Regulators today ordered Apple and investment banking giant Goldman Sachs to pay almost $90 million in penalties and customer redress over what it termed “Apple Card failures.”The Consumer Financial Protection Bureau (CFPB) cited “customer service breakdowns and misrepresentations” that affected hundreds of thousands of Apple Card customers. Chief among the issues cited: the failure of Apple to send “tens of thousands” of disputed transactions to Goldman Sachs for resolution. When Apple did send disputes, the CFPB says, Goldman Sachs failed to follow federal rules for investigating the disputes. The Apple Card was introduced in August 2019, with Goldman Sachs aboard…

Smart Spending Tips discusses Capital One’s buyout of Discover and how this may affect consumers. Capital One and Discover recently announced they had agreed to an acquisition. Under the proposed deal, Capital One will buy out Discover shareholders and combine the two companies into one. It would be a massive acquisition, and there has been a lot of speculation about what it will mean to the credit card industry. But what about the customers of the two companies? Much has to happen before the deal is finalized. It will take even longer for the plans and policies of the combined…

Smart Spending Tips’s ten pitfalls to avoid when dealing with large credit card debt. When faced with substantial credit card debt, it is important to navigate the situation with carefully. Here are eight common pitfalls to steer clear of as you work towards regaining financial stability. 1. Do not ignore the issue It may be tempting to bury your head in the sand, but ignoring credit card debt only makes the problem worse. Instead of sidestepping those daunting statements, confront them head-on. Develop a comprehensive plan of action that addresses your debt obligations and sets achievable goals for repayment. 2.…

Credit Sesame’s seven quick tips on getting the most out of a balance transfer card. In 2024, balance transfer credit cards remain a powerful tool for managing debt, but the landscape has evolved. Here are strategies to maximize your benefits from a balance transfer credit card: 1. Assess introductory offers carefully Check the introductory APR (Annual Percentage Rate) period and terms carefully. Look for cards offering 0% APR on balance transfers for 18 to 21 months. Consider whether the card provides enough time for you to pay off your debt interest-free. The length of the introductory period is crucial because…

Credit Sesame discusses some obscure reasons for getting rejected for a loan, credit card or mortage. It’s no surprise when a personal loan is declined because of a poor credit history. But getting rejected for a loan despite having a good credit score can be frustrating and confusing. Even individuals with excellent credit can face denials. Here are some obscure reasons why you might be turned down and what you can do about it. Debt management missteps There are a couple of ways your credit management habits, even with a good score, might raise red flags for lenders. Pyramiding Debt.…

Credit Sesame discusses how credit card debt reduced in August 2024 and what that means for consumers in the bigger debt picture. Americans reduced their credit card debt in August 2024, a rare feat in recent years as consumer debt, including credit card debt, has reached new highs almost every month. Was August’s drop in credit card debt the beginning of a new trend or simply a blip not to be repeated? Investors and policymakers will watch closely to see if this is a turning point in consumer behavior. One small step in the right direction According to the latest…

Eligible Discover cards have added a new redemption option, Pay With Rewards, that allows cardholders to redeem rewards almost instantaneously at checkout with Apple Pay. Rewards redeemed this way will post as a statement credit within 72 hours.As of this writing, Pay with Rewards with Apple Pay is available on the following Discover cards:Furthermore, this redemption option is only available for online and in-app purchases made on an iPhone or iPad.How to use Pay With RewardsTo use the Pay With Rewards redemption option, you must first enroll an eligible Discover card online or in the Discover app. Then, at checkout,…

A nearly $90 million ruling this week against Apple and Goldman Sachs — who together brought the Apple Card to market in 2019 — is the latest chapter in a dramatic breakup reportedly brewing between the two companies. The Consumer Financial Protection Bureau has ordered the tech giant and the bank to pay more than $89 million combined in penalties after it determined that customer service issues surrounding their co-branded credit card led to consumer harm. The Apple Card was a big bet for both Apple and Goldman Sachs, neither of which had a significant imprint in the consumer credit…

The SoFi Essential Credit Card doesn’t earn ongoing rewards on everyday purchases. However, like all SoFi credit cards, it earns 3x back when used for purchases made through the SoFi Travel Portal. It, too, comes with a welcome offer in some cases, based on an applicant’s credit and SoFi member history. SoFi pitches the Essential credit card as a product that offers a reliable credit line for those who want to build or improve their credit scores. It doesn’t charge an over-limit fee or foreign transaction fees, and it reports to all three credit bureaus. But unlike some other credit cards…

For a limited time, the $0-annual-fee IHG One Rewards Traveler Credit Card has boosted its sign-up bonus for new cardholders, offering plenty of points to use toward future travel goals. Those who apply by Nov. 20, 2024, can earn 100,000 bonus points after spending $2,000 on purchases on the card in the first three months from account opening. That can amount to up to two nights at over 5,700 IHG Hotel and Resort properties. It’s a 20,000-point increase over the card’s previous bonus, and it maintains the same spending requirement. It’s a solid introductory offer for a $0-annual-fee credit card.…