Target delivery, credit card late fee cap, and tumbleweeds.

Adam Rogers
March 06, 2024

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Target announced plans to launch its paid membership program, Target Circle 360, in April.

The program will offer benefits like unlimited free same-day delivery for orders over $35, free two-day shipping, and other perks. The program will have an introductory price of $49 per year, rising to $99 after May 18.
Despite reporting better-than-expected fiscal fourth-quarter earnings and revenue, Target hopes to bolster its weaker sales with the paid membership program. Target is also working to improve its e-commerce business by leveraging its acquisition of Shipt to offer free home deliveries.
Target is borrowing a strategy from Amazon Prime and Walmart+, whose membership programs have successfully boosted customer spending and loyalty.

Federal regulators have issued a new rule capping credit card late fees at $8.

The new rule is a significant reduction from the current average of $32. It is expected to save customers around $10 billion annually and help to lessen financial burdens for credit card users.
Despite banks implementing more cost-effective procedures for handling late payments, late fees have consistently risen, creating a substantial revenue boost for banks. However, by law, credit card late fees should match the costs the credit card company faces because of the late payment. In 2022 alone, Banks collected $14 billion in late fees.
The rule caps late fees at $8 for the biggest credit card issuers, who collectively account for 95% of all credit card balances. Banks can only charge higher fees if they prove covering actual collection costs is necessary. However, the rule doesn't change interest rates on unpaid credit card balances, which typically exceed 20%.
Critics warn that banks will likely add fees elsewhere to make up for the lost revenue.

Florida is beefing up law enforcement presence at popular spring break destinations.

Florida Gov. Ron DeSantis announced on Tuesday that there would be consequences for lawless behavior during spring break. The state is looking to avoid a repeat of 2023, where two deadly shootings occurred in Miami Beach. Police also arrested 488 people and 230 were charged with felonies.
Over 120 state troopers, aviation drones, and mobile command vehicles will be deployed to areas like South Florida, Daytona Beach, and Panama City Beach. The State Highway Patrol will utilize automated license plate readers to identify individuals with warrants or stolen vehicles and set up DUI checkpoints around problem areas.
Miami plans to implement curfews, bag checks, and limited beach hours. The Coast Guard will also patrol surrounding waters.

Bitcoin surged to a new all-time high of $68,869 on Tuesday but quickly retreated below $60,000 as some investors cashed out. The spike marked a big recovery for the cryptocurrency after a crash in 2022, which led to substantial losses and the downfall of major industry players like FTX exchange and its founder Sam Bankman-Fried. (More)

NASA introduced its newest class of Artemis astronauts at the Johnson Space Center in Houston. The 10 graduates were selected from over 12,000 applicants and completed extensive training. NASA also opened applications for the next round of astronaut selection. These astronauts will join missions to the International Space Station, future commercial stations, and Artemis Moon missions. (More)

A recent study from China suggests that consuming two liters of diet soda or other artificially sweetened drinks daily can increase the risk of atrial fibrillation, a dangerous irregular heartbeat, by 20%. This condition causes chaotic quivering of the heart's upper chambers. (More)

More US aid was airdropped into Gaza Tuesday to help the worsening humanitarian crisis. Over 36,800 meal equivalents were dropped in northern Gaza. US officials are considering multiple options, including delivering aid by sea and urging Israeli authorities to open more crossings for truck access into Gaza. (More)

Biden and Trump won statewide nominating contests on Super Tuesday, setting up a rematch in November's general election. Trump secured Republican votes in 12 states, virtually clinching his nomination. Biden comfortably won the Democratic contests in 14 states. But there were protests against his support of Israel, leading to significant "uncommitted" votes in Minnesota. (More)

America’s favorite snacks by state.

Parts of Salt Lake City were overrun by tumbleweeds.

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