Visa Letting People Send Money By Credit Card Could Be Boon For Scammers

Visa Letting People Send Money By Credit Card Could Be Boon For Scammers

Visa is launching a new service that will let people send each other money from their Visa or bank account to each other’s Visa debit, credit or prepaid card, as we noted yesterday. But while this will open up new vistas of convenience, and offer a way for people who are sick of scammers exploiting Paypal’s refund system to conduct transactions, I would at the same time expect to see new kinds of advance fee fraud using the service. [More]

Bill Introduced To Delay Swipe Fee Reform

Bill Introduced To Delay Swipe Fee Reform

Bills were introduced in both the House and Senate to delay “swipe fee reform” by at least a year and they call for a study of its potential effects. The new rules, scheduled to take effect July 21, would cap the fee banks can charge merchants for processing debit card fees at 12 cents per transaction. [More]

Does Visa Have The PayPal-Killing Card In Its Wallet?

Does Visa Have The PayPal-Killing Card In Its Wallet?

In news that should have perennial Worst Company In America candidate PayPal quaking in its boots, Visa has announced it is working on a service that will allow users to send money — from their Visa card, bank account or even cash — directly to another person’s Visa debit, credit or prepaid card. [More]

Treasury Dept. To Offer Tax Refunds On Pre-Paid Debit Cards

Treasury Dept. To Offer Tax Refunds On Pre-Paid Debit Cards

We’ve been warning readers for years against “refund anticipation loans,” where tax preparers like H&R Block and Jackson Hewitt give you a pre-paid debit card now loaded with your expected return (minus fees and interest). And yet, these cards have continued to appeal to some lower-income taxpayers who don’t have bank accounts for direct-deposit of their returns. Now the federal government is providing these people with an alternative — a debit card that will accept the direct deposit. [More]

Call Mastercard To Report A Merchant Breaking Rules, Get
Your Account Frozen

Call Mastercard To Report A Merchant Breaking Rules, Get Your Account Frozen

Christopher meant well. He tells Consumerist that he called his credit card company to let them know about a merchant that posted a minimum charge amount to use a credit card. MBNA, in turn, decided that Christopher didn’t sound like he “was supposed to” and froze his account. [More]

Shop Charges $.50 Fee For Credit Card Purchases Under $10

Shop Charges $.50 Fee For Credit Card Purchases Under $10

I spotted a coffee shop charging customer a $.50 for using a credit card on any purchase that is under $10. It doesn’t break any laws, but it does violate their agreement with the credit card companies. [More]

HER-NAN Saves Kingdom With Powers Of Castle VISAskull

HER-NAN Saves Kingdom With Powers Of Castle VISAskull

VISA is blanketing Argentina with a new ad in which a shopper named Hernan is turned into “HER-NAN,” like HE-MAN, imbued with the powers of Castle Greyskull. You don’t need to know Spanish to experience the awesomeness, but we also have a translation. [More]

Amex Slapped With Antitrust Suit, Visa & Mastercard Settle

Amex Slapped With Antitrust Suit, Visa & Mastercard Settle

The Justice Department sued Amex today, saying that the restrictions it places on merchants were anti-competitive. According to the complaint, the rules “impede merchants from promoting or encouraging the use of a competing credit or charge card with lower card acceptance fees.” [More]

Fee For Paying With Plastic? Decision Nears

Fee For Paying With Plastic? Decision Nears

The US Justice Department is said to be close to a decision on whether credit card companies can continue to forbid merchants from charging extra to customers who use credit cards to cover the cost of the credit card processing fees (usually 1-5% of the price). [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]

Last $10 On Visa Gift Card Proves Seemingly Inextractable

Last $10 On Visa Gift Card Proves Seemingly Inextractable

Kate has a $50 Visa gift card. She used $40 on it and then tried to buy some DVDs for $7, but the card was rejected. What gives? [More]

Brits May Challenge Visa's 2012 Olympics Exclusivity

Brits May Challenge Visa's 2012 Olympics Exclusivity

If you’ve gone to an Olympic event over the past 22 years, Visa was everywhere you wanted to be. And everywhere you didn’t want to be. In fact, thanks to a contract between Visa and the International Olympic Committee, Visa has been the only credit or debit card allowed at the Olympics since the Seoul games in 1988. But Britain may challenge the exclusivity in the run up to the 2012 games. [More]

Top 6 Examples Of Why No One Trusts Banks These Days

Top 6 Examples Of Why No One Trusts Banks These Days

Seems like in the last few years that big banks make embarrassing errors as often as criminals commit crimes at Taco Bell. So it was no small feat for the editors over at CNN Money to whittle it down to their list of 6 Biggest Banking Blunders of recent years… By the way, three of them involve Bank of America. [More]

"$10 Minimum For Credit Card Purchase" Signs May Soon Be Totally Legit

"$10 Minimum For Credit Card Purchase" Signs May Soon Be Totally Legit

As we all know, merchants are generally not supposed to mandate minimum credit card purchases. It’s a violation of the merchant agreements they sign with the credit card companies. (For more info, check out this article.) The proposed finance bill, however, may legitimize those handwritten signs if it ends up passing. [More]

VIDEO: VISA Is A Monster That Feeds On Human Wealth, And VISA Is Hungry

VIDEO: VISA Is A Monster That Feeds On Human Wealth, And VISA Is Hungry

“Go. Get it. Run. Use your VISA card right now. It doesn’t matter what you use your VISA card to buy. It doesn’t matter what you use your VISA to buy. All that matters is that VISA is a monster that feeds on human wealth. And VISA is hungry.” The credit card companies’ rapacious desire for your debt is laid bare in this commercial parody video. I guess you would call what we’re going through now the purging stage? NSFW due to naughty words and suggestive simulating gestures. [More]

Walmart Adding 500 More MoneyCenters Nationwide In 2010

Walmart Adding 500 More MoneyCenters Nationwide In 2010

While banks have spent the last two years consolidating and closing, it looks like people have been turning elsewhere for their financial services. Walmart — you might have heard of them — just opened up their 1,000th in-store MoneyCenter and have announced they’re rolling them out to 500 more locations before the end of 2010. [More]

Chase Thinks Boston Non-Smoker Bought $100 Worth Of Smokes In Florida

Chase Thinks Boston Non-Smoker Bought $100 Worth Of Smokes In Florida

Now that Chase has reversed their initial decision and issued a refund to the retiree they accused of credit card fraud, maybe they can take a look at a rather similar case, but on a smaller scale. Reader P tells Consumerist that Chase ruled that he is responsible for some uncharacteristic purchases he purportedly made thousands of miles away from where he was at the time. [More]