With the spending downturn set to worsen, based on early April results, Discover's recent growth streak could take a major hit. In its month-to-date results for April, Discover noted that spend in every category except for groceries fell annually, with the worst impacts being felt in gas and restaurants and travel — three key categories for card networks.
Though there's still lingering uncertainty about what the next few months might look like, the figures don't paint a rosy picture for Q2. And for Discover, which had been posting consistent quarterly growth on an annual basis and was on the way to , such a decline could shift the brand's outlook considerably, though recent growth in the brand's business-to-business offerings might help temper some declines, per its earnings.
Though the brand is undertaking considerable efforts to mitigate risk and maintain spend, the results should serve as another warning for card providers. Discover isn't alone in these trends, and it's likely other card networks will see similar or worse downfalls this year, leaving providers to compete for a waning share of spend while minimizing the risk of charge-offs.
Discover is tightening underwriting for new customers, minimizing balance transfers, and taking other steps related to credit line management to reduce its risk.
Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. >>, Business Insider Intelligence's expert email newsletter keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >>
I guess they will......DISCOVER....it soon😃😂😁😀😊☺😆
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Connectivity divide is accentuated amid the pandemic - Business Insider - Business InsiderThe coronavirus has exacerbated the disadvantages of not having home internet, sparking a bipartisan effort in the US to expand broadband subsidies.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Global remittance volume set to plunge in 2020 - Business Insider - Business InsiderRemittance firms may struggle to cope with a sudden drop in remittance volume, but focusing on the digital channel could help them survive. CurateByo just a crc introspection for those who rely on diaspora remittances for a living. This covid19 pandemic is real. not really alarmist but to save as a warning for lean budgets in the foreseeable future
Source: BusinessInsider - 🏆 729. / 51 Read more »
British fast-fashion retailer Boohoo thrives despite pandemic - Business Insider'Thriving not just surviving': How the UK's fast-fashion giant is powering ahead of competitors during the coronavirus pandemic If they keep suppressing us, they will lose everything they have by the power of nature!!! Just like this pandemic!!! Take my word for it!!! They will lose everything they have!!! Elohim will make them become survivors and not those thriving. I am referring to rat gangs typing.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Financial planners share top advice to clients during the pandemic - Business InsiderOver a third of financial planners surveyed by the CFP Board advised clients to 'sit tight' and avoid making major financial decisions right now.
Source: BusinessInsider - 🏆 729. / 51 Read more »
House antitrust chair wants ban on mergers during coronavirus pandemic - Business InsiderHouse Antitrust Chairman David Cicilline told Politico he wants the next coronavirus relief bill to include a ban on mergers during the pandemic. The government should be a lender of last resort, a ban on mergers in effect forces companies to take bailout money, and increases the cost to the taxpayer. Ban stock buybacks!
Source: BusinessInsider - 🏆 729. / 51 Read more »
New York nurse on fear, heartbreak of fighting coronavirus pandemic - Business InsiderAs part of the medical team at Mt. Sinai Hospital in New York City, KP Mendoza believes healthcare workers need protective gear — not hero worship. billmaher Thank you for this feature, and especially to RMahbubani for putting my perspective so eloquently into words.
Source: BusinessInsider - 🏆 729. / 51 Read more »