Bank card makes it easier for trans and non-binary people to display their true names

You'll rarely find me singing the praises of any major financial institution, but the new True Name Card from Mastercard does seem like a thoughtful way to catch up with reality:

For many in the LGBTQIA+ community, the name on their credit, debit or prepaid card does not reflect their true identity. As a result, for the transgender and nonbinary community, the card in their pocket can serve as a source of sensitivity, misrepresenting their true identity when shopping and going about daily life.

Mastercard is making a commitment to address this challenge by introducing the True Name™ feature. We are working with partners to bring products to market that will allow for chosen names to appear on the front of cards, helping ease a major pain point for the transgender and nonbinary community.

BMO Harris Bank is the first partner to make this feature available on their consumer debit and credit cards as well as on their small business debit and credit cards.

That partner bank, BMO Harris, adds in its own statement that, "Research shows one-third of individuals whose ID has a name that doesn’t match their gender presentation experience harassment and denial of service."

While it's frustratingly remarkable that, "Respecting people by calling them whatever they'd like to be called" remains a controversial stance, it's still nice to see otherwise-amoral institutions putting in these small efforts to be more humanist and empathetic.

True Name™ by Mastercard

Inclusivity comes to credit cards: Mastercard creates ‘True Name’ for transgender, non-binary customers [Hannah Denman / The Washington Post] Read the rest

Banks have returned to the pre-2008 world of automatic credit-limit increases for credit cards used by already indebted people

"Proactive credit line increases" (PCLIs) are when your credit card company increases your credit limit without your asking for it; it was very common prior to the 2008 crisis, but the post-crisis rules largely put a stop to it. Now, banks have figured out regulatory loopholes that allow them to throw PCLIs at their most vulnerable customers, leading to record-high national levels of credit-card debt of $880b as of last September, higher than the pre-crisis high. Read the rest