Travel insurance, business recovery, SuperApp: This week’s best banking news

woman with mask travelling without insurance
  • Travel insurance industry unlikely to hit pre-COVID levels until 2024 
  • Small business recovery slim 
  • Personal loan lender RateSetter rebrands to ‘Plenti’ 
  • Meet Revolut’s financial ‘SuperApp’  
  • Up and Transferwise team up for international money transfers 
  • Want a little cashback? Here’s where you can get it with your credit card 

All in this week’s best banking news: editor’s pick. 

Travel insurance industry not set to recover until 2024  

The growth of the Aussie travel insurance industry has taken a severe blow as a result of COVID-19, and it may not recover for a few years yet. 

This is according to a new report from GlobalData, which foresees a 10% decline in the travel insurance industry this year alone. This is dramatically different to last year, which actually saw 50% growth. 

GlobalData predicts that these levels of growth may not be seen again until 2024, as there is uncertainty around when travel restrictions will be lifted. 

Read full article:
Travel insurance slumps and might be grounded until 2024 to find out more about the long recovery of the industry. 

Small businesses continue to struggle with debt, despite slight recovery 

Aussie small businesses have been amongst some of the hardest hit by the global pandemic, and their recovery remains slim. 

New data from digital credit agency CreditorWatch shows that fewer businesses defaulted on their credit in July. This was 13% lower than the number in June. 

Plus, last month saw some companies repaying the money they owed over a shorter period of time, with an 8% drop in payment times. 

However, CreditorWatch’s chief executive officer, Patrick Coghlan believes this growth is modest at best. For example, payment times were a massive 224% higher in July 2020 than the same time in 2019.   

Read full article:
Debt relief? Small business recovery remains slight to deep dive into CreditorWatch’s stats. 

After a financial ‘SuperApp’? Revolut’s got you covered

couple on tablet using SuperApp by Revolut

This week, international fintech Revolut launched its money app and card to the Aussies. 

With 12 million customers around the globe, Revolut already has 30,000 Australians on the waiting list. But now, many will become fully fledged Revolut customers! 

“Most Aussies, and indeed most young Australians, manage the lion’s share of their life through their mobile phones now, and we believe it should be no different for managing their finances - whether it’s something as simple as budgeting and splitting bills, or something more complex such as purchasing cryptocurrencies or commodities,” Revolut Australia chief executive, Matt Baxby, says. 

“Revolut is building towards a financial SuperApp that enables Australians to truly take control of their finances in one place. There are so many existing financial products that are either too complicated or inaccessible for Australians and we want to break that down and put the power back into our customers’ hands.”

Read full article:
Revolut rolls out in Australia with financial 'SuperApp' for a rundown of the app and what’s on offer. 

Meet Plenti! Personal loan lender RateSetter’s brand new name 

Goodbye RateSetter and hello ‘Plenti.’ This week, the technology-led personal loan and car loan lender switched things up to a whole new name and look. 

Helping 80,000 households over five years, the new ‘Plenti’ aims to assist many more in the years to come. 

“As we grow, we want our identity to reflect our ambitions rather than our origins. We will always be proud of our history. But we feel now is the right time to take things to the next level, with a name that reflects our company’s future as a champion in consumer finance,” Plenti chief executive officer, Daniel Foggo said.

“The name ‘Plenti’ does just that. Plenti reflects our ambition and purpose: to create smart financial products that help our customers make the most of their money and transform their tomorrow.”

Read full article:
Personal loan lender RateSetter becomes 'Plenti' to check out Plenti’s products and see what the change means for existing customers. 

Up jumps on the international money transfer bandwagon with Transferwise

young woman on her phone using Transferwise through Up

Time for a tech industry moment: neobank Up has teamed with popular international money transfer (IMT) provider Transferwise.

The collaboration launched on Monday and enables Up customers to transfer money to 48 different countries around the world. 

According to Australia’s country manager, Tim Cameron, Up’s goal is to make overseas transfers faster and cheaper. In fact, customers using the Transferwise feature will have clarity around exchange rates, transfer fees and how much will land in the recipient's bank account. 

Read full article:
Up teams up with TransferWise on international money transfers for more from Tim Cameron. 

Where to find yourself a credit card cashback offer    

With travel off the cards for Aussies, travel-based rewards programs are less valuable than they used to be. That’s why you should consider a credit card cashback offer instead! 

This week, American Express dropped a new cashback offer as part of its Qantas Ultimate Credit Card

  • receive $100 cashback when you spend $150 or more on Qantas Wine (the card also comes with a complimentary Qantas Wine Premium Membership) 

The offer is available to new customers that apply and are approved by 3 September this year. 

But Amex isn’t the only one with cashback offers: some other providers include ANZ, CommBank, Westpac, Bank of Queensland and Virgin Money (just to name a few). 

Read full article:
Credit card cashback offers: where to find yourself a deal for the entire list of credit card cashback offers. 

Sick of your current plastic and need to make the switch? Check out some hot credit card options below.

Compare Credit Cards 2020 - rates updated daily

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