Costco Citi Card Users Receive Cancellation Notices, Are Very Confused

Costco Citi Card Users Receive Cancellation Notices, Are Very Confused

Costco, Citibank, Visa, and all of the companies’ customers had plenty of notice that the warehouse club’s store-branded credit card would be switching from American Express to a Citi Visa card. The transition didn’t go very smoothly for some members, but everyone assumed that the transition-related problems would be over by now. Nope. Some customers received cancellation notices at the end of last week, and are now very confused. [More]

Mike Mozart

Will Costco’s Switch From American Express To Visa Affect My Credit?

In June, Costco will officially change its store-branded credit card from American Express to a Visa card issued by Citi. The wholesale club is promising a seamless transition, but some longtime Costco customers have concerns: Will my credit score or history be dinged? Can I opt-out?  [More]

Dennis S. Hurd

Retailers Frustrated About Chip Card Terminals They Can’t Turn On, Liability For Fraud

A grocery store chain in Florida made headlines last week for filing a lawsuit against a consortium of credit card issuers for delaying their certification to process payments on the EMV (chip card) payment network. They aren’t alone, though: many other medium-size chains and other businesses have had their certification delayed, which is costing them thousands or tens of thousands of dollars now that they’re liable for fraudulent transactions. [More]

(Rick Takagi)

Costco Announces New Credit Card Partnership With Citi, Visa

It seems Costco is not one to sit around pining for old flames very long, as the shopping club announced today that it’s rebounding from the end of its relationship with American Express with a new partnership with Citigroup and Visa.

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(me and the sysop)

Young Adults Not Eager To Take On Piles Of Credit Card Debt For Some Reason

Everyone has that one relative who was an adult during the Great Depression and hid boxes of cash all over the house because they didn’t trust banks. Someday, your own descendants might share tales of weird old Aunt Mykayla, who entered the workforce during the Great Recession and refused to get credit cards or even buy a car. [More]

Have You Seen A Vending Machine That Imposes Credit Card Surcharges?

We see what you did there.

It used to be that if a retailer charged a fee or surcharge to use a credit card, that violated their merchant agreement with the credit card companies, and they got in trouble. Those heady days are over, and it’s now cool for merchants to impose surcharge on your purchases with plastic. And so it begins. Here’s one spotted in the wild on a vending machine. [More]

Popeyes ‘Economic Service Fee’ Is Really Just A Credit Card Fee

Popeyes ‘Economic Service Fee’ Is Really Just A Credit Card Fee

If you haven’t visited a Popeyes fast-food outlet lately, you may be in for a surprise the next time you stop by. Sometimes last year, some franchisees––we’re not sure how many–started to impose a 57-cent service fee on transactions over $5. Coincidentally, they also offer a 60-cent refund on all cash transactions. The net effect is that customers get a minuscule discount off the sticker price for paying cash, but have to pay a 57-cent fee to pay with plastic.

[More]

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.

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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]