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Credit Card News Archive

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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 [...]
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 [...]
Categories: Credit Card Law
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, [...]
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 [...]
Categories: Bank of America
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. Verizon Wireless spokespeople have [...]
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. Reporters from Politico and the Los Angeles Times have already seen Obama campaign staffers in action, using [...]
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. LAKS' new Watch2Pay product embeds a contactless EMV chip inside a black fashion wristwatch, enabling the wearer to [...]
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 [...]
Categories: Retail Cards
After setting a 2015 deadline for installing a new generation of retail credit card terminals, Visa has taken steps to assure merchants that it doesn't intend to bring the stricter "chip-and-PIN" requirements from Europe into the United States. Visa spokeswoman Stephanie Ericksen took to her company's blog this month, clarifying that "EMV technology" can refer [...]
The debate over credit card interchange fees has taken to the streets of San Francisco, where taxi cab drivers have challenged city rules about accepting plastic from passengers. A city-commissioned study reviewed the results of a pilot program that allowed taxi cab companies to pass along the cost of credit card transaction fees to drivers, [...]
U.S Bank, Citibank and Discover each suffered a major hit recently due to identity theft and a serious case of fraud, all perpetrated by one man. A Canadian citizen, who was unemployed and receiving welfare assistance, is being charged with what prosecutors described as "one of the largest high-tech robberies in U.S history," according to [...]
A British retailer's response to holiday delivery problems has raised questions about credit card security both in the U.K. and around the world. Luxury home goods merchant Fortnum & Mason has already apologized for computer glitches that kept many of its customers' online orders from arriving in time for Christmas. In statements to reporters, company [...]
A recent Supreme Court ruling could restore binding arbitration clauses to the terms and conditions of many American credit cards. Eight of the Supreme Court Justices ruled in favor of CompuCredit, a company marketing credit cards for bad credit. The company's customers had attempted to sue CompuCredit for marketing a Visa credit card that only [...]
Categories: Credit Card Law
The Street's Dan Freed warned investors this month that a major lawsuit against Visa, MasterCard, and over a dozen large credit card issuers has slipped "under the radar" despite the significant changes it could bring to the payment marketplace. Although the case won't reach the courtroom until September, industry analysts have started making guesses about its [...]
Social Security numbers and other key information about more than 2,200 living military veterans showed up by mistake on Ancestry.com, according to a Department of Military Affairs report. As department officials investigate the cause of a filing error that supplied the information to Ancestry.com, the VA announced it had already arranged for affected families to [...]
As London officials gear up for a "contactless" Olympic Games this summer, industry analysts report that the public's lack of awareness about new credit card technology could hamper its adoption. According to a YouGov study, fewer than 1 in 10 Britons knew they could use contactless credit cards or NFC-enabled smartphones to pay for meals [...]
The year has just begun but it already appears consumer confidence is on the uptick. Two major credit card issuers, American Express and Capital One, have revealed that their U.S. credit card loan balances rose in the fourth quarter of last year, according to company press releases. Capital One reported its U.S. credit-card loans grew 5.1 [...]
Categories: Other News
As tax season approaches, H&R Block is once again promoting its Emerald Prepaid MasterCard. The tax preparation firm launched its prepaid debit card in 2007, according to H&R Block, as a way for consumers to quickly receive their tax refunds. H&R Block offers the Emerald Prepaid MasterCard to its tax preparation customers. The card can also [...]
Popular online shoe retailer Zappos.com alerted its employees and customers of a data breach that allowed hackers to see shoppers' personal information, but not their credit card numbers. In a posting on his company's public blog, Zappos CEO Tony Hsieh advised employees to set aside at least 20 minutes to review information about the cyber [...]
A new wave of fraud involving prepaid debit cards has sprung up across the country, especially targeting residents of Hispanic communities. Officials at Western Massachusetts Electric Company and San Diego Gas & Electric have warned utility customers in both states about fraudulent phone calls from impostors threatening to suspend electric service unless they receive immediate [...]
About 4 billion credit card offers were mailed out to Americans last year, more than any year since 2007 and almost triple the number sent out in 2009, according to analysis from Synovate, a market research firm. The Boston Globe indicates this may be a sign of relaxed lending policies from some of the nation's [...]
Americans took on more credit card debt during the 2011 holiday season without going overboard, according to statistics from Experian and the Federal Reserve. Government officials announced figures from November that show a $20 billion spike in consumer spending, the biggest holiday rebound in over a decade. Though auto sales played a major part in the [...]
Categories: Other News
Virginia Governor Bob McDonnell wants to discover his state's students with the sharpest personal finance skills. In a statement to reporters, McDonnell announced the Governor's Challenge in Economics and Personal Finance, a semester-long program to encourage financial literacy in the state's high schools. Teams of four students each can qualify for a "quiz bowl" style [...]
Categories: Financial Literacy
Another celebrity credit card has been announced, but this has the backing of some of financial responsibility's most powerful players. Suze Orman, along with Bancorp Bank, has launched the Approved Card, a prepaid MasterCard, according to CNN. Orman backed the card with $1 million of her own money; there are no other partners. The Approved Card [...]
Chase Card Services is making the skies a little more friendly with its latest announcement. The credit card company is partnering with Southwest Airlines for its Ultimate Rewards program, it announced in a press release. The airline is the largest U.S. carrier in terms of the number of originating domestic passengers. Under the new deal, three [...]
Categories: Chase Bank
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