This week, news has surfaced that delinquencies in credit card payments are increasing, indicating potential warning signs of improper credit card usage.

This week saw developments in the credit card and payment sectors.

Some warning signs that you may have a credit card problemgetty

If you're worried you may be spending too much on your credit cards, you may not be sure what warning signs to look out for. According to The Motley Fool, there are several, and they may not be as obvious as you think. Signs include getting rejected for balance transfers, being at or near your spending limit, having difficulty making minimum payments, a lack of understanding of how much you owe, hiding credit card spending, and having more cards than you can keep track of. Additionally, your credit card debt can affect other aspects of your financial life. It's important to pay attention to these warning signs in order to prevent overspending.

A February survey from U.S. News & World Report shows that nearly half of respondents think that carrying a balance on a credit card improves your credit score, with just over 52% knowing that it does not. The survey also revealed that almost 16% of respondents do not know what their credit score is, 35% know that their credit report contains a breakdown of their credit score, and 56% are aware that their report contains a list of their credit activities. The survey also found that nearly 47% incorrectly believe that an increase in income results in an increase in credit scores, while 40% correctly identified FICO as the score used most often by lenders. This survey serves as a reminder that knowing your credit score and how it works is important in managing your finances.

A new report from the Consumer Financial Protection Bureau (CFPB) shows that 17% of Americans used buy now, pay later (BNPL) services in the first quarter of 2021. Despite many BNPL users having relatively healthy personal finances, the survey found that they were, on average, more likely to have high levels of debt, credit card revolving debt, delinquencies in traditional credit products, and the use of high-interest financial services. The report serves as a reminder for consumers to take caution when using BNPL services.

American Express is banking on Millennials and Gen Z for future growth potential. In a move to remain competitive in a rapidly changing market, the financial giant is hoping to attract young customers with its newest products and services.

American Express recently took a chance in a bid to remain exclusive and aspirational - and it paid off. Following the Great Recession, the company had to decide whether to broaden its consumer base or focus on more exclusive cards. Amex chose the latter and it has since seen a surge of new cardholders, with millennials and Gen Z accounting for three-quarters of the total. A whopping 70% of new cardholders last year acquired premium cards, which come with annual fees, proving that the gamble was a success.

The United States Department of Agriculture (USDA) is taking steps to make it easier for people to access food assistance, with the launch of a pilot program for contactless SNAP payment.

The Federal Reserve is set to launch their long-awaited digital payments system, FedNow, in July. With this system, it is promised that activities such as bill payments, money transfers and government disbursements can be done more quickly and cost-effectively. Institutions that participate in the program will have 24/7 access, whereas the current system closes on weekends. Advocates of the program, such as those who issued payments in the early days of the Covid pandemic, claim that it will get money to people much faster than before. FedNow will be a welcome addition to the financial world, and the Federal Reserve is confident that the launch in July will be a success.

In a move that signals growing ties between Cuba and Russia, several banks in Havana have begun accepting the Russian MIR payment cards. These cards are the equivalent of Visa or Mastercard in Russia, or UnionPay in China. ATMs displaying the Russian payment system logo now offer the option to withdraw funds from cards issued by Russian banks. The money is provided in Cuban Pesos, with the Ruble/Peso exchange rate currently standing at roughly 1 to 1.5. This development means that Russian visitors to the island can now access their money held in accounts in Russia. This is the latest in a string of moves that suggest Cuba and Russia are strengthening their economic partnership.

Financial inclusion is becoming increasingly attainable for people around the world thanks to the rise of mobile payments. These technological advances allow users to make fast, secure payments and access banking services from their phones, making it easier than ever for people to manage their finances.

A new report from the World Bank has revealed that close to a third of the world's adult population are still categorized as unbanked. This figure is especially high in developing countries, where more than half of households don’t have an account with a financial institution. Women from poor households, as well as those in rural areas or out of the workforce, are particularly affected by this financial exclusion. Financial inclusion is seen as one of the major steps in tackling global poverty, but access to affordable and suitable financial products is an issue. Small businesses have also found it difficult to access affordable financing, hindering their growth. However, mobile payments could revolutionize financial inclusion by providing affordable and efficient transactions, creating a platform for business growth, and enhancing security. This could be the key to unlocking financial inclusion worldwide, ensuring that all individuals and businesses have access to financial products that are affordable, suitable, and delivered in a sustainable way.