This Company Wants You to Swap Your Plastic Credit Card For Its App
Credit cards may soon be a thing of the past as consumers will ditch the plastic and opt for digital solutions, according to financial company, Affirm.
The company recently launched an alternative lending app., that doubles as a digital credit card. Jack Chou, the company's Head of Product, joined us to discuss his strategy to reinvent credit.
Chou breaks down the three reasons credit cards are broken. He says companies profit off of consumer missteps and interests are not aligned. Also, traditional credit companies make more money on fees than other services, something his company is looking to counter.
Chou highlights that Affirm doesn't profit off user missteps, and its goal is to be transparent. With the new product, Affirm believes it is reinventing credit for the 21st Century.
Facebook parent company Meta's first-quarter results surpassed Wall Street's modest expectations on both profit and revenue, sending its stock soaring in after-hours trading.
Another automaker is trying to cut its workforce to trim expenses and stay competitive as the industry makes the long and costly transition to electric vehicles.
The U.S. economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced their inventories.
Applications for unemployment benefits in the U.S. fell last week as the labor market continues to show strength despite some weakness in other parts of the economy.
Disgraced Theranos CEO Elizabeth Holmes has avoided starting her more than 11-year prison sentence on Thursday by deploying the same legal maneuver that enabled her co-conspirator in a blood-testing hoax to remain free for an additional month.
When people think of asset classes, most think of stocks and bonds. Mark Hamrick, senior economic analyst with Bankrate.com, joined Cheddar News to discuss why the current economy is making the cash savings account a more worthwhile investment than it's been in previous years.
The National Labor Relations Board said Tesla was found guilty of breaking U.S. labor law after telling employees to not discuss or complain about wages.
