Credit card industry reins in balance-transfer offers as banks from JPMorgan to Amex fear defaults

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Banks have pulled back from a popular credit card promotion on concerns that borrowers struggling during the coronavirus crisis may leave them with defaulting loans.

Balance transfer offers, which typically entice borrowers to move their debt to a new lender in exchange for a temporary 0% interest rate, have been sharply reduced at banks including JPMorgan Chase, Citigroup, Bank of America, Barclays and Capital One, according to people with knowledge of the matter at each firm.

American Express took the most drastic step, dropping the product altogether, according to a company spokesperson.

“We are not currently offering balance transfers across

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Tesla lags auto industry in quality, finds new J.D. Power study

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People looking at a Tesla car on display at a showroom in Beijing.

Noel Celis | AFP via Getty Images

While many view Tesla as a leader in automotive technology, the company continues to face issues with the quality of its vehicles, according to J.D. Power.

As part of its 2020 Initial Quality Study, the firm found Tesla owners reported more problems in their first 90 days of ownership than the other 31 U.S. auto brands included in the study.

J.D. Power’s study is considered an industry benchmark for quality. It surveys owners and then grades auto brands based on

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Multinational industry alliance launch PayID

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A group of leading technology, finance and nonprofit companies have joined forces to announce the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency.

Multinational industry alliance launch PayID

GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps and others have collaborated on the development of PayID through the Open Payments Coalition, a multinational alliance of industry leaders. 

PayID brings together companies across all industries with an open solution for payments, marrying traditional finance, and the new world of FinTech under one standard.

More than

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This $100 billion dollar industry shut down by coronavirus is about to reopen

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An Orange County Convention Center employee replaces a sanitizer station ahead of the center’s reopening in July 2020.

Source: Orange County Convention Center

Today it might be hard to imagine a mass, indoor gathering with thousands of attendees. Yet that is the bread and butter of the convention and events industry, which was brought a screeching halt due following the coronavirus outbreak earlier this year. 

As states such as Florida and Texas take further steps to reopen, the industry is trying to bounce back, with some centers preparing to host events as soon as next month using safety measures that

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