Curtis Arnold
Curtis Arnold, Editor-in-Chief
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Joe Taylor Jr., Reporter
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Amber Stubbs, Managing Editor

Credit Card News Archive

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For the first time in five decades, American Express surpassed MasterCard in annual transaction volume. According to financial trade publication The Nilson Report, American Express processed $540 billion in purchases during 2011, a 13.4 percent increase from the previous year. MasterCard's own 6.1 percent increase couldn't keep pace, resulting in just $508 billion in transactions. In [...]
Categories: American Express
Bookseller Barnes & Noble is offering a $25 gift card to new cardholders who sign up for its co-branded MasterCard and make their first purchase with the card. The card also has perks for those who regularly shop at the bookstore or at its website. To earn a $25 Barnes & Noble gift card, customers must [...]
Categories: Retail Cards
On the surface, banks report some of the lowest credit card default, delinquency, and fraud rates they've experienced since the industry started keeping records. Yet, according to two major credit service firms, credit card issuers have yet to experience the full impact of hidden fraud across the global banking industry. FICO and Equifax recently hosted an [...]
Some Bank of America customers in upstate New York got a new credit card in the mail recently, but not all were sure why. The bank sent replacement debit cards and credit cards to customers who may have had their financial information compromised by a third party. A television station in Rochester, N.Y., reported some customers [...]
The Federal Trade Commission stepped up its prosecution of companies portraying high interest personal loans as bad credit credit cards and bill collection services, according to news reports. FTC investigators have traced complaints stemming from telemarketing calls to at least two companies, and investigators promise more details about their alleged fraud in the weeks to [...]
Debt collectors and credit reporting agencies will face new federal scrutiny under a proposal from the Consumer Financial Protection Bureau, officials announced this month. After signing a pledge with the Federal Trade Commission to avoid doubling up on bank investigations, CFPB Director Richard Cordray issued a statement to reporters about his agency's goal to bring [...]
Categories: Credit Card Law
In a continuation of its support for small businesses, American Express announced recently that it would be giving away $100 in free Twitter advertising to small business credit card holders and merchants. Twitter, the social media juggernaut, has developed an advertising platform just for small businesses that will be unveiled late in March. American Express card [...]
Categories: American Express
Successful hacking attempts against smartphones running Google Wallet software have caused the software company to suspend access to customers' prepaid debit cards, according to news reports. In recent weeks, numerous software engineers and security researchers have called attention to vulnerabilities in the Android operating system that could leave Google Wallet accounts open to outside attack. The [...]
Federal regulators unanimously approved Capital One's proposed purchase of ING Direct, one of North America's first successful online savings banks. According to news reports, the merger prompted lawmakers and consumer advocates to debate the merits of approving the creation of a new megabank. During a public comment period lasting almost eight months, the deal's critics [...]
Categories: Capital One
American banks and credit unions have already issued over one million credit cards with embedded EMV chips, according to a new report from payment platform operator Visa. In a statement to reporters, company officials noted that customer requests drove a significant ramp-up in the number of cards that supplement a traditional magnetic stripe with a [...]
A modest dip in average spending for Valentine's Day gifts will put more pressure on American men, according to a survey commissioned by Visa Inc. Whether it's a ripple effect from a better-than-expected Christmas season or simply a return to traditional expectations, women in Visa's survey told researchers that they expected to spend less this [...]
Categories: Other News, Visa
American Express is increasing its focus on its cards with annual fees, the company announced in an investor webcast, according to Wall Street Journal's MarketWatch. The company is introducing the new fees as a way to increase its revenue. Traditional American Express charge cards have always had annual fees, but as the company has attempted to [...]
Categories: American Express
Citibank has announced it will launch a credit card in China in 2012, the first of its kind in the historically restrictive country. According to CNNMoney, Citibank is not only the first American bank but the first non-Asian bank to win such approval by the Chinese banking authorities. The China Banking Regulatory Commission will let Citibank [...]
Categories: Citi Bank
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 [...]
Categories: Credit Card Law, Citi Bank
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 [...]
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