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Building Financial Opportunity with Alternative Data

Roughly 76 million Americans face challenges accessing credit.  This is because they are either thin files, meaning that they have four or less credit accounts on their file, or they are credit invisible, which means they do not have a traditional credit file.

Building Financial Opportunity with Alternative Data #Infographic

Where do Americans spend their money via credit cards?

Credit cards are probably the most convenient way of making payments. It has made life a lot easier since you don’t have to carry a huge amount of money with you while shopping. Even in urgent need of money, the only thing that comes to the rescue is your credit card. These are used in every part of the world, however; different people have different opinions about it. But, if we talk about Americans specifically, they love spending money via credit cards.

The infographic below shares a breakdown of monthly credit card spending done by Americans. As it shows, the highest number of transactions were made for travel purposes i.e., up to $822 which account for 16.9 percent of the total spending. This is also because of the travel restrictions that have been released by a majority of the countries and hence, Americans flew around the globe.

Where do Americans spend their money via credit cards? #infographic

Online services remain the most used payment methods in US and UK

Despite experiencing a minimal drop in the 3rd quarter of 2021 as compared to the 2nd quarter, PayPal didn’t stop the hustle of improving in every other aspect. From net income to active accounts and completed transactions, the company is growing in all the right directions. As revealed by the sources, around 66 percent of PayPal’s total earnings in the 3rd quarter came from its USA customers.

According to the infographic below, out of the top three payment methods surveyed in four different countries, PayPal is predominantly used in Germany and China i.e., by 51 percent and 76 percent of the total respondents, respectively.

Online services remain the most used payment methods in US and UK #infographic

 

Overdraft protections from the bank

Tracking your finances is a priority in everyone’s life. You should only make plans of purchases when you have enough funds. Often times, people buy something and then their cards get declined. This leaves them in an awkward situation. This embarrassment can be completely avoided if you could track your finances.

Overdraft protections from the bank #infographic

The dramatic drop of credit card debt from $34 billion to $14.27 trillion

Many fluctuations have occurred ever since the pandemic era has started, including the increase in the rate of online shopping and the dramatic drop of credit card debt from $34 billion to $14.27 trillion. The year 2020 is full of surprises. Where many businesses have settled down and worked through their obstacles to find a solution for their firm in this epidemic, many areas have faced some serious troubles.

The dramatic drop of credit card debt from $34 billion to $14.27 trillion #infographic


Samsung just launched its new digital card, the Samsung Pay Card, in the U.K. The Samsung Pay Card will let users integrate all of their existing bank cards into one single card that will act as their digital wallet. 


With the Samsung Pay Card, it will be easier to manage money and additionally, use Samsung Pay more universally. 


The card is powered by a London-based fintech, Curve, which means that users will get to have access to features offered by Curve. For instance, users will be able to view their card spending at one place, get instant spend notifications, pay cheaper FX fees than banks usually charge,  clear peer-to-peer payments from any linked bank account, and switch payment sources retroactively. 

Samsung Launches its Digital Pay Card in the U.K.

Samsung Money: An imitation of Apple’s debit card?
Earlier this month, Samsung announced plans to launch its debit card program called Samsung Pay. And today, the company further elaborated on their plans for its upcoming service.

According to the announcement by the company, Samsung is partnering with SoFi for the MasterCard debit card. It will tie in directly with the existing Samsung Pay app. this means that the consumers will be able to apply directly for the card through their app and start using the ‘debit’ via their phones as soon as it is approved – without waiting for the physical card.

The same app can also be used to review balances, purchases, freeze card in case of theft/loss, and mark fraudulent purchases.

As of yet, the company has promised that the Samsung Money will not incur any account fees. However, the fine print does state the right to change that in the future. Samsung is also saying that the accounts integrated with Money will be FDIC insured for up to $1.5 million. This figure is six times higher than the standard $250,000 guarantee on most leading debit cards.

Moreover, it will allow users to make use of any of the 55,000 ATMs in the Allpoint ATM network without any charge. A Samsung Rewards program is also in the works for Samsung Money that would make consumers eligible for discounts on future Samsung purchases.

Besides Samsung, many other tech companies are venturing into the world of finance. We all know of Apple Card credit card that is operating to its full extent. Venmo and Uber also offer credit cards to facilitate their consumer base.

Samsung Money: An imitation of Apple’s debit card?

What Does Your Personality of Myers-briggs Mean for Your Wallet?

Personality testing is used to provide us with insights into how we perceive the world, how we communicate with others, and how we create choices. Whether or not you think in them, personality testing is a big hit for relationship specialists, teambuilders, and even employers. You can assist you create more significant links by knowing more about yourself and those around you. By knowing your objectives and motivations, you can also create a stronger connection with your finances. Read on to know what your wallet's sort of cash character means.

The personality kinds of Myers-Briggs are the most frequently used in private and professional areas. These kinds of four-letter personality depict a variety of social and psychological variables such as introversion / extroversion and thinking / feeling.

Because personality kinds dive into stuff like making decisions, it is no wonder that they can be applied to finances as well. Your "character sort of cash" can tell a lot about your habits of expenditure, saving and investing. Are you the sort you want your shopping spree to set boundaries? Have you a friend who insists on covering the bill at all times? Not only do these expenditure trends represent our economic objectives, but also who we are as a individual.

What Does Your Personality of Myers-briggs Mean for Your Wallet? #infographic

How Do You Know When to Request a Credit Line Increase?

Getting your first credit card can be exciting. This means that a financial institution is willing to take the risk to extend you a line of credit. However, once you get over the initial rush of having your own charge card, you might find you’re a little bummed about exactly how low your credit limit — a.k.a., exactly how much money you can borrow — is.

How Do You Know When to Request a Credit Line Increase? #infographic

Disrupting Payments
Today’s infographic comes from Glance Technologies, and it shows a historical timeline of the major disruptions that have occurred in payments, ranging from the Chinese invention of paper money to the birth of Paypal.

It keys in on the new wealth created by these incredible technological advancements – and it also highlights the origins behind many of the crucial pieces of today’s payments landscape.

Disrupting Payments #Infographic

The rise of cryptocurrency
Why are Americans using less cash? There has been a steady decline since the dawn of the Internet, but why? With the rise of the digital marketplace, part of the transition has been out of necessity. You can’t exactly send cash to buy things online, or at least it isn’t advisable.

Forms of digital payment such as payment apps, credit and debit cards, and cryptocurrency have made the rise in global e-commerce possible. But these payment methods are not without risk - hackers work tirelessly to gain access to your hard earned money. Payment methods like credit and debit cards and payment apps have a certain level of consumer protection, but as there is no centralized banking in cryptocurrency if your currency is stolen you have little recourse.

Learn more about the ins and outs of cryptocurrency as well as why you should diversify your currencies from this infographic. You might be surprised at all the benefits of currency diversification!

The rise of cryptocurrency #Infographic

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