SoFi Technologies, Inc. (SOFI) shares are experiencing a surge on Tuesday, driven by several positive developments. The company announced an expansion of its multi-year partnership with Nova Credit, a $2 billion loan platform business agreement, and the launch of two new credit cards. These initiatives demonstrate SoFi’s commitment to innovation and expansion in the financial services sector.
HDFC Bank has increased the income requirements for its premium credit cards, including ‘Infinia’, ‘Diners Club Black’, and ‘Regalia Gold’. This move aims to ensure these cards are issued to customers with a strong financial profile. The new eligibility criteria are effective immediately for new applications but do not affect existing cardholders.
Consumer-lending stocks took a hit last week after Wall Street executives raised concerns about rising delinquencies among lower-income borrowers. The increasing cost of living, coupled with a weakening labor market, has put a strain on many households, leading to higher credit card and auto loan delinquencies.
Goldman Sachs is facing a potential $400 million pre-tax loss from the sale of its General Motors credit card portfolio. The sale, which is still under negotiation with Barclays, has been hindered by high charge-off rates, reflecting a significant portion of borrowers unable to repay their loans. The news comes amidst a challenging financial landscape for the banking industry, with other institutions like JPMorgan Chase also facing headwinds.
As the July 31st deadline for filing Income Tax Returns approaches, several financial institutions are implementing changes to their credit card policies, wallet services, and other offerings. This article highlights key deadlines and changes impacting SBI Card, ICICI Bank, Paytm Payments Bank, PNB, and Citibank.
Cardless, a financial technology leader, and Avianca Airlines’ loyalty program, LifeMiles, have announced a strategic partnership to introduce two new credit card products for U.S. consumers. The credit cards, available exclusively on the American Express network, can be applied for at lifemiles.cardless.com and allow users to earn LifeMiles for their purchases upon approval. This collaboration leverages Cardless’ innovative financial technology and Avianca’s extensive aviation network to enhance the travel experience for U.S. customers.
Qatar Airways Privilege Club, the acclaimed loyalty program of Qatar Airways, has collaborated with Cardless, Inc., a renowned financial technology company, to launch the Qatar Airways Privilege Club Credit Cards in the US market. These premium Visa credit cards are designed to revolutionize travel rewards for Privilege Club members, unlocking a suite of exclusive benefits and privileges that elevate everyday spending and travel experiences.
ANQ’s survey reveals significant changes in credit card spending patterns, with a notable increase in multiple card ownership and a growing preference for rewards programs. The survey also highlights the adoption of digital payment solutions, indicating a shift towards a more seamless and tech-savvy financial landscape.
Despite rising costs and inflation, over half of Americans are planning summer vacations in 2024. However, nearly 36% of those travelers are willing to go into debt to finance their trips. Credit cards remain the preferred payment method for summer travelers, with 62% planning to use them. However, experts caution against accumulating expensive credit card debt for discretionary expenses like vacations. Alternative financing options, such as personal loans and buy now, pay later services, may offer lower interest rates or interest-free periods.
The Reserve Bank of India (RBI) has ordered Kotak Mahindra Bank to halt the issuance of new credit cards and the onboarding of new customers through online and mobile banking channels due to significant compliance and risk management deficiencies. This directive does not affect existing customers, including credit card holders. The RBI’s decision stems from deficiencies and non-compliances observed during IT examinations of the bank in 2022 and 2023. Despite corrective action plans issued by the RBI, the bank has failed to adequately address these concerns. The restrictions will remain in place until an independent audit authorized by the RBI is completed and the identified shortcomings are rectified.
