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...Synchrony Financial, which provides cards for stores such as JC Penney and American Eagle Outfitters, has gained 45 per cent....
...Across US banks, the charge-off rate for credit card loans — or the percentage of outstanding debt that issuers write off as a loss — increased 91 basis points to 2.55 per cent last year, according to the...
...Citizens Financial, Synchrony Bank, American Express and Capital One are among those that are peddling accounts that pay out annual percentage yields of 3.5 per cent and above....
...Credit card balances held by the seven largest issuers — JPMorgan, Capital One, Citigroup, Bank of America, American Express, Discover and Synchrony — rose 13 per cent to $739.8bn compared with last year...
...At Bank of America, total credit and debit card spending was up 9 per cent year on year in May, while total transaction volume grew 7 per cent....
...Credit card groups Synchrony and Discover, which have customer bases with lower credit scores than big banks such as JPMorgan, also said consumers were starting to draw down their savings to more customary...
...Stock in smaller rivals such as Synchrony Financial, Capital One Financial and Discover Financial have returned 24-45 per cent. This compares with the KBW Bank index’s 29 per cent gain....
...The deal to take over a $3.8bn portfolio of Gap co-branded retail credit cards from Synchrony Bank comes just as Americans are whipping out their plastic once again....
...Credit card debt fell by $108bn in 2020, according to data from the Federal Reserve Bank of New York. This marked the largest annual decline since the data series began in 1999....
...On Friday, Barclays announced the deal to acquire the customer accounts and receivables from Synchrony Bank in a transaction expected to close next year....
...A 2018 central bank order forbade Indian banks from providing services to crypto businesses, making it painfully difficult for trading platforms to operate in India....
...in drugmakers including Merck, Bristol-Myers Squibb and AbbVie in the first quarter, cut more than half of its holding in oil major Chevron, and sold the entirety of its positions in Suncor Energy and Synchrony...
...Square, the fintech start-up of US entrepreneur Jack Dorsey, is wresting payments market share from traditional banks, money agents and point-of-sale specialists....
...So far, the payments giant has signed up as partners some of the largest names in US store-based credit card space including Synchrony and Barclays US....
...The amount of credit card debt fell $51bn during the second quarter compared with last year, according to data from the Federal Reserve Bank of New York....
...Other big players in the partner-card business include Citigroup and Synchrony Financial. Goldman declined to comment, and Capital One did not return a request for comment....
..., but banks have no reciprocal access to do the same....
...JPMorgan Chase, Citigroup and Bank of America — three Wall Street bulge-bracket banks with large credit card franchises — all reported a sharp drop in consumer spending in the second quarter....
...Synchrony recently said 75 per cent of its customers who initially took payment holidays had already been able to return to “current” status and resume payment....
...Synchrony, which issues store credit cards to the likes of Old Navy and JC Penney, has dropped more than half....
...Shares in speciality card lenders Synchrony Financial, Discover Financial and Alliance Data Systems are down 57, 64 and 74 per cent, respectively, in the last month....
...Companies from JPMorgan Chase and Capital One to Synchrony Financial have reported growth in card spending in the three months to June that eclipsed figures for the first quarter....
...Synchrony Financial was heading toward its best day ever on Wall Street after extending a credit card deal with Sam’s Club and announcing that Walmart dropped a lawsuit against the bank....
...Expect more of the same argues UniCredit and its analysts note how against a backdrop of ample available liquidity, and major central banks remaining accommodative, “a high degree of synchrony in economic...
...Banks and other credit card providers covet the relationships, which allow them to exploit consumer preferences for particular brands....
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