Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Amazon is finding a way to get its rewards credit card in the hands of more people.
The e-commerce giant partnered with publicly traded bank Synchrony Financial to launch "Amazon Credit Builder" — a program that lends to shoppers with no credit history or bad credit, who would otherwise be exempt from Amazon's loyalty cards.
"There's always going to be people that we can't give credit to — this is a large population that we weren't able to reach," Tom Quindlen, Synchrony executive vice president and CEO of the bank's retail card operation, told CNBC in a phone interview. "It's a new segment of the market."
The card has the same perks, like 5% cash back on purchases, that come with the popular Amazon Store card, which Synchrony also powers. These rewards cards incentivize shoppers to use Amazon instead of an alternative and helps drive loyalty within its customer base, Quindlen said. Banks such as J.P. Morgan have also bet on rewards cards that would theoretically make customers spend more and in turn bring in more interest and returns.
This new Amazon card could open the door to a huge segment of U.S. buyers. According to a 2018 FICO survey, more than 11% of the population has a credit score below 550. About 4% of the population has a "bad credit score," which according to FICO Score is between 300 and 499. Meanwhile according to a 2017 survey by the FDIC, 25% of U.S. households are either unbanked or underbanked.
The program prompts users with financial literacy tools and tips to learn about building credit. For example, it might include a tutorial on why someone should pay a minimum, Quindlen said. Borrowers can eventually "graduate" to an unsecured Amazon credit card once they've demonstrated they can pay back the loans.
Reaching further down the credit curve comes with risks. Quindlen said they're mitigating that by issuing what are known as "secured" credit cards. People can deposit $500, for example, and have a $500 credit limit. The interest rate, or APR, for the starter card is 28.24%.
"It's putting credit in the hands of people in a responsible way," he said. Stamford, Connecticut-based Synchrony Bank, which is a subsidiary of Synchrony Financial, also issues co-branded credit cards with Lowe's, Sam's Club, PayPal, Banana Republic and other companies.
The new card application sits directly next to the other Amazon cards. If a customer doesn't get approved for an Amazon credit card, they'll be prompted for this new offering and asked if they want to apply to "Amazon Credit Builder" instead. They can eventually "graduate" to another Amazon store card, once they've built credit history, according to Quindlen.