Finance

Credit card companies now charging extra fees for paper statements

Published

4 months ago

October 22, 2024

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A new push to move credit card users to a digital statement will now come with a penalty for those who don’t want to comply.

Credit card companies from big name retailers have been silently rolling out a fee of $1.99 if you wish to keep receiving paper statements.

One of the biggest offenders is Synchrony Bank, and they have co-branded and store-affiliated credit cards with over 100 cards in their lineup, which include Sam’s Club® Credit Card, the Lowe’s Store Card, and the Amazon Store Card.

In November of last year, Citibank released new guidance to its customers saying that going paperless was “now required to access your account on Citi.com and the Citi Mobile App,”

MasterCard and Visa cards are seen in this illustration photo taken in Krakow, Poland on March 29, 2024. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

There isn’t a law banning paper statements, however, but permission is required in order to start paperless billing.

In a report to NBC Los Angeles Alicia Galowitsch said that the change started to add up for them. They account for every penny.

“It’s very tight. It’s very tight to where we had to start going to a food bank,” said Ms. Galowitsch. “It’s going to be $11.94,” said Galowitsch.

The couple has a number of credit cards and receive statements to help with organization.

‘If I’m not here, the payments are going to be late because Mark’s not going to know what to do. With paper statements, everything is written down for him,’ she noted.

In this photo illustration, one and five dollar bills seen on display. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Imagehoto Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images))

Other concerns come with users who are not technologically savvy.

Business professor Elaine Luther from Point Park University says online banking can pose a threat to security.

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Online Reddit users have also been raising concerns regarding the fee.

Person entering credit card details on laptop next to Christmas tree

For its report, WalletHub analyzed almost 5,000 deals from the Black Friday ad scans of 21 of the largest retailers in the U.S. (iStock) (iStock / iStock)

‘I have the Paypal mastercard and got a letter in the mail today. Beginning in April they will start charging if you are not using electronic statements. It is a small fee of $2.50 but still just a heads up if anyone has any cards by them may want to check.’

‘Closing my account, ’one user wrote on a thread titled: Synchrony to begin charging for paper statements,’ they said.

Finance

Anthropic closes in on $3.5 billion funding round

Published

52 minutes ago

February 24, 2025

Business Finance News

Dario Amodei, Anthropic CEO, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.

Gerry Miller | CNBC

Anthropic is in talks to raise a $3.5 billion funding round, significantly more than the amount previously expected, CNBC has confirmed.

The round would roughly triple the artificial intelligence startup’s valuation to $61.5 billion, according to two sources familiar with the deal, who asked not to be named because the details aren’t public. Lightspeed Ventures is leading the funding, with participation from General Catalyst and others, the sources said.

The financing, which was first reported by the Wall Street Journal, signals continued investor demand for top-tier AI companies, even in the face of potential disruption from China’s DeepSeek. Anthropic is backed by Amazon and Google, and had initially set out to raise $2 billion, according to a source.

Anthropic declined to comment.

The company’s last private market valuation was $18 billion. Amazon has poured $8 billion into the startup.

Anthropic was founded by early OpenAI employees and is the creator of the popular chatbot Claude. Earlier Monday, Anthropic released what it says is it’s “most intelligent AI model yet. Its so-called hybrid model combines an ability to reason — or stopping to think about complex answers — with a traditional model that spits out answers in real time.

WATCH: Anthropic unveils newest AI model

Amazon-backed Anthropic unveils newest AI-model

Finance

Jamie Dimon calls U.S. government ‘inefficient,’ touts Elon Musk’s DOGE effort

Published

2 hours ago

February 24, 2025

Business Finance News

Watch CNBC's full interview with JPMorgan CEO Jamie Dimon

JPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.

Dimon was asked by CNBC’s Leslie Picker whether he supported efforts by Elon Musk’s Department of Government Efficiency. He declined to give what he called a “binary” response, but made comments that supported the overall effort.

“The government is inefficient, not very competent, and needs a lot of work,” Dimon told Picker. “It’s not just waste and fraud, its outcomes.”

The Trump administration’s effort to rein in spending and scrutinize federal agencies “needs to be done,” Dimon added.

“Why are we spending the money on these things? Are we getting what we deserve? What should we change?” Dimon said. “It’s not just about the deficit, its about building the right policies and procedures and the government we deserve.”

Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that’s not legal, “the courts will stop it.”

“I’m hoping it’s quite successful,” he said.

In the wide-ranging interview, Dimon also addressed his company’s push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.