TD Bank has introduced a new credit card product called TD Clear which charges 0% interest on revolving balances. Instead of charging interest on balances, TD Bank assesses a monthly fee while offering a bare-bones credit line. For a $10 monthly fee, consumers can access a $1,000 credit limit with a $45 minimum monthly payment, while for a $20 monthly fee, cardholders receive a $2,000 credit limit with a $70 minimum payment. Meanwhile, American Express is considering using artificial intelligence to analyze feedback from users across social media platforms to decide on whether customers qualify for lines of credit. However, only 16% of Americans support the adoption of CBDCs (Central Bank Digital Currency) by the U.S. government, according to a Cato Institute report.
TD Bank is a financial institution headquartered in Cherry Hill, New Jersey. The bank primarily operates in the eastern region of the United States with over 1,200 branches, including Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
American Express, commonly known as Amex, is a multinational financial service corporation based in New York City. The company is known for its charge cards, credit cards, and traveler’s cheque businesses. Founded in 1850, the company has grown to become one of the largest card issuers in the world.
