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How Much Stimulus Money Will You Get? How To Earn 5% Cash Back On Groceries

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How Much Stimulus Check Money Could You Get? 

We have a good idea how much money a second stimulus check could put in your pocket now that Senate Republicans have officially presented their HEALS Act. The new proposal matches the $1,200 payment set up in the first stimulus check. But that doesn’t mean the full $1,200 is yours. How much money you wind up with depends on a range of factors, including how many dependents you have. [CNet]

Earn 5% Cash Back On Groceries With This New Chase Freedom Unlimited Offer

New Chase Freedom Unlimited card holders can earn $200 in bonus cash back after spending $500 on purchases in the first three months after you open the account. But in addition, if you get the card now, you can also earn a whopping 5% cash back on your grocery store purchases (not including Target
TGT
or Walmart
WMT
) in the first year you have the credit card, up to a maximum of $12,000 in spending. [CNN]

A Third Of Small Business Owners Have Tapped Personal Funds To Stay Afloat

Roughly 35% of small-business owners said they’ve needed to tap their own funds—-via a personal credit card and/or savings, for example—-to help prop up their business in the months since the coronavirus whacked the U.S. economy, according to a survey from CreditCards.com. Other sources serving as a lifeline included business credit cards or a business savings account, and loans (including through the Paycheck Protection Program). Altogether, 70% in the survey said they have leaned on one or more of those sources to remain in business since the coronavirus pandemic began. [CNBC]

Americans Are Rapidly Shrinking Their Credit Card Debt During The Pandemic

The amount of consumer revolving credit, which is mostly credit cards, plunged by another $24 billion in May, according to the Federal Reserve. This costly form of debt is down more than $100 billion since hitting a record high in February and is now below $1 trillion for the first time in nearly three years. That’s a sharp contrast with the last two economic downturns. The dwindling pile of credit card debt is yet more evidence of how drastically consumer behavior is changing during the pandemic and this period of financial insecurity. [CNN]

Can You Trust Your Mobile Payment App?

About half of U.S. adults incorrectly believe that they could reverse a payment made through a peer-to-peer platform. If you change your mind, have a problem or make a mistake—-input the wrong email address or phone number, for instance—-you’re usually at the mercy of the recipient. Payment apps usually protect against unauthorized transactions, but not necessarily against other fraud — and that can be true even if you link to a debit or credit card that otherwise would offer such protections. [Associated Press]

Debit And Services Help Mastercard Stay Afloat During the Pandemic

Mastercard reported U.S. credit volume was down 21% year-over-year to $179 billion. Conversely, Mastercard’s U.S. debit and prepaid card purchase volume rose 13% to $226 billion even though the number of debit transactions slipped 2% to 4.91 billion. Mastercard said its online purchase volume and contactless transactions at the point of sale are way up. [Digital Transactions]

Consumer Finance Complaints Skyrocket During Pandemic

Year over year, there was an 84% increase in the number of consumer complaints to the CFPB related to credit reporting, credit repair services, or other personal consumer reports, a 77% increase in the number of complaints related to money transfer, virtual currency, or money service, a 29% increase in the number of complaints related to credit card or prepaid card, and a 41% decrease in the number of complaints related to student loan. [Patch]

Visa, Mastercard Debit Fees Are Hurting Retailers, Sen. Richard Durbin Says

Democratic Sen. Richard Durbin is asking the Federal Reserve to probe allegedly anticompetitive practices that are forcing merchants to pay excessive debit card fees levied during the coronavirus crisis by large networks like Visa and Mastercard. Durbin said practices by the large card networks and debit-card issuers are diminishing competition in the online payments marketplace and costing merchants potentially billions of dollars. [The Wall Street Journal]

30 Ways To Stay Protected Against Credit Card Fraud

In 2008, 9.9 million people were victims of identity theft. Ten years later, the number had increased to 14.4 million victims. Credit card fraud is one of the most common types of identity theft. One area that’s seen increasing numbers of reports is new account fraud. Losses for new account fraud reached $3.4 billion in 2018. Here are steps to protect yourself from becoming a victim of credit card fraud. [LowCards.com]

Point Wants To Provide Credit Card Rewards With Debit Cards

Creating a Point account is more like joining a membership program. When you sign up, you get a debit card with some level of insurance as it’s a Mastercard World Debit card. You can expect some trip cancellation insurance, rental car insurance, purchase insurance, etc. You earn points with each purchase. You get 5x points on subscriptions, such as Spotify and Netflix
NFLX
, 3x points on food, grocery deliveries and ride sharing, and 1x points on everything else. Points can be redeemed for dollars — each point is worth $0.01. Point isn’t free. You have to pay $6.99 per month or $60 per year to join Point. [Tech Crunch]

How Many Contactless Debit Cards Are in Circulation?

Mercator estimates that Visa, the brand on 72% of U.S. debit cards, has 93 million contactless debit cards in the United States. Contactless debit will increase as the big banks put more contactless cards in the market and as smaller financial institutions prioritize the investment. Visa reports 80 of the largest 100 merchants accept contactless cards, resulting in over 60% of in-person card transactions taking place at a contactless-enabled merchant. [Payments Journal]

JPMorgan Chase Partners With Fintech Start-Up Marqeta To Launch ‘Virtual’ Credit Cards

JPMorgan Chase
JPM
is ditching plastic for some of its credit cards. The company’s commercial cards team is partnering with Marqeta to launch digital-only credit cards. The new function will allow JPMorgan corporate cards to work in mobile wallets such as Apple Pay or Samsung Pay immediately — without having to wait for a physical version in the mail. This type of immediate, “virtual” card has historically been used for gig-economy, or contract workers who may need to pay expenses but wouldn’t qualify for a corporate card. [CNBC]

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Lafayette business receives cease and desist order for lack of credit repair bond

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LAFAYETTE, La. (KLFY) – A Better Business Bureau Serving Acadiana complaint and subsequent investigation led to the Louisiana Office of the Attorney General issuing a “cease and desist” order to Lafayette-based Virtuous Business Consulting and owner Jessica Chaisson.

The business was ordered to immediately stop performing credit repair services at their 1003 Louisiana Ave. location. Virtuous Business Consulting currently has an F rating with BBB.

The AG order settles allegations the business performed credit repair services without the required $100,000 surety bond as required by state law under the Louisiana Credit Repair Services Organizations Act. Under terms of the order, the business was required to immediately stop performing credit repair services as well as provide the names and contact information for anyone who used their credit repair service. The order was for settlement purposes only and should not be considered as an admission of guilt.

According to BBB records, the company received a complaint from a consumer, alleging the company accepted an advance fee for credit repair then never performed the service. The business did not respond to the consumer complaint.

BBB sent correspondence to the business on Nov. 4, 2020, requesting a brief description of the products or services offered, copies of marketing materials provided to their customers, copies of any service agreements provided to customers and a copy of the required surety bond but BBB didn’t received a response.

“Hearing from consumer experiences help us keep the public informed with situations such as these,” said Jillian Dickerson, BBB Serving Acadiana President and CEO.

According to the U.S. Credit Repair Organizations Act, “No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed.”

When looking for credit repair services or debt relief, consider the following:

  • Understand the difference between credit repair services and debt relief. Credit repair companies repair credit reports for a fee; debt relief are typically programs that offer loans to consolidate debt.
  • Carefully research companies on BBB.org before agreeing to any services and make sure the company can help resolve the situation.
  • Before signing any contract, read and understand the terms and conditions, especially if it involves a loan.

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This 7-Figure Wealth Coach Has Helped Countless People Repair Their Credit During the Pandemic

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Coach Legend
This 7-Figure Wealth Coach Has Helped Countless People Repair Their Credit During the Pandemic

Coach Legend, as he is known, has been helping people struggling financially during the pandemic increase their credit scores and gain greater financial freedom. He has largely done so with the help of Instagram and Facebook. Through his genuine and authentic approach to social media marketing, Coach Legend has been able to help countless people turn their lives around.

What makes Coach Legend someone people turn to receive advice from is his authentic approach. For him, forging personal relationships is more important than making money. While it is definitely a nice perk of what he does, he isn not motivated by it.

Coach Legend’s primary motivation is helping others. It just so happens that he is great at relating with people and motivating them to improve their lives.

These days, this wealth coach is focused on helping with credit repair. That is because the pandemic cleaned out the accounts of many in 2020. With non-essential businesses closing across the country, many had been furloughed, have seen their hours reduced, or were simply let go. This led to financial hardships for millions of people.

Those who sought to buy homes and cars, or wanted to start their own businesses, came up against financial barriers. With a low credit score, it becomes incredibly challenging to get any sort of decent loan. Thankfully, Coach Legend knows what steps need to be taken to improve financial situations and credit scores.

Thanks to his helpful advice, countless people have been able to improve their credit scores and financial situations. His clients have been able to get the houses and cars they wanted, and are able to enjoy the financial freedom they thought was beyond them.

Coach Legend knows all too well how limiting it can be to work for someone else or be dependent on someone else for your livelihood. That is why he explored becoming an entrepreneur. He saw other mentors of his unlock financial abundance and sovereignty by becoming their own bosses. That is what he decided to do after learning everything he needed to know. It wasn’t long before Coach Legend was operating several different businesses.

By taking the entrepreneurial path, he was able to say goodbye to hard times and limits on what he could achieve. Becoming financially literate was also instrumental in him accessing the abundance that was waiting for him. Coach Legend now enthusiastically teaches others how to gain financial freedom as well, given his extensive experience with the steps needed to take to unlock it.

Social media has been a tremendous resource for Coach Legend, who has audiences on Instagram, Facebook, and YouTube. There, he dispenses sage advice and extends an invitation to anyone who is looking to improve their financial situation to receive advice and guidance from him.

You can watch some of Coach Legend’s keen insights when it comes to success and mindset by heading over to his Instagram Page.



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DENIED CREDIT?? Work to Repair | Announcements

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DENIED CREDIT?? Work to Repair Your Credit Report With The Trusted Leader in Credit Repair. Call Lexington Law for a Free credit report summary & credit repair consultation. 1-855-527-0217. John C. Heath, Attorney at Law, PLLC, dba Lexington Law Firm (LA-SCAN)

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