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Dec. 12, 2012 weekly credit card news

Written by Ellen Cannon
Posted On: December 12, 2012

Credit card news is slowing down now, but we found a few stories of interest this week.

Using Square Wallet: First-person story

Square is in the news this week with its introduction of gift cards. Cardratings.com contributing writer Jennifer Goforth Gregory tested Square Wallet for us and reports on its ease of use - "I was impressed that I didn't even need the help of 'tween kids as I often do when it comes to my smartphone" - and also interviewed a few of her local merchants who are using Square Wallet so see both sides of the story.

CFPB employees answer survey

The Consumer Financial Protection Bureau issued its survey of 945 employees (698 responded) on their work, working conditions, management. Among the statements employees were asked to agree or disagree with as this: "Promotions in my unit are based on merit." Responses: 14.6 percent strongly agreed, 19.7 percent agreed and 17.3 percent "strongly disagreed." There were also fairly negative responses to questions about training, with many indicating that they were not getting adequate training to perform their jobs.

myFICO finds conservative holiday spending

Everyone's doing surveys right now. myFICO surveyed 2,400 consumers in November and found that one-third of respondents planned to cut back on their holiday spending this year, and only 20 percent will consider opening a new card. Continuing the conservative card-use trend, 80 percent said they would use less than 25 percent of their credit limit.

Discover tests on their employees

Becky Yerak at the Chicago Tribune wrote about Discover's test of paying by finger at the company's headquarters' cafeteria. She says 300 to 350 employees are going to be part of the test. Working with Natural Security, a French biometrics company, employees will record their index fingerprints and then get a key fob that will include their credit card information and their fingerprint. Discover expects this method to be more secure and faster for cardholders to make purchases.

Current Credit Card Rates from CardRatings.com as of Dec. 11, 2012

Type of card

This week

Last week

Low Intro. Rate

0.20%

0.20%

Limited/No Credit

19.59%

19.59%

Low Ongoing Rate

14.50%

14.50%

Air Miles/Travel

16.33%

16.33%

Rewards Points

16.70%

16.70%

Cash Back

16.10%

16.10%

Student

16.15%

16.15%

Business

15.41%

15.41%

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