Credit Card News

• Citibank deems frequent flier miles taxable income
  Posted on - February 11, 2012

  

  The value of frequent flier miles is coming under fire as Citibank recently issued IRS 1099 tax forms to members who received miles as an incentive to open a checking or savings account. In reporting an assigned dollar value to the miles, the bank is saying those miles represent taxable income. Whether or not the Internal Revenue Service, which also receives notification of the income, agrees with Citibank is unclear.  Read More

• CFPB, FTC pledge to not "double-team" banks
  Posted on - February 10, 2012

  

  Now that President Obama has appointed Richard Cordray as director of the fledgling Consumer Financial Protection Bureau, the agency has ramped up its efforts to investigate and spotlight Americans' complaints about credit card issuers. The CFPB and the Federal Trade Commission released a memorandum of understanding about how the two government offices will collaborate on rulemaking, prosecution, and conflict resolution between banks and borrowers.  Read More

• United Arab Emirates caps credit card interest at 18 percent
  Posted on - February 9, 2012

  

  An Arab nation's move to curb its citizens' credit card debt could inspire American lawmakers to cap interest rates, according to a recent Time report. Despite Sharia rules that prohibit Islamic banks from charging interest, many credit card users in the United Arab Emirates pay service charges that amount to a 36-percent annual percentage rate, writes Time's Martha C. White.  Read More

• Bank of America card holders get free museum entry
  Posted on - February 8, 2012

  

  Bank of America has announced some new members of its Museums on Us program, now in its 15thyear. The program allows Bank of America credit card or debit card holders the opportunity to visit participating museums across the country for free one weekend each month. Merrill Lynch debit and credit card holders are also part of the Museums on Us program.  Read More

• AT&T network opens Google Wallet for business
  Posted on - February 7, 2012

  

  This month, AT&T became the third nationwide wireless carrier to permit Google Wallet functionality on Nexus-branded Android phones. Sprint openly authorizes eligible users to activate the near-field communication payment chip on their networks, while AT&T and Verizon customers must add the functionality by downloading the Google Wallet app from the Android Market.  Read More

• Obama, Romney use Square for quick credit card donations
  Posted on - February 6, 2012

  

  In 2008, Barack Obama's campaign staffers changed the way political campaigns leverage technology and social media. The President's re-election campaign hopes to revolutionize political donations the same way in 2012, with help from smartphones and mobile credit card readers.  Read More

• Watch2Pay combines wristwatch with prepaid MasterCard
  Posted on - February 3, 2012

  

  Mobile payments industry observers have focused most of their attention on smartphones with near field communications technology. However, an Austrian company has dreamed up a way for prepaid debit card users to avoid reaching for their pockets altogether.  Read More

• GE Capital renews credit card deal with ShopNBC
  Posted on - February 2, 2012

  

  GE Capital Retail Bank is renewing its private label credit card agreement with ShopNBC. In a press release, the companies announced a new multi-year deal for GE Capital to continue providing the TV and online-shopping portal's credit card. The two companies have had a relationship since 2006 when GE Capital first started producing the ShopNBC card.  Read More