“For decades, corporate credit cards were a boring industry, dominated by money-colored AmExes, the default choice for power lunches and client dinners around the world.    Now, a fleet of richly funded startups wants to change that. Venture capitalists and other investors have poured big money into a growing group of companies that make credit cards for businesses. That includes more than $1 billion in funding and debt for just three startups: card-makers Ramp, Divvy and three-year-old Brex Inc. , which was valued last summer at an eye-watering $2.6 billion, according to PitchBook data.”

“The popular Chase Sapphire Reserve credit card is about to get more expensive.    JPMorgan Chase & Co. is boosting the annual fee for customers to $550 from $450 as it adds new perks with partners such as DoorDash and Lyft Inc., according to bank spokeswoman Ashley Dodd. For new cardholders, the increased annual fee will go into effect on Jan. 12, while existing customers will pay the new fee once their cards renew starting April 1.”

“Today Chase announced a new relationship with DoorDash, the nation’s leading on-demand food platform, to offer complimentary DashPass subscriptions for Sapphire, Freedom, and Slate cardmembers. Starting today, eligible cardmembers can activate and enjoy the convenience of DashPass, DoorDash’s subscription service that offers unlimited $0 delivery fees and reduced service fees on orders of $12 or more from DoorDash’s industry-leading selection of participating restaurants nationwide.”

“Citigroup, the third-largest U.S. card issuer, according to payments industry publication The Nilson Report, has been among the most aggressive promoters of zero-interest balance transfers. For a small fee, customers can move debt from a rival card onto Citi’s plastic and pay no interest for 21 months. That is currently the longest 0% deal in the industry, according to consumer finance company Bankrate LLC. Rivals offer 15 interest-free months with no fee. The card business now accounts for nearly one-third of Citigroup’s overall revenue and is one of the biggest potential drivers of future earnings growth.”

“Goldman Sachs is casting a wide net for customers of its new credit card with Apple , approving some subprime borrowers for the product. The bank, which is in charge of deciding who gets the Apple Card, is accepting some applications from users with less-than-stellar credit scores, according to people with knowledge of the matter. Goldman began to make the card available to some Apple customers this week ahead of a broader rollout later this month.”

“The rules around minimum payments on credit cards have changed in one province and others may soon follow. As of Aug. 1, banks in Quebec require a minimum payment of two per cent of the balance owing. It will eventually rise to five per cent by 2026.”

“U.S. Bank, the fifth-largest bank in the United States, has entered into a co-brand agreement with BMW Financial Services NA, LLC to issue credit cards that will deliver enhanced digital experiences and greater value to BMW, MINI and BMW Motorrad enthusiasts. U.S. Bank has also acquired the existing credit card portfolio from BMW Bank of North America, LLC, as part of this agreement.  “We are thrilled to have the opportunity to serve customers of BMW, a brand and company that is recognized and respected around the world,” said John Steward, president of U.S. Bank Retail Payment Solutions. “BMW’s superior reputation is a testament to its customer commitment and innovative thinking. Putting the customer at the center is a commitment we share at U.S. Bank. We look forward to building on that legacy together for the benefit of those who are passionate about BMW, MINI and BMW Motorrad.””

“Bank of America’s 27 million mobile banking users are now able to request a new or replacement debit card via the app — and instantly receive a digital version of their new card that they can use to start making purchases straight away. “This digital debit card has the same protections and benefits of a physical debit card and is immediately available to use in the mobile app,” Bank of America says.”

“JPMorgan’s Sapphire Reserve has been a huge hit with frequent travelers and big spenders since its launch nearly three years ago. That is a problem for United Airlines Holdings Inc., which wants those same customers to sign up for and spend on the airline’s credit cards. For JPMorgan and other banks, promoting their own branded cards while keeping airline partners happy is a tough balancing act. Banks in recent years have tripped over each other to lure big spenders with ever more generous rewards . At the same time, they are trying to stay in the good graces of their airline partners, which have come to rely on the revenue from their card deals with banks.”

Within the industry, the deal is widely perceived as one that’s risky for a bank to take on. Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks. Other banks, including J.P. Morgan Chase, Barclays and Synchrony, also bid on the business. Apple and the banks declined to comment on this story.

“Despite a rough start, Marqeta has had the right idea since its founding in 2010. It pursued a niche in the payments-processing business that had seen little innovation in over a decade: card issuing and processing, which involves deciding whether a debit card transaction should be approved. It iterated through three business models, staying frugal along the way and ultimately landing on an open-software platform that outside engineers could easily plug into. It identified Square and Instacart as future winners, recruiting them as customers and latching on for the ride.”