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Credit Card News

AmEx, Capital One, Chase help phone companies launch mobile wallet in two test cities

Contactless credit card payments edged closer to the mainstream with the launch of Isis Mobile Wallet in Salt Lake City and Austin, Texas. A coalition of wireless carriers -- AT&T Mobility, Verizon Wireless, and T-Mobile -- rolled out the service to test users in both markets during the month of October. According to company statements, [...]

Categories: Contactless Credit Cards
Study finds thieves using credit card chargeback policies against online merchants

Nine out of ten online merchants leave themselves vulnerable to credit card fraud, according to the results of a survey conducted by SignatureLink and CardNotPresent.com. In a statement to reporters, SignatureLink CEO Greg Wooten noted that only 10 percent of websites surveyed require shoppers to accept terms and conditions using voice consent, e-signature, or physical [...]

Categories: Identity Theft / Credit Card Fraud
Credit card defaults drop, boosting Discover's earnings

Personal credit card default rates dropped again in September, falling more than 1.5 percentage points since the same month a year ago, according to the latest report from the S&P/Experian Consumer Credit Default Indices. The national index for bank card defaults fell to 3.7 percent, the lowest figure since the statistical end of the 2007-2009 [...]

Categories: Discover
Bankers help kids gain financial literacy, while FICO researchers explain how to earn high credit scores

Bankers helped enrich the lives of more than 130,000 American children by participating in Get Smart About Credit Day during October. The American Bankers Association Education Foundation and its partner banks staged financial literacy events in over 450 communities. The sessions gave bank employees and other volunteers the chance to share financial education tips ranging [...]

Categories: Financial Literacy
Credit card limits increase, while balances drop in many major cities

A pair of studies from a leading credit reporting agency shows that credit card use continues to stabilize, especially in parts of the country hit hardest by the recession. Equifax's recent National Consumer Credit Trends Report measured increases in auto loans, student loans, and new credit cards. Meanwhile, a study of regional credit card debt [...]

Categories: Credit Card Debt / Debt collection
Restaurant owners reject proposed Visa, Mastercard swipe fee settlement

The country's largest restaurant trade group joined a chorus of detractors claiming that a proposed settlement over credit card interchange fees doesn't go far enough to foster competition among merchant banks. In a statement to reporters, Dawn Sweeney, President and CEO of the National Restaurant Association, said that the pending deal with Visa, MasterCard, and [...]

Categories: Credit Card Law
FTC closes fake platinum credit card operation

Marketers behind the "Platinum Trust Card" and the "Express Platinum Card" can never sell credit cards or make cold calls again, according to the Federal Trade Commission. According to FTC officials, a Philadelphia company operating under the names Apogee One Enterprises and Marquee Marketing used telemarketing services to pitch platinum credit cards that they claimed [...]

Categories: Identity Theft / Credit Card Fraud
MasterCard plans shift to EMV-enabled ATMs by 2016

MasterCard officials expanded its roadmap for EMV, or smart-chip enabled, debit and credit card technology to include automatic teller machines. After October 2016, banks can hold ATM operators liable for fraudulent withdrawals and cash advances from debit and credit cards. MasterCard's announcement was the first to specifically address ATM operators, who had been waiting for [...]

Categories: MasterCard
Visa adding extra credit card security for retailers in 2013

Visa intends to pave the way for merchant acceptance of EMV credit cards with help from a new data encryption service that launches early next year. According to company spokeswoman Ellen Richey, the payment platform provider intends to offer a point-to-point security solution that scrambles customer data at the terminal, reducing the likelihood of credit [...]

Categories: Testing / Technology
Credit card delinquencies down again in July, showing strength in subprime borrowing

Americans keep getting better at paying their credit card bills on time, according to the results of a new Experian study. Researchers reported that the dollar amount of bank credit card accounts over sixty days delinquent fell 21 percent in July 2012 from the same period a year earlier. Auto loan and mortgage delinquencies also [...]

Categories: Credit Card Delinquencies
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