In recent years, tightening bank regulations have driven banks to introduce or hike fees to maintain profits. As a result, consumers have been extremely sensitive to bank fees. However, banks may have repackaged fees in a way that makes them less objectionable.
- On Tuesday, Delta Airlines will raise the annual fee for the Platinum Delta SkyMiles card from $150 to $195, which applies to new and existing cardmembers. Cardmembers would have to reevaluate whether or not the higher annual fee is worth benefits. One positive change that Delta made recently was to drop foreign transaction fees on all of its credit cards.
- Square has decided to discontinue its Square Wallet mobile app in favor of a new ordering app called Square Order. The new app lets users pay for purchases at local businesses before going in to pick up your order. The Square Wallet is no longer available for download but it is still supported until further notice for those who already have it.
- Consumers are more receptive to bank fees, according to the annual U.S. Retail Banking Satisfaction Study by J.D. Power. Fee satisfaction has reached the highest level since 2010. J.D. Power says that banks are improving the banking experience and educating customers on fees so that they are more satisfied.
- Manilla, the company that offered a digital bill manager, announced that it will closed down on July 1, 2014 because it “was unable to achieve the scale necessary to make the economics of the business viable.” The company will continue to store user documents until Sept. 30, 2014, after which all information will be erased.
- There is a report that says the next version of the Apple iPhone will have near field communication (NFC) technology, which can be used to make mobile payments. Like all rumors that surround the upcoming iPhone 6, the possibility of NFC should be taken with a grain of salt. Similar rumors surfaced last year before the release of the iPhone 5S. We can only wait for the official announcement.