Walmart Comes Out Against Credit Card Swipe Fee Settlement

Walmart Comes Out Against Credit Card Swipe Fee Settlement

Earlier this month, when the Visa and MasterCard announced a massive settlement in the legal battle over credit card swipe fees, it looked like the seven-year-old dispute had finally come to an end — and that we’d all soon be seeing credit card surcharges at retailers. But in just the last few days, the nation’s largest retailers have come out in opposition of the settlement. [More]

Visa, MasterCard Agree To Let Merchants Add Surcharges To Credit Card Purchases

Earlier this week, we told you that a settlement in a huge lawsuit between merchants and Visa and MasterCard was in the offing and that it could open the door to retailers tacking on surcharges to credit card customers. Well, that proposed settlement has come to pass, meaning you may soon be paying more for the privilege of using your credit card. [More]

Get Ready To Pay Surcharge Every Time You Pay With Credit Card

Get Ready To Pay Surcharge Every Time You Pay With Credit Card

Visa and MasterCard know there is nothing that American consumers love more than fees and surcharges. That’s why the credit card companies are reportedly looking to do away with longstanding rules that prohibit merchants from adding on extra costs to customers who pay with credit. [More]

Visa Shuts Down Your Credit Card, Figures You'll Find Out Eventually

Visa Shuts Down Your Credit Card, Figures You'll Find Out Eventually

If you try to use your credit or debit card and find that it’s been abruptly shut down, thank your bank. They’ve proactively shut down your compromised card, theoretically saving you from a cascade of fraudulent charges. So that’s nice. But what bothered Scott when this happened to him is that no one called him to give him a heads up. [More]

Visa, MasterCard Don't Want You Knowing Which Companies Are Failing At Protecting Your Information

Visa, MasterCard Don't Want You Knowing Which Companies Are Failing At Protecting Your Information

If your bank tells you that your credit card information was stolen from an online merchant you bought something from, it only makes sense that the bank also tell you which e-tailer failed at protecting your information. But the banks say they can’t share this info because the folks at Visa and MasterCard prefer to keep that information private lest you stop doing business with the sources of the leaked information. [More]

Payment Processor: Up To 1.5 Million Credit Card Numbers Stolen

Payment Processor: Up To 1.5 Million Credit Card Numbers Stolen

The news from the hacked third-party payment processor for MasterCard and Visa got worse over the weekend, as early reported estimates of around 50,000 card numbers put at risk turned out to be wrong by 1.45 million. [More]

MasterCard, Visa Payment Processor Says Violation Occurred In Early March; 50,000 Cards At Risk

MasterCard, Visa Payment Processor Says Violation Occurred In Early March; 50,000 Cards At Risk

Earlier today, we wrote about how MasterCard and Visa had begun notifying banks about a possible data breach at a third-party company that processes credit card payments. Now more information has come out regarding when the breach occurred and how many people may be affected. [More]

MasterCard, Visa Warn Banks Of Possible Data Breach

MasterCard, Visa Warn Banks Of Possible Data Breach

MasterCard has notified law enforcement and banks that issue its cards of a possible data breach at a third-party payment processing company. [More]

Prepaid Debit Card Fees Are Wildly Inconsistent, Not Always Disclosed Up Front

Prepaid Debit Card Fees Are Wildly Inconsistent, Not Always Disclosed Up Front

The Federal Reserve says that prepaid debit cards are the fastest-growing non-cash way to pay. All that competition to get customers has led to an overall decrease in the fees associated with these cards, but a new study finds the price points for these fees are all over the place, and that companies are not always up front about disclosing them. [More]

Why You Probably Shouldn't Use A Credit Card To Pay Your Taxes

As the deadline for filing your federal tax return draws near, so does the anxiety of how you’re going to pay Uncle Sam the money you owe. If you can’t write a check for the full amount, the simplest and fastest way could be to put it on your credit card. But that’s probably not a good idea. [More]

How The Different Credit Card Issuers & Networks Handle Chargebacks

Whenever someone has a dispute with a merchant over a credit card charge, we always suggest they attempt to issue a chargeback through their credit provider. But not all card issuers and credit card networks handle chargebacks in the exact same way. [More]

Visa Launching PayPal-Like V.me Service Next Year

Visa Launching PayPal-Like V.me Service Next Year

Visa will roll out its V.me online payment service early next year. The company, which announced plans for the service in March, has also launched a developer program to help merchants incorporate its payment systems into their web sites and other products. [More]

Credit Cards To Sell Your Buying History So Online Advertisers Can Target You More Precisely

Credit Cards To Sell Your Buying History So Online Advertisers Can Target You More Precisely

How about a world where you swipe for a Big Mac and then the next time you go online you get an ad for Slimfast? That’s the big idea behind Visa and Mastercard’s new business foray: selling off all your swipe data to online advertisers so they can more precisely target their ads to what’s going on in your skull. It’s another nail in the coffin for the quaint fiction we call “online privacy.” [More]

Bank Of America, Chase, Wells Fargo, Visa, MasterCard Sued Over ATM Fees

Bank Of America, Chase, Wells Fargo, Visa, MasterCard Sued Over ATM Fees

Have you ever glared angrily at the ATM, knowing that you’re going to be saddled with fees and wishing you could sue everyone involved? Well, it looks like more than one person has followed through on this idea. [More]

People Are Back To Making Late Payments On Their Credit Cards

People Are Back To Making Late Payments On Their Credit Cards

Two months ago, the number of people making late credit card payments was at its lowest since Justin Bieber was a twinkle in his parents’ eyes. Of course, when you reach a low like that, there is often nowhere to go but up. [More]

ATM Council Sues Visa And Mastercard For Forcing Them To Charge Consumers Set Fees

ATM Council Sues Visa And Mastercard For Forcing Them To Charge Consumers Set Fees

Visa and Mastercard have been accused of price fixing in a lawsuit filed Wednesday by the the National ATM Council. The suit alleges that nonbank ATM operators could charge customers lower ATM fees when they use other, cheaper payment networks, but are prevented from this by the set access fees Visa and MasterCard charge. [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]

Visa Will Incentivize Stores To Install Smart Card Terminals

Visa Will Incentivize Stores To Install Smart Card Terminals

We could start to see “smart cards” — credit cards embedded with a PIN-encoded chip instead of just a magnetic strip — take hold in America next year due to a big move by Visa. They are offering some very enticing financial incentives to stores to get them to install point of sale terminals that can read smart cards. [More]