Credit card delinquencies rise even as credit limits are extended
Payments Dive
AUGUST 6, 2024
The two developments stem from greater use of credit cards, and could have implications for some businesses, says a Bain & Company analyst.
Credit Limit Related Topics 
How Credit Limit Increase Optimization Drives Portfolio Profit
FICO
FEBRUARY 7, 2022
Credit limit management is regarded as a key driver to profitable portfolios. Credit limit increase optimization (CLI) is a powerful tool to achieve portfolio goals. Credit limit increase optimization (CLI) is a powerful tool to achieve portfolio goals. The Power of FICO Credit Limit Increase Optimization.
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1 In 4 US Cardholders Saw Credit Limit Cut Over The Last Month
PYMNTS
MAY 4, 2020
Nearly 50 million credit card customers in the U.S. said they have had their credit limit slashed or their card closed in the past month as lenders move to minimize their risk amid the COVID-19 shutdown, a new study revealed.
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CFPB sues credit card company over excessive fees
Payments Dive
SEPTEMBER 16, 2024
The agency says Horizon Card Services violated the Truth in Lending Act by charging fees as high as 60% of a customer’s credit limit, and all but refusing to cancel their cards.
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Ant Group Curbs Credit Limits Of Some Users Of Virtual Credit Cards
PYMNTS
DECEMBER 23, 2020
In the wake of the collapse of its initial public offering of stock (IPO), China’s Ant Group is scaling back the borrowing limits for some of the young users of Huabei. That arm of the financial technology (FinTech) giant offers a virtual credit card.
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Capital One starting to raise credit limits in hunt for growth
Payments Source
FEBRUARY 24, 2021
Capital One Financial has begun to lift borrowing limits for certain customers as it seeks to restart growth in its sprawling credit card business.
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ViaBill partners Nordigen to double the credit limit for BNPL consumers
The Paypers
SEPTEMBER 8, 2021
ViaBill has doubled the credit limit for new Buy Now, Pay Later (BNPL) customers from EUR 270 to EUR 540.
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Fintech startup Slice launches new card with credit limit of USD 27
The Paypers
SEPTEMBER 8, 2021
India-based fintech startup Slice has announced working on the launch of a USD 27 card as the default credit limit.
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How Connected Payments Reduce Merchant Risk
Basis Theory
JUNE 25, 2024
Any electronic payment comes with inherent risk: the customer might be using a fraudulent card, forgotten they’ve overspent their credit limit, or end up firing up a chargeback in an instance of friendly fraud.
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Norway sets credit limits for booming consumer loan market
Payments Source
FEBRUARY 12, 2019
Norway stepped in to limit the growth of high interest rate consumer loans and credit card debt to protect the economy from ballooning household leverage amid rising interest rates.
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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
PYMNTS
DECEMBER 23, 2020
Ant Group Curbs Credit Limits Of Some Users Of Virtual Credit Cards. Ant Group of China is scaling back the borrowing limits for some of Huabei's young customers. That arm of the FinTech company provides a virtual credit card.
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Nova Credit exits Hong Kong
Finextra
JULY 31, 2024
Licensed Money Lenders Association Limited (collectively as the Industry Associations) that one of the consumer credit reference agencies under Credit Data Smart, namely Nova Credit Limited (Nova) had decided to cease its operations and exit Credit Data Smart due to its own circumstances.
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multifi extends financial support to small businesses
The Paypers
JULY 30, 2024
multifi, a company offering financial solutions for SMBs, has revealed that it is broadening its credit options to include smaller credit limits.
Capital on Tap Introduces Revolutionary Preloading Feature to Extend SME Spending Power
Fintech Finance
JANUARY 15, 2024
This first-of-its-kind functionality allows customers to extend their spending capabilities beyond their existing credit limit. Preloading works by allowing customers to top up their Capital on Tap credit balance with their own funds. All spending shows on one monthly statement for simplified accounting and cash flow management.
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Goldman CEO Denies Claims Of Apple Card Credit Biases
PYMNTS
NOVEMBER 21, 2019
David Solomon, the CEO of Goldman Sachs , is denying claims that gender bias is apparent in the algorithm it uses to determine credit limits for applicants, according to a report by Bloomberg. There’s no gender bias in our process for extending credit,” Solomon said. He said he plans to address the issue fully.
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New Tool by TotallyMoney Aims to Address Credit Card Application Challenges
The Fintech Times
FEBRUARY 14, 2024
Notably, popular credit card offers, such as those from Barclaycard and HSBC, may advertise one APR and offer duration but could provide different terms upon application. Additionally, only 40 per cent of consumers are aware that they might receive a different APR or credit limit than advertised.
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JULO’s Smartphone Insurance Powered by Qoala Hits 200K Mark in 3 Months
Fintech News
MAY 29, 2024
JULO, which has been in the fintech industry for seven years, aims to promote financial inclusion in Indonesia through its virtual credit card. This product provides a credit limit for both cash and non-cash transactions, such as e-wallet top-ups, e-commerce payments, and utility bill payments.
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Goldman Chief Denies Claims Of Gender Bias With Apple Card
PYMNTS
NOVEMBER 21, 2019
David Solomon, the CEO of Goldman Sachs , is denying claims that gender bias is apparent in the algorithm it uses to determine credit limits for applicants, according to a report by Bloomberg. There’s no gender bias in our process for extending credit,” Solomon said. He said he plans to address the issue fully.
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US Household Debt Hits All-Time High
PYMNTS
MAY 5, 2020
However, credit card balances have dropped compared to before the coronavirus pandemic. That decrease in credit card balances comes even as the credit limits have been increased by $34 billion, leaving $3 trillion available in credit card lines.
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GoTo Expands TikTok Partnership with ‘Buy Now, Pay Later’ Service
Fintech News
JULY 29, 2024
GoPay Later users will have access to a simplified credit process that includes a data verification step using facial recognition to activate GoPay Later on ShopTokopedia. Indonesia has over 97 million unbanked adults who lack access to secure financial services.
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Carbon acquires Vella Finance
The Paypers
FEBRUARY 15, 2024
Nigeria-based Carbon has completed the acquisition of fintech Vella Finance through its parent company One Credit Limited.
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Addressing Portfolio Risk in Economic Uncertainty: Part 3 (2022)
FICO
DECEMBER 8, 2022
For revolving credit portfolios in particular, proper attention must be directed toward maintaining asset and revenue growth. By constraining credit exposure across more sensitive customer segments, the delinquency impacts associated with unexpected economic downturns can be mitigated.
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Trust Bank Upgrades Loan Service With 60-Second Approvals, Flexi Repayments
Fintech News
JANUARY 17, 2024
Customers can select their repayment dates, choose loan tenures in months, and adjust credit limits via the app. Hasan Khan Hasan Khan, Head of Credit Card & Lending at Trust said, “Flexible finance is something that makes a big difference to our customers.
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X1 Card Raises $12 Million In Funding Round Led By Spark Capital
PYMNTS
JANUARY 14, 2021
Co-founded by Rao and fellow Twitter alum Siddharth Batra, the startup calls its product the “smartest credit card ever built.” The company said it “reimagines the credit card,” from how it looks to how credit limits are assigned. .
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Charge Cards vs. Credit Cards: Which is Right for Your Business?
EBizCharge
JULY 10, 2024
Business credit cards have a defined credit limit, restricting the maximum balance that can be carried. Limits are set by the credit card issuer based on factors like credit history and business revenue. This cap also influences the credit utilization ratio, a critical component in credit scoring.
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alt.bank Migrates Card Operations to Pismo
Fintech Finance
JULY 25, 2024
” novücard is the first card in Brazil to offer a dynamic credit limit that automatically increases month by month as bills are paid on time and in full. . “On Pismo’s platform, we selected the microservices that made sense for our operation, and we didn’t have to wait in line for developments, as we did before.
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Card Companies Cut Credit Lines As Customers Skip Payments
PYMNTS
APRIL 23, 2020
The Bloomberg report notes that “lowering credit limits during a period of economic uncertainty can inflict lasting damage to client relationships.”. This is a big change of heart for these companies, and reflects the growing economic crisis.
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Pleo Eyes Expansion as HSBC Grants €40million Debt Financing Facility to Fintech Unicorn
The Fintech Times
MAY 3, 2024
European spend management platform Pleo has secured a €40million debt financing facility from HSBC Innovation Banking UK , the specialist financial partner for the innovation economy, enabling Pleo to offer higher credit limits to even more customers, providing greater flexibility in financial options available to them.
X1's income-based credit card gets ready for launch
The Paypers
JULY 20, 2022
US-based fintech X1 has set to roll out its income-based credit card to the public, with a reportedly 5x higher credit limit than traditional card providers.
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Dynamics adds direct-to-bank commands to Wallet Card
Payments Source
FEBRUARY 26, 2018
Banks and cardholders will be able to verify purchases, increase credit limit, add cards immediately, provide feedback to retailers, receive on-demand coupons, or upgrade card benefits.
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Nium Strengthens Executive Leadership Team with Chief Financial Officer and Chief Compliance Officer Appointments
Fintech Finance
SEPTEMBER 12, 2024
A career-long “fraud fighter,” Doyle has also held fraud prevention roles at FICO, SAV Credit Limited, Visa, and Morgan Stanley. Prior to this, Doyle held senior financial crime positions at banks, such as Revolut, Clearbank, and Tandem Bank. He holds an MSc. from the University of Nottingham and a BSc.
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Apple’s Wozniak Accuses Apple Card Of Discrimination
PYMNTS
NOVEMBER 11, 2019
Apple Co-founder Steve Wozniak said Apple gave him a credit limit 10 times higher than they gave his wife after they both applied for an Apple Card, which is a credit card the tech giant recently released with the help of Goldman Sachs, according to a report by CNN. Apple launched the Apple Card in August.
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Goldman To Offer Shared Apple Cards For Families
PYMNTS
NOVEMBER 13, 2019
Goldman Sachs, in response to criticism that its algorithm for setting credit limits varies wildly between men and women, even if they are husband and wife (and the wife has a better credit score), said on Wednesday (Nov. He said he was given a credit limit ten times that of what she was given.
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47 Chinese banks face slower loan growth
The Paypers
JANUARY 6, 2022
Chinese banks have rushed to meet the state’s annual credit limit by buying low-risk financial products rather than issuing loans.
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Turning Commercial Card Credit Lines Into SMB Cash Flow Lifelines
PYMNTS
JULY 10, 2020
When you talk about relevance, the fact still remains that there is a credit limit available on the company card product — it’s just not being used,” Razdan noted. In addition to heightened visibility and access to reconciliation data, corporate cards connect businesses to a valuable line of credit.
NY Fed: Credit Applications, Acceptances Plunge During Pandemic
PYMNTS
DECEMBER 21, 2020
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.
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Monzo Looks to Google Cloud to Utilise and Safeguard Customer Data
The Fintech Times
JULY 30, 2024
For example, it uses them to help protect customers from fraudsters, and across various borrowing products and contexts, which are key drivers of lending decisions, from accepting credit applications to setting credit limits and interest rates.
Finance Factory Debuts Automated Credit Review Platform
PYMNTS
JANUARY 3, 2021
New rules were put into place to boost income verification, lower available credit on new cards and target customers with higher credit limits. The pandemic's rapid arrival left many households and businesses on uncertain ground financially, and big lenders quickly set about making revisions to their lending processes.
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Why Do Issuer Declines Happen?
Fi911
SEPTEMBER 12, 2024
It arises when a specific sum of money is temporarily reserved on the cardholder’s account, leading the seller to unknowingly hit the card’s credit limit. Temporary Hold This scenario can be somewhat complex. Temporary holds are often used by businesses such as hotels, car rental agencies, and entertainment providers.
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Innovating To Capture Value, While Stemming Losses
PYMNTS
MARCH 4, 2020
5x-10x: Amount business credit lines can be exceeded due to difficulty in dynamically upping credit limits. Data: $68K: Median fraud loss in the spend management industry. 1K: Number of robots DHL has recently added to its existing warehouse locations. 20 percent: Portion of occupational fraud cases in the U.S.
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NEW DATA: Pandemic Pushes 70 Pct Of Businesses To Automate Accounts Receivables
PYMNTS
SEPTEMBER 29, 2020
The pandemic is also prompting a significant share of firms to change their payment terms and credit limits as well as adopt digital invoicing and payment methods. Eighty-three percent of B2B firms have changed their AR processes since mid-March, in fact.
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Prosper Extends Credit to 200K Near-Prime Clients with FICO Scores
FICO
MAY 19, 2023
Prosper also proactively mitigates credit risk and meets the increasing credit demand for creditworthy customers based on their monthly updated FICO® Scores. As of March 2023, Prosper has effectively managed credit limit changes for over 25,000 customers, with over 70 percent of them receiving credit limit increases.
NEW DATA: The Impact Of Transaction Declines And Disputes On The Consumer-Merchant Relationship
PYMNTS
OCTOBER 20, 2020
Most declines are triggered by banks verifying the legitimacy of transactions or consumers exceeding their credit limits. These frictions tend to have varying effects on consumers’ perceptions of the entities involved in their transactions, whether they be merchants, issuing banks or card networks.
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Fed: Banks Tighten Loan Rules, See Less Than 5 Pct Of Loans In Forbearance In Q3
PYMNTS
NOVEMBER 9, 2020
Major net fractions of banks also tightened important terms on credit card loans, including credit limits and minimum credit scores required.". “Over the second quarter, major net shares of banks tightened lending standards on all categories of consumer loans," the Fed said in August.
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