Consumers tap credit cards, loans to manage inflation: Fed report
Payments Dive
AUGUST 26, 2024
Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.
Cards Management Millennials 
Wells Fargo Shuts Millennial-Friendly App ‘Greenhouse’ To New Clients
PYMNTS
JULY 15, 2020
Existing Greenhouse by Wells Fargo customers can continue to manage their finances through the Greenhouse app.”. Users can also choose how much to deposit in their “Spending Account,” which is connected to a debit card that they can use for everyday purchases. Millennial-Banking Apps Are Struggling. For instance, J.P.
Millennials 
166
166 Join 23,000+
Insiders
Sign Up for our Newsletter
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Trending Sources
Millennials Shun Credit Cards After Getting Denied
PYMNTS
OCTOBER 27, 2016
ID Analytics, a consumer risk management company, announced Wednesday (Oct. 26) new research that revealed over six out of 10 millennials declined for credit are not seen applying again for at least 12 months. A frequently referenced Bankrate.com study reported that 63 percent of millennials do not have a credit card.
Millennials 100
100 
Debit Beats Credit With Bridge Millennials
PYMNTS
FEBRUARY 4, 2020
Not willingly – unless you use a credit card at the POS terminal, that is, in which case you’ll pay the retail price plus 21 percent. Multitudes of Americans woke up and wised up to the true nature of credit after the Great Recession, driving a surge in the use of debit cards. Would you pay interest on a cup of coffee?
Millennials 131
131 
Razer Fintech, Visa Pitch New Prepaid Card To Young Adults In Singapore
PYMNTS
OCTOBER 6, 2020
Razer Fintech and Visa have unveiled a new prepaid card, dubbed the Razer Card, now in its test phase. He added that the new prepaid Visa card “opens up many opportunities for us to reach out and meet the needs of consumers, particularly the youth and millennials.”.
Cards 150
150 
Mastercard’s Master Plan: Give Millennials What They Want
PYMNTS
DECEMBER 15, 2017
is a rally cry that would perk the ears of many millennials, but how about “ Mastercard , assemble?”. The card network is hoping that’s the case, as it rolls out the first use case stemming from its recently launched global prepaid money management platform. What Millennials Want. “Avengers, assemble!”
Millennials 134
134 
Millennials' spending doesn't reflect their economic plight, TD warns
Payments Source
OCTOBER 13, 2020
The findings of a recent TD Bank survey suggest that targeting millennials for new credit cards will require surgical risk-management as the economy lurches toward an uneven recovery.
Millennials 103
103 
Millennials Are Buying More Gift Cards Than Ever — For Themselves
PYMNTS
SEPTEMBER 8, 2016
Maybe millennials really are a self-centered bunch? New data suggests that they are buying more gift cards than ever before but then turning around and spending those cards on themselves. adults in June of this year to examine the shift in gift card consumers to prepaid and rechargeable cards issued directly from retailers.
Millennials 100
100 
CIBIL Study Shows Millennials Are Actively Checking Their Credit Scores
BankBazaar
NOVEMBER 29, 2019
While millennials are borrowing more than pre-millennials and post-millennials, they are still conscious about how much debt they are taking up…. Did you know that India’s millennials fall in the biggest borrowers’ category within the country? This is higher than the average score of non-millennials, which is 734.
Millennials 142
142 For Millennials, Traditional Banking Is Not Anathema
PYMNTS
JULY 18, 2017
Turns out millennials are not the different-kind-of-banking-breed some had thought. In a survey held from the end of June into early July and conducted by SurveyMonkey , the web-based survey firm queried more than 1,000 adults above the age of 18, 290 of which were defined as 18- to 34-year-olds: millennials. And guess who won out?
Millennials 144
144 
Gift Cards Poised For Big Role In Post-Pandemic Purchasing
PYMNTS
DECEMBER 11, 2020
Mao, whose company provides solutions for payments, prepaid cards and gift cards, said the only way for merchants to go is forward, because going back isn’t an option. Digital Gift Cards ’ Growth. For instance, people are simply directing more spend at gift cards this holiday season. Not All ‘Gift’ Cards Are Gifts .
Cards 291
291 
The Complexities Of Wooing Bridge Millennials
PYMNTS
OCTOBER 5, 2018
Crew, however, is not content to go down without a fight – and now under new management the brand has been making big changes as it tries to hit the reset button. The stated goal, according to new CEO Jim Brett – is for the brand to build back its audience particularly among millennial shoppers. You can’t be one price.
Millennials 128
128 
Robos and Credit Cards Coming to Ally Customers Soon
Bank Innovation
JUNE 15, 2016
Ally Bank is all about appealing to its “digitally savvy” millennial customers base, says CEO Diane Morais. And rightfully so, since millennials now comprise nearly half – 48% – of the digital bank’s customer base. In that spirit, Ally is focusing its efforts on digital wealth management and credit cards, Morais said Read More.
Cards 150
150 
5 Considerations When Seeking a Financial Advisor
Perficient
AUGUST 18, 2022
However, those not in the wealthy or close to retirement-age categories – i.e., Gen Z-ers, millennials, and low to mid-income individuals – could greatly benefit from a financial advisor’s assistance, and financial advisors can stand to profit by diversifying their business books, as well. 25% to 1% of the client’s managed assets.
Millennials 473
473 
The Retail Complexities Of Wooing Bridge Millennials
PYMNTS
OCTOBER 5, 2018
Now under new management, the brand has been making big changes as it tries to hit the reset button. The stated goal, according to new CEO Jim Brett, is for the brand to build back its audience, particularly among millennial shoppers. J.Crew , however, is not content to go down without a fight. You can’t be one price.
Millennials 122
122 
Zero Launches Debit-Like Credit Card, Raises $20M
PYMNTS
MAY 23, 2019
Zero, a company that aims to modernize credit cards for the millennial generation, has raised $20 million in a Series A funding round, according to a report. The company plans to market its card to credit-wary millennials who want to avoid getting into a deep debt cycle, but who also want the incentives of owning a credit card.
Cards 135
135 
Are Millennials Really Over Revolving Credit?
PYMNTS
NOVEMBER 22, 2019
For a customer using a revolving credit tool, such as a credit card, the best outcome is to pay their balance in full each month, which has the benefit of buying now and paying later, with none of the attendant harms like paying an interest fee. However, that usually isn’t the best outcome for the card issuer.
Millennials 158
158 
Mobile Cards Key To Winning Bank Accounts
PYMNTS
FEBRUARY 25, 2020
As the report states, “We … find that a significant share of consumers are willing to bank with the institutions — financial or otherwise — that offer them the best spending and money management tools.”. Mobile Cards: Make or Break? The highest interest is among “bridge millennials” whose card spend averages $40,000 annually.
Mobile 153
153 
The Impact of Mobile Card Apps On FI Customer Retention
PYMNTS
AUGUST 21, 2020
Community banks and credit unions are feeling the pressure to boost their digital card services or risk losing customers to megabanks and digital challengers, Ondot Systems ’ Chief Strategy Officer Todd Lesher told PYMNTS in a recent discussion. And once a top of wallet is set, the card becomes invisible and changes very infrequently.”.
Cards 224
224 
The Coming Millennial FinTech Crisis
PYMNTS
DECEMBER 19, 2016
While they enjoy many FinTech innovations, most millennials don’t have a snowball’s chance of earning more than their parents — ever. It’s one thing for the millennial offspring of the billionaire hedge-fund scions to fall short of making a billion because they only manage to pull down $760 million a year. It’s a fact.
Millennials 100
100 
Millennial Entrepreneurs’ Optimism Is Booming — Here’s Their Top Concern
PYMNTS
OCTOBER 30, 2017
As millennials continue to grow their presence in the small business (SMB) community, the dynamics of SMB finance are also changing. According to some experts , millennial small business owners no longer accept mediocre or sub-par services from their financial providers.
Millennials 109
109 
How To Manage Millennials
Banking 2020
DECEMBER 15, 2014
Effectively leading millennials requires understanding the collective experiences, values and motivators that make this group “tick.” Millennials, generally defined as the demographic cohort born between 1982 and the early 2000s, will account for half of the American workforce by 2020. Be transparent. Make work feel like play.
Millennials 58
58 
Mobile Card Apps: The Future Isn’t Plastic
PYMNTS
DECEMBER 11, 2019
adults to possess a credit card , so the warp-speed adoption of mobile card apps has been a comparative blur. In surveying mobile card app usage for the December 2019 Bridging the Gap: Mobile Card App Adoption Report , PYMNTS found a vibrant, growing payments ecosystem. Mobile card app adopters are an enthusiastic bunch.
Mobile 132
132 
Being Accountable: Virtual Cards Encourage Spend, Eliminate Hidden AP Costs
PYMNTS
NOVEMBER 24, 2020
As Nick Reid, director of B2B partner development at Conferma , said in an interview with PYMNTS, virtual cards can help eliminate those hidden costs. Against that backdrop, he said, the “sweet spot” of virtual cards comes along what he termed that “long tail of supplier spend.”
Cards 181
181 
Why Card Replacement Is Every Bank’s ‘Moment Of Truth’
PYMNTS
APRIL 9, 2019
An issuer suspects a card has been compromised, or a consumer remembers that their debit card is in their jacket pocket only after leaving it at the cleaners. Either way, a card is cancelled and replaced with a new one. In BV’s experience, heavily used cards are replaced 1.7 It happens.
Cards 153
153 Visa Partners With Revolut To Introduce Multi-Currency Debit Card
PYMNTS
OCTOBER 24, 2019
London-based FinTech firm Revolut partnered with Visa to roll out a multi-currency travel debit card in Singapore, Visa said in a press release on Wednesday (Oct. The new card offers users the ability to spend overseas in over 150 currencies at the real exchange rate and without hidden fees. . by the end of 2019.
Cards 112
112 
Why Visa Is Starting A Conversation About Millennial Females and Money
PYMNTS
JULY 13, 2018
In 1974, women won the right to apply for and control their own credit card with the passage of the Equal Credit Opportunity Act. It has made the millennial generation of women — either entering or settling into their prime spending years — something of a unique class of citizens when it comes to financial services.
Millennials 111
111 
Millionaires, Millennials And The Great Avocado Debate
PYMNTS
MAY 20, 2017
Are millennials eating too many avocados on toast for their own good? The crux of the debate is this: are first- time home sales down because, given the choice of a two car garage and a yard in the suburbs, millennials have, en masse, decided they’d rather enjoy a more richly-delicious brunch experience, week in and week out?
Millennials 119
119 BJ’s On The Block, Amex’s Millennial Problem And Another Big Breach
PYMNTS
APRIL 24, 2017
The long-suffering team at American Express has a new headache to handle — losing the love of those millennial customers. And hackers have managed to hit about 1,200 InterContinental Hotel locations in the U.S. — and yes, this looks like card data breach. Ready to jump in? BJ’s on the Block (and Amazon Is Scoping the Territory).
Millennials 109
109 From Investing To Budgeting, How Millennials Are Disrupting Personal Finance
CB Insights
SEPTEMBER 10, 2019
While the media often portrays millennials as preoccupied with the rising prices of festival tickets and avocado toast, their real financial concerns are a bit more practical. Download the free report to find out how fintech is shaping the future of wealth management and investing. get the REPORT on next generation investors.
Millennials 77
77 The Great Credit Card Program Outsourcing Debate
PYMNTS
NOVEMBER 19, 2019
Among the biggest debates is how to construct and operate the best card program possible – a decision that served as the foundation for a new PYMNTS interview with Jim Geeslin, head of strategy for Elan Financial Services , an agent credit card issuer. Do FIs want to navigate card programs through that?”.
Cards 140
140 
Managing Spend In A Sector Where Unplanned Expenses Are The Norm Issues
PYMNTS
JANUARY 27, 2020
Millennials have been at home in the global workforce for about a decade now, but Generation Z is starting to filter into offices, warehouses and work floors and bringing their fast payments expectations with them. Why Deft Spend Management Is Crucial To Successful Event Planning. About The Playbook.
Management 160
160 Wirecard, AFEX To Launch Corporate Prepaid Card Suite
PYMNTS
APRIL 19, 2017
Payments company Wirecard is teaming up with cross-border payments firm AFEX to launch prepaid card solutions to corporates across Europe, the firms said Tuesday (April 18). The cards can be issued in Euros, U.S. Wirecard will issue the prepaid cards. dollars and British pounds, the firms noted.
Cards 100
100 
Things worth reading: 15th October 2018
Chris Skinner
OCTOBER 15, 2018
Things we’re reading today include … Terrifying moment giant PYTHON crashes through bank ceiling and scares staff Card clash: Mastercard is gaining market share in the UK payments market ECB should keep policy options open regardless of Fed Millennials and apps are shaking up asset management Barclays to challenge Goldman … The post (..)
Millennials 216
216 
France’s Joko FinTech Gets €1.6M To Help Consumers Earn Credit Card Rewards
PYMNTS
JULY 3, 2019
million from investors including Partech, Axeleo Capital, Lafayette Plug and Play and others to further develop its loyalty program integrated into credit or debit cards. Through Joko’s mobile app, credit cards become loyalty cards, so there is no need to scan or say anything. French startup Joko announced that it has raised €1.6
Cards 135
135 
OAK + FORT: Flexible-Payment Plans Boost Luxury Purchases
PYMNTS
SEPTEMBER 30, 2020
Luxury retailers are also targeting millennial and Generation Z consumers to expand their customer bases, with one report showing that millennials accounted for 35 percent of high-end retail purchases, for example. Around The Buy Now, Pay Later World. billion this year — almost double last year’s total. About The Tracker .
Payments 279
279 
Alphabet’s New CEO, Millennial Black Friday Spending And Digital Drivers’ Licenses Top This Week’s News
PYMNTS
DECEMBER 6, 2019
We have a deep dive into Colorado’s digital driver’s license effort and news on Alphabet’s new CEO, as well as data on millennial Black Friday spending. He will be the executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets.” . Top News . operations.
Millennials 101
101 Helping Millennials Live Financially Ever After
PYMNTS
APRIL 12, 2019
Couples could better manage their financial lives if they had a transparent platform where they could share the financial data they wanted to share, keep private what they wanted to hold back — and work jointly to set and meet their financial goals. When Honeyfi got off the ground in 2017, it had a pretty simple idea. A Lot of Right Ways.
Millennials 154
154 
Why Mobile Card Apps Must Be More Than ‘A Nice Little Tool’ For FIs
PYMNTS
MARCH 18, 2020
percent of consumers noted they would switch financial institutions (FIs) for a better financial app, a number that jumps up to 41 percent among bridge millennials. Cards — debit or credit — they say, are not really their core business. percent indicated they would be at least somewhat likely. Meanwhile, 28.5
Cards 217
217 
Mobile Banking and Millennials – Will the Love Last?
PYMNTS
JUNE 16, 2016
A lot of fuss is made over millennials and their proclivities toward things being easy. So, when it comes to something like digital banking , it’s not so much about finding what’s easy as it is about finding what service best meets millennials’ needs. Millennials to big banks: No thanks ….
Millennials 100
100 
Golden Finance Tips For Millennial Women
BankBazaar
JULY 29, 2019
If you’re a millennial woman who wants some useful tips handy on your journey towards financial independence, look no further! Get A Credit Card. A lot of us think of Credit Cards as a tool that can trap you steep in debt, but are Credit Cards to blame here or the users who have not learned to manage them responsibly?
Millennials 60
60 
Maintaining Control When Employee Spend Looks More Like Procurement
PYMNTS
AUGUST 5, 2020
Yet the evolution is ongoing, and many organizations that have embraced automated expense management software solutions have nonetheless found themselves in a predicament of managing employee spend — particularly today, when professionals are working from home and shifting their buying habits even more quickly than before.
Cards 199
199 
Wirecard Partners With Klarna For Payments
PYMNTS
MARCH 12, 2020
Shoppers seek, above all, a frictionless shopping journey,” said Kilian Thalhammer, executive vice president product management at Wirecard. Founded in 2005 by Sebastian Siemiatkowski, Niklas Adalberth and Victor Jacobsson, Klarna pays merchants upfront and offers an alternative to credit cards. The firm has raised a total of $1.2
Payments 143
143 
Deep Dive: Why Staffing Agencies Must Consider Payroll Cards
PYMNTS
MARCH 2, 2020
This month’s Deep Dive digs into the data that guides staffing agencies’ payroll disbursement decisions, including payroll cards ’ pros and cons. Employees’ Payroll Card Opinions. Checks have been common in temporary staffing, but disbursements to reloadable debit cards are drawing new interest. rose from 3.1 million by 2022.
Cards 130
130 
Let's personalize your content