBuddy program continues to attract users and gain traction with the simple promise of guaranteed savings on every fill-up, recently reaching over $1 billion in fuel transactions. Adding Card Linked Offers is an example of our ongoing goal to provide users with more ways and more places to save.”

How To Earn Free Gas?

For participants to get the full benefit of the program, they must link directly to a credit card or debit card of their choice. By doing this, not only do they get access to the thousands of merchants on the GasBuddy GasBack Network, but they also get to activate offers directly linked to their linked cards.

Once enrollment is done through the GasBuddy app, users can use their linked (enrolled) card in-stores to receive GasBuddy GasBack credit, which is redeemable for free gas. GasBuddy GasBack credits can be used at most gas stations in the United States through the Pay With GasBuddy program.

Participants in the program can use the app to locate a list of local offers in the “Nearby” section of the Savings tab. From there, the user must select the offer they would like to activate and claim it with their linked credit card.

About GasBuddy

GasBuddy is a leading platform in North America, on a mission to provide ways to save money on gas. It’s accepted in 95% of North American gas stations and has delivered more than $3 billion in growing savings to its users by providing real-time gas price information. GasBuddy provides cash back rewards through its partnerships with Mastercard and other third-party providers.

Other Ways to Save on Gas

In addition to the GasBuddy app, there are other ways to further savings at the gas pump. Gas station branded credit cards typically earn savings on gas when you visit the branded gas station. The only setback is typically the gas savings only applies when you fill-up the tank at specific gas stations. For example, the Shell Fuel Rewards Mastercard saves up to 10 cents per gallon when used at Shell gas stations.

Other ways to save on gas include credit cards with cash back rewards for gas categories. For instance, the Chase Freedom Unlimited® credit card earns 5% cash back on gas station purchases on up to $6,000 spent in the first year. Check our picks of the Best Gas Rewards Credit Cards of 2022 for more.

Featured image by A’s Images/Canva

Rising APRs Require Credit Card Debt Strategies

by Cory Santos Tuesday September 20, 2022

Last updated on October 31st, 2022

2022 has been a tough time for US consumers. Over the past year, credit card debt has jumped by $100 billion, or 13%, the most significant percentage increase in over 20 years. At the same time, more and more Americans are finding themselves falling behind on credit cards and other loans, making it hard to tackle existing credit card debt.

This spiraling debt problem is made worse by rising credit card APRs. Average interest rates have hit a 25-year high, reaching the highest average rate since 1996. That average interest rate is nearly 18% (17.96%) and looks to rise later this week. In fact, experts anticipate an increase of around 150 basis points (1.5% APR) by the end of 2022.

How to Tackle Credit Card Debt

Because of the likelihood of further Federal Reserve rate hikes, coming up with a solution for soaring personal debts is a must. Here are a few options that can help you tackle your credit card debt and free up additional funds as fall and winter approach:

Transfer High-Interest Balances to Another Credit Card

Perhaps the most obvious answer to paying down credit card debt is opting for a balance transfer credit card. Combining multiple balances onto one balance transfer card (preferably one with a lengthy 0% intro APR offer) makes it simpler to focus energy in one direction while streamlining credit card bills into fewer monthly payments.

Keep in mind, however, that transfers must be completed within a set timeframe (usually between three and six months from account opening) and do not include fees. Balance transfer fees typically range around $5 or 3% of the amount of each transfer, whichever is greater.

Here are the balance transfer credit cards with the longest 0% intro APR periods:

Credit Card	Purchase Intro APR	Balance Transfer Intro APR
Citi Simplicity® Card	0% for 12 months	0% for 21 months
BankAmericard®	0% for 21 months	0% for 21 months
Chase Slate Edge	0% for the first 18 months from account opening date	0% for the first 18 months from account opening date
U.S. Bank Visa® Platinum Card	0% for 21 months from account opening date	0% for 21 months on balances transferred within 60 days from account opening
Wells Fargo Reflect Card	0% for 21 months	0% for 21 months

Consider a HELOC

A HELOC is a Home Equity Line of Credit, and it can help you use your home’s equity to pay off credit card debts at a much lower interest rate. HELOCs are based on the equity you have in your home or property (i.e., how much the property is valued versus how much you owe in mortgages or liens) and can free up as much as 80% of your home’s value or more.

Before considering a HELOC, first, understand the possible pitfalls they entail. Failure to pay off a HELOC or to default on payments can result in the loss of the house. Additionally, repayments are typically interest-only during the initial draw period, meaning higher payments might surprise you (and overwhelm you) if you are not careful.

Try a Different Repayment Method

Another repayment option for card debt might be forbearance If you are struggling with credit card debt. Forbearance is a term referring to financial hardship assistance provided by a lender. When a borrower (cannot make regular payments, the bank may offer temporary assistance to let them regroup financially.

Some of the forbearance and hardship assistance programs available to American consumers include:

Deferred payments (either with or without interest)
Delayed payments for the next month
Waiving of fees (including late fees or annual fees)

Suppose you have considerable credit card debt but can handle your payments. Why not consider a repayment plan like the debt avalanche or debt snowball methods? The approach for both debt avalanche and debt snowball is the same: make consistent minimum payments on outstanding balances except for one, which will be the focus debt. Ideally, you’ll devote extra funds towards this amount, which is usually either the card account with the highest interest debt or the largest balance as the focus of the payoff plan.

The difference lies in the order in which you tackle your debts and whether you want to focus on balance or interest rate:

Debt snowball focuses on paying your debt in order from the smallest balance to the highest, regardless of the interest rate
Debt avalanche focuses on paying your debt from the highest interest rate to the smallest, regardless of the balance

Your unique situation and how you view the progress rate when you pay off your debt will determine which route to take. Still, both methods have proven very successful for consumers looking to take charge of their debts.

Our helpful credit card payoff calculator can better help you understand what any new payment plan would be like:

Related Article: Debt Avalanche vs. Debt Snowball

Featured image by StartupStockPhotos /PixaBay

The information related to Citi Diamond Preferred Card and Citi Simplicity Card has been collected by BestCards.com and has not been reviewed or provided by the issuer or provider of this product or service

Visa to Categorize Gun Sales

by Cory Santos Sunday September 18, 2022

Last updated on January 2nd, 2024

The world’s largest payment networks are joining together to help tackle gun crime. Visa, Mastercard, and American Express plan to start separately categorizing sales at gun shops, a major win for gun control advocates.

Visa, Mastercard, & American Express to Classify Credit Card Gun Sales

Visa, the world’s largest payment network, unveiled plans to start separately categorizing sales at gun shops. The announcement follows the news of Mastercard and American Express, also stating an intent to classify gun shop sales.

As announced last Friday, Visa plans to adopt the International Organization for Standardization’s new merchant code (MCC) for gun sales. An MCC is a four-digit number used to classify a business by its type of goods or services. An MCC is a denomination that all merchants need to operate, whether they provide goods or services if they accept credit cards in exchange for their products. This code can denote anything from “Streaming Services” to “Drug Stores and Pharmacies,” “Fast Food Restaurants,” to “Sporting Goods Stores.” Before the announcement, gun store sales were considered “general merchandise.”

“Following ISO’s decision to establish a new merchant category code, Visa will proceed with next steps, while ensuring we protect all legal commerce on the Visa network in accordance with our long-standing rules,” Visa said in a statement.

The move to classify gun sales comes amidst increased pressure to tackle illicit gun sales. Gub control advocates have hailed the announcement, but gun rights advocates feel the move might unfairly target legal gun purchases. For example, a gun safe sale could be seen as a large purchase at a gun shop, potentially harming the customer’s ability to purchase a firearm.

“The (industry’s) decision to create a firearm-specific code is nothing more than a capitulation to anti-gun politicians and activists bent on eroding the rights of law-abiding Americans one transaction at a time,” said Lars Dalseide, a spokesman for the National Rifle Association.

Related Article: How to Calculate Cash Back

Featured image by Brett_Hondow/PixaBay

Does Apple Card Have a Subprime Problem?

by Cory Santos Thursday September 15, 2022

The Apple Card and Goldman Sachs are enjoying and suffering in equal measures if two reports are to be believed. The popular credit card and its issuer, Marcus by Goldman Sachs, have been named Best Midsize Credit Card Issuer by JD Power & Associates for the second year in a row. At the same time, another report states that the Apple Card’s consumer credit profile is deeply subprime.

Apple Card & Goldman Sachs Top JD Power Credit Card Satisfaction Survey

The Apple Card and issuer Goldman Sachs again topped the charts in the Midsize Credit Card Issuer segment of the annual JD Power US Credit Card Satisfaction Study for the second consecutive year. Apple Card and Goldman Sachs also ranked highest across all of the surveyed categories in the Midsize Credit Card Issuer segment for the second year in a row, including interaction, credit card terms, communication, benefits and services, rewards, and key moments.

“Enhancing our customers’ lives is at the heart of what we do, so we are honored to have Apple Card and issuer Goldman Sachs recognized again this year for customer satisfaction,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “We remain committed to providing a digital-first credit card that helps customers lead healthier financial lives, and we look forward to continuing to deliver innovative financial tools and award-winning customer satisfaction to our Apple Card users.”

A Growing, Subprime Problem?

Despite the positive news from JD Power, not all is well for the Apple Card or Marcus by Goldman Sachs. According to a September 6 note from JPMorgan, many Apple cardholders’ credit profiles resemble those seen with subprime lenders like Credit One. More than 25% of the company’s credit card loans are for customers with FICO scores below 660, placing them in the subprime lending category.

Even more worrying for Goldman Sachs is that its loss rate on credit card loans is the worst among major US credit card issuers and “well above subprime lenders” at 2.93%, according to the same September 6 note. “People are losing their jobs, and you had inflation at 40-year highs; that will impact the subprime cohort more because they are living paycheck to paycheck,” said Michael Taiano, a senior director at Fitch Ratings. “With Goldman, the question will be, were they growing too fast into a late-cycle period?”

The consumer banking operations at Goldman Sachs have irritated some investors, as the division has been a money-loser since launching in 2016. The current Marcus by Goldman Sachs credit card portfolio includes the Apple Card and three GM Rewards credit cards: the My GM Rewards Card™, GM Extended Family Card, and the GM Business Card™.

The startling news will pose problems for under-fire Goldman’s CEO David Solomon. Solomon will likely face questions from company directors at the upcoming voard meeting this week.

Related Article: FNBO Taking Over Amtrak Credit Card Program

Featured image by Pexels/PixaBay

Limited-Time Offer: 50K Alaska Airlines Bonus Miles

by Jeannyn Gomez Tuesday September 13, 2022

The Alaska Airlines Visa Signature® credit card has a new limited-time offer. New cardholders get to enjoy 50K Alaska Airlines bonus miles after making $2,000 or more in purchases within the first 90 days of opening the credit card account.

50K Alaska Airlines Bonus Miles

Get travel started with the new limited-time bonus mile offer from Alaska Airlines Visa Signature® credit card. The new introductory offer is a step-up from its previous sign-up bonus of 40,000 Alaska Airlines miles. The new intro offer, at 50,000 bonus miles, gives 25% more miles, with claims to be enough for a roundtrip. New cardholders will earn the bonus miles after making $2,000 in purchases within the first 90 days.

It’s worth mentioning that the new bonus miles offer is only available for new card applicants who have not had this same card in the last 24 months. With some basic calculations, if we value each mile at $0.01, the 50,000 bonus miles are equivalent to $500. However, keep in mind that these numbers are estimated mile calculations. The actual realized value of Alaska miles depends on how many miles are redeemed and could be greater or less than $0.01.

Travel With a Companion

One thing has not changed, and that is Alaska’s Famous Companion Fare™, included with the limited-time bonus mile offer. The Alaska Companion Fare is a re-occurring benefit that renews yearly on the credit card account anniversary. The Annual Companion Fare™, based on the 2019 average roundtrip domestic fares, is a $120 credit ($99 ticket price, plus taxes and fees from $22) for the cardholder’s travel companion.

Other Credit Card Features

The limited-time offer can be enticing for fellow travelers. However, the Alaska Airlines Visa Signature® credit card has more to offer. Cardholders get the first checked bag free for themselves and up to six guests on their reservation. If you assume the value of the checked bag at $30 per person each way, that is at least a $120 value for you and one companion.

Alaska Airlines Visa Signature® credit card also earns up to 3 miles for every $1 spent on Alaska Airlines purchases and 1 mile for every $1 spent on all other purchases. In addition, get 20% back on Alaska Airlines inflight purchases. There are no foreign transaction fees which is a convenient feature to have when traveling for some additional savings. The credit card also has a low annual fee of $75, which can easily be offset if you plan to travel at least once every year with a companion.

Related Article: Citi Travel with Booking.com Coming Soon

Featured image by Alaska Airlines/AlaskaAir.com

Greenlight Announces New Credit Card for Parents

by Jeannyn Gomez Saturday September 10, 2022

Greenlight has announced a new credit card for parents. The fintech company has navigated the space of financial products for children and teens with its debit card and has recently begun its rewards credit card endeavors. Although the card has been announced, interested parents must join a waitlist before the card’s full launch.

A New Credit Card For Parents

Greenlight Financial Technology, Inc. has announced its creation of a new credit card for parents: The Family Cash Card Mastercard®. The new credit card for parents will earn up to 3% cash back on purchases. Parents will have the ability to redeem rewards by either auto-investing the cash back or saving it. The new credit card marks the beginning of Greenlight entering the credit card space to expand its services to the entire family.

Greenlight is on a mission to empower parents in raising financially educated kids. On the path of family finance education, Greenlight is known for its award-winning debit card and banking app for children. The Family Cash Card Mastercard® serves as an additional financial tool to empower parents through cash back rewards.

National Survey Findings

Through recent national survey findings, Greenlight concludes that parents are looking for credit card solutions that help save money for their children’s futures. In the first half of the year, 42% of parents have been using their credit cards more, with some of the top reasons being inflation, gas prices, and the pandemic.

With 43% of parents stating they are spending more, 29% say they are saving less, thus creating a need to find ways to save money for their families. The parents in the survey also admitted that the number one savings goal for their children’s future is to pay for college. The survey found that 90% of parents wish they had saved more for their kids in the future.

As a result, Greenlight understands parents want what is best for their children, which means planning for their financial futures and comfort. With the Family Cash Card Mastercard®, parents can do just that. Parents will benefit from earning cash back on all their purchases and redeeming rewards by investing through the Greenlight app or adding to their savings. Within the Greenlight app, parents can manage their own Family Cash Card activity alongside their kids’ Greenlight debit account, keeping family finances in one place.

“Families today have an increasing amount of expenses, making it difficult for many to save for the long-term,” said Tim Sheehan, co-founder, and CEO of Greenlight. “At Greenlight, we’re focused on helping families build healthy financial futures. With the new Family Cash Card, parents can get the most out of everyday spending and invest towards big life events like their children’s college education.”

About Greenlight

Greenlight is a fintech company with banking services provided by Community Federal Savings Bank, Member FDIC. They provide an all-in-one money management platform built to help families reach their financial goals by providing tools that help parents educate their children on finances. Greenlight provides debit cards for kids and teens and cash back credit cards for parents – all managed through the Greenlight app.

Related Article: Citi Expands True Name Program to Debit Cards

Featured image by Business Wire & Greenlight

FNBO Taking Over Amtrak Credit Card Program

by Cory Santos Thursday September 8, 2022

The Amtrak Guest Rewards credit card is shifting from Bank of America to FNBO. The changeover will take place on October 23, with existing customers receiving a new card, a new bonus spends category, and a new annual fee. Here are all the known details of the Amtrak credit card changeover:

Changes Coming to Amtrak Credit Cards in October

Last year, Bank of America pulled the Amtrak Guest Rewards® World Mastercard® from its travel credit card lineup. The Amtrak Guest Rewards credit card program is now shifting to FNBO (First National Bank of Omaha).

FNBO will begin managing existing Amtrak Guest Rewards credit card accounts starting October 23, 2022. Between October 1 and October 23, accountholders will receive the new FNBO Amtrak Guest Rewards Mastercard, with new account numbers, expiration dates, and three-digit security codes. Payment dates will also change depending on the statement date. Statements will be mailed from FNBO after the changeover date.

More information on the changeover can be found on the new dedicated account page here.

About the Amtrak Guest Rewards® Mastercard®

The Amtrak Guest Rewards® Mastercard® earns lucrative rewards with select purchases. Cardholders earn Guest Rewards points for the following purchases:

3X points per $1 spent on Amtrak purchases, including fares and upgrades
2X points per $1 spent on dining, transit, and rideshares
1X points per $1 spent on all other purchases

The card’s annual fee is also getting refreshed, increasing to $99. The Bank of America version of the card, the Amtrak Guest Rewards® World Mastercard®, charged a $79 annual fee.

About FNBO

FNBO (sometimes referred to as First Bankcard) is a First National Bank of Omaha division. FNBO issues an impressive selection of co-branded credit cards. These card offerings include versatile travel credit cards from Best Western, China Airlines, Icelandair, MGM, and Sun Country Airlines.

Related Article: Cardless Removes Some Rewards Categories

Featured image by FNBO/First National Bank of Omaha

Mercury Rewards Visa Card Launching Late 2022

by Cory Santos Monday September 5, 2022

Mercury Financial has announced the upcoming launch of a new rewards credit card, the Mercury® Rewards Visa® Card. The new rewards credit card is expected to launch later this year and will offer near-prime consumers streamlined cash back rewards with every purchase.

Mercury Financial to Launch New Rewards Credit Card

Mercury Financial, Visa, and First Bank & Trust have announced a new rewards credit card. Called the Mercury® Rewards Visa® Card, the new card will continue the shared mission to support customer programs and help deliver credit to deserving Americans in the near-prime segment. The new card is expected to launch in late 2022.

As part of the partnership with Visa, Mercury customers will continue to receive the following benefits in addition to Mercury’s other product features:

Cash back rewards on purchases
Zero fraud liability
Fraud protection
Worldwide acceptance

Mercury® Financial serves over one million cardmembers and manages more than $4.7 billion in credit access in pursuit of increased financial inclusion and improved cardmember experience.

Credit Solutions that Meet Consumer’s Financial Needs”

“At Mercury Financial, we are devoted to our more than one million customers, who are hardworking Americans. We are committed to helping our customers achieve better credit to enable a better life. This starts with offering a credit solution that meets the consumer’s financial needs and improves their financial experience,” said James Peterson, Chief Executive Officer of Mercury® Financial, in a press release. “We’re proud to partner with Visa as we continue to deliver on our mission.”

“We are excited to collaborate with Mercury Financial on a branded credit card their new customers can use on our trusted network,” said Kimberly Lawrence, Head of U.S. at Visa. “At Visa, our purpose is to uplift everyone, everywhere, by being the best way to pay and be paid. This partnership is another step in our mission to accelerate financial inclusion and help more people get access to the global economy.”