Credit Card Marketer Uses Clever Way To Circumvent New Regs

Credit Card Marketer Uses Clever Way To Circumvent New Regs

Looks like at least one credit card marketer has cooked up a clever way around regulations that forbid unsolicited credit cards from being issued and showing up in your mailbox. [More]

VISA And Mastercard Plan To Hike Debit Card Fees On Small Items For Merchants

VISA And Mastercard Plan To Hike Debit Card Fees On Small Items For Merchants

VISA and Mastercard are planning to sharply raise the debit card transaction fees for small purchases for merchants, according to an analyst note. A $2 cup of coffee incurs about an 8 cent fee currently, but under the new policy, the fee will hike to 23 cents. [More]

Small Business Credit Cards Come With Risks That Your Personal Card Doesn't

Small Business Credit Cards Come With Risks That Your Personal Card Doesn't

In spite of the “small business” name, there is nothing about most so-called small business credit cards that requires the cardholder to actually own or operate a business. In fact, over a five year period ending last December, credit card companies sent out more than 2.6 billion business card offers to regular Janes and Joes in the U.S. But while these cards are available to the everyday consumer, they do not come with all the protections associated with non-business credit cards. [More]

MasterCard Fixes Merchant Violation Form

MasterCard Fixes Merchant Violation Form

After a reader noticed that Mastercard’s Merchant Violation report form for consumers only let you put in 100 characters even though it said you had 5,000, we wrote a post about it (in addition to using the form itself to report the error). Now Mastercard has informed us that they fixed it, and indeed it passes our test. Finally, “As a point of reference, consumer questions and issues can be raised on our Twitter page at @MasterCard, as well as the web forms,” the MasterCard rep pointed out via email. That’s right, there’s now at least two ways to talk to MasterCard using over 100 characters. [More]

5 Fee-Ridden, High-Interest Credit Cards To Avoid

5 Fee-Ridden, High-Interest Credit Cards To Avoid

It’s a dangerous world out there when it comes to dodging credit cards with sky-high fees and interest rates that could palpitate any heart. Let’s go ahead and check out a few of the ones you might do well to avoid, shall we? [More]

Keeping Up With The Kardashian Kard's Hidden Fees

Keeping Up With The Kardashian Kard's Hidden Fees

Keeping up with the Kardashians comes at a cost. The reality show star is pimping a new prepaid debit card targeted at kids that is as bursting with hidden fees as Kim’s shirt, featured prominently on the plastic, is bursting with integrity. Yeah, I think using sex to sell hidden fees to kids is pretty messed up. Just take a look at all these fees: [More]

Why Won't Walmart Tell Its Employees They Can't Demand ID For MasterCard Purchases?

Why Won't Walmart Tell Its Employees They Can't Demand ID For MasterCard Purchases?

Even though — as recently as last week — executives at both Walmart and MasterCard confirmed that it is against both companies’ policies to demand ID for credit card purchases, Consumerist readers and Walmart shoppers are letting us know that the hassle continues. [More]

MasterCard: Walmart Should Not Have Demanded ID For Purchase

MasterCard: Walmart Should Not Have Demanded ID For Purchase

A couple weeks back, we brought you the story of Michael, a Walmart customer who was told it was company policy to require a photo ID on all credit card purchases over $100, even though that appears to be in violation of MasterCard’s merchant agreement. After trying to get someone at MasterCard to clarify/confirm their stance on ID-checking, Michael finally got the reply he was looking for. [More]

China To Exceed US Credit Card Use By 2020

China To Exceed US Credit Card Use By 2020

We don’t need to worry about China getting ahead, Mastercard said today that China is set to surpass the US by 2020 in America’s favorite pastime: using credit cards. It will only be a matter of time after that they implode on a consumer credit bubble, muahaha, exactly as we planned. See, you’re not the only ones that can export poison! [More]

NY Lottery Goes After Chase MasterCard Over 'Illegal' Fees

NY Lottery Goes After Chase MasterCard Over 'Illegal' Fees

A couple weeks back, we brought you the story of a reader who found out that Chase now considers playing the lottery as internet gambling — but only after they nailed him with exorbitant fees and sky-high interest. Now, the New York Lottery has turned the tables on Chase MasterCard, alleging that these extra charges are illegal. [More]

USAA And Mastercard Turn Celebrity Librarian Into Unwitting Consumer Scofflaw

USAA And Mastercard Turn Celebrity Librarian Into Unwitting Consumer Scofflaw

K.G. writes that she used her Mastercard to pay for a car rental from Avis. The card issuer, Consumerist darling USAA, assured her that the card provided insurance coverage for rental cars. Good to know! Except for how the insurance claim was denied, possibly because she used a coupon for the car rental. No one is entirely sure. The bill went straight to a collection agency without ever giving K.G. an opportunity to, um, actually pay it. Now she’s being penalized for ducking a bill she was never sent, and still can’t get a straight answer out of any of the companies involved. [More]

Walmart Demands My ID On Credit Card Purchase Over $100

Walmart Demands My ID On Credit Card Purchase Over $100

A reader named Michael wrote in to tell us about a recent trip to his local Walmart, where he and his wife picked up a pile of groceries totaling over $100. When his wife attempted to pay with her MasterCard at the register, she was asked for a photo ID. [More]

Add Discover To The List Of Credit Cards That Allow Minimum Purchase Requirements

Add Discover To The List Of Credit Cards That Allow Minimum Purchase Requirements

Yesterday, we told you how Visa and AMEX now allow merchants to require customers up to a $10 minimum for credit card payments and how MasterCard will soon be changing their policy to allow for the same. We’d naively hoped that Discover — who hadn’t yet replied to our query — would be the lone holdout, but… not so much. [More]

AMEX, Visa, MasterCard All Give Thumbs Up To $10 Credit Card Minimums

AMEX, Visa, MasterCard All Give Thumbs Up To $10 Credit Card Minimums

For years, educated credit card holders have been safe in the knowledge that a merchant could not require them to purchase a minimum amount in order to charge something to their cards. But with the recent passing of the finance bill, the door has been opened to allow such minimums — and the card companies are just fine with that. [More]

Why Can't All Credit Card Agreements Look Like This One-Page Piece Of Beauty?

Why Can't All Credit Card Agreements Look Like This One-Page Piece Of Beauty?

Branding expert Alan Siegel has designed a model credit card agreement that is only one page long, is written in English, and communicates everything you need to know about your credit card. It therefore has no chance of coming to life. So let’s gaze upon it and dream about a better tomorrow that will never come: [More]

Senate May Break "Price Fixing" On Credit Card Swipe Fees

Senate May Break "Price Fixing" On Credit Card Swipe Fees

As the Senate debates the financial reform bill, one amendment may be good news for small businesses — though it could offer a mixed bag to consumers. The amendment, floated by Sen. Richard Durbin (D-IL) would give small businesses more flexibility when it comes to working with companies like Visa and Mastercard that process credit card transactions. And it would give the government the ability to force processors to cut the rates they charge to manage debit card transactions to fees that are “reasonable and proportional to the actual cost incurred.” [More]

MasterCard Opens Online Store, Uses Predictive Software To Guess What You'll Buy

MasterCard Opens Online Store, Uses Predictive Software To Guess What You'll Buy

MasterCard has decided to expand into online retailing, so it’s opened a store that’s sort of Amazon lite. Well, Amazon several design iterations ago. Actually the site looks like one of those themed mini-stores eBay keeps promoting these days, but the merchandise is all new and tailored to your shopping patterns. And by “tailored,” I mean that the card issuer is using special customer behavior software to predict the things you’re most likely to buy, which it then shows to you. [More]

Mastercard Spent $960,000 In Q4 To Lobby Congress

Mastercard Spent $960,000 In Q4 To Lobby Congress

Kaching, kaching, that’s the sound of Mastercard’s lobbyist’s coffers engorging. The credit card company spent nearly a million dollars in the 4th quarter to lobby Congress critters. By comparison, they spent only $680,000 in the 3rd quarter, and $510,000 in Q4 2008. Among the issues of keen interest to the big orange and yellow interlocking circle: overdraft fees, banking reform, interchange fees, issuer practices, and the Consumer Financial Protection Agency. The good thing about being Mastercard is that you can just charge all your lobbying expenditures.

MasterCard spends $960,000 in 4Q to lobby Congress [AP via LowCards]