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NY Fed: Credit Applications, Acceptances Plunge During Pandemic

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21) from its latest Survey of Consumer Expectations (SCE) Credit Access Survey , which showed most credit applications and acceptance rates falling sharply after February this year. The largest declines were from credit card and credit limit requests, with auto loans in second place. percent in February to 34.6

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Today In Payments Around The World: China Lengthens Deferrals For Small And Micro-Businesses; Ant Group Scales Back Credit Limits Of Some Virtual Card Users

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In addition, some financial institutions catering to small companies will keep getting government support following a large shutdown earlier in 2020 because of the coronavirus. Ant Group Curbs Credit Limits Of Some Users Of Virtual Credit Cards. That arm of the FinTech company provides a virtual credit card.

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The Commercial Card Embraces A Season Of (Major) Change

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The year 2020 began inconspicuously — but in a few short weeks, everything changed. For the corporate card, 2020 has been a season for dramatic shifts in how the payment tool is used and the value it adds to the enterprise. It’s a shift that will almost certainly continue into the autumn and winter months towards the closure of 2020.