Credit Cards

Kimberly Redmond | |

US consumer borrowing continued to grow throughout the month of April, but credit card usage declined, according to newly-released data from the Federal Reserve Board.

In its G.19 consumer credit report for April, the Fed said total consumer debt outstanding — which includes student loans and auto loans, as well as revolving debt — grew $18.6 billion.

Reuters | |

American Express Co exceeded quarterly profit estimates on Friday as it released more than $1 billion worth of funds it had set aside to cover potential coronavirus loan losses.

The outlook for card companies is improving as government stimulus and vaccine rollouts fuel an economic recovery, helping the industry recover from a pandemic-driven slump in non-essential consumer spending last year.

Reuters | |

U.S. grocery delivery app Instacart Inc and food delivery firm DoorDash Inc are planning to launch their own credit cards, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Both companies have witnessed a surge in order volumes over the last few months as consumers, hesitant to step out during the COVID-19 pandemic, take to their phones to get essential items delivered to their doorsteps.

Kimberly Redmond | |

Visa Inc announced Monday that it will allow the use of cryptocurrency to settle transactions on its payment network.

The financial services giant said that transactions can be settled using USD coin (USDC), an Ethereum-based stablecoin backed by the US dollar. Visa has launched a pilot program with crypto platform and Anchorage Digital Bank, the first federally chartered digital asset bank.