Google Maps

Nation’s Largest Privately-Owned Bank Must Return $28M To Credit Card Customers

The nation’s largest privately held bank sold its credit card customers on add-on programs intended to help cover their accounts when they faced unexpected hardships. However, the Consumer Financial Protection Bureau says the bank deceived customers about the reality of these and other programs and has ordered it to provide nearly $28 million in relief to hundreds of thousands of affected cardholders. [More]

Lisa Bunchofpants

Cybercriminals Breach Computers For Massive Point-Of-Sale Payment System

The folks at computing giant Oracle have alerted users of its hugely popular point-of-sale payment system that cybercriminals managed to breach the company’s customer support computers and insert malicious code, potentially affecting hundreds of thousands of retail locations around the world. [More]

Prime Day Deal Expires Early, Amazon And Chase Make Good On It

Prime Day Deal Expires Early, Amazon And Chase Make Good On It

On Tuesday, during Amazon’s Prime Day, festivities, the online retailer’s credit card partner Visa joined in the fun with a promotion where customers who made a $150 purchase using their Amazon-branded Visa card would receive a $30 discount. That’s an appealing bargain, and plenty of customers prepared to take advantage of it. What they didn’t do was read the fine print, or take it seriously, and a lot of customers missed out. [More]

Mike Mozart

Costco Officially Switches From AmEx To Visa Today

It’s officially out with the old and in with the new at Costco today, as the company closes the book on its 16-year relationship with American Express in exchange for its new deal with Citi Visa.  [More]

Ciaran McGuiggan

Credit Card Forgers Going On One Last Crime Spree While Magnetic Stripe Readers Are Still Prevalent

America has long served as a haven for credit card crooks because it’s only recently that we’ve switched to credit and debit cards that use smart chips (EMV). However, criminals are taking advantage of retailers’ delay in installing card readers that use the technology, and holding sort of a fire sale on stolen credit card numbers. [More]

ralph

Home Depot Accuses Visa, MasterCard Of Colluding On “Defective” Credit Cards

While banks and credit card issuers are slowly rolling out new debit and credit cards containing microchips intended to make them less susceptible to fraud, Home Depot says in a recently filed lawsuit that the two largest card networks have colluded with the banks to produce cards that are not as secure as they should be. [More]

TLFagan

Proposed Rules Would Take Away Banks’ “Get Out Of Jail Free” Card

Many bank accounts, and almost all credit cards, wireless services, private student loans, and payday loans contain clauses in their contracts that strip consumers of their right to sue these companies, and their right to join others in a class action, effectively allowing businesses to sidestep the legal system. While lawmakers in Congress debate the issue, and the U.S. Supreme Court has repeatedly given its approval to these practices, the Consumer Financial Protection Bureau is making good on its pledge to restore consumers’ constitutional right to having their day in court. [More]

frankieleon)

Card Reissued Because Of A Breach? Good Luck Finding Out Where The Hack Happened

When a massive data breach happens at a retailer like Target or Home Depot, there’s little mystery as to why your bank is rushing you a new credit or debit card. But when your card is being replaced because of a lower-profile cybercrime, the odds are against you ever finding out why.  [More]

frankieleon

Does Paying With Cash Increase Your Emotional Investment In A Purchase?

Say you go to the store with a friend and you each buy the same lamp for $150. The only difference is you pay in cash and your pal pays with plastic. The dollar amounts are the same, the purchased product is identical, but a new study finds that your levels of emotional investment in that lamp are likely different. [More]

Visa Update Aims To Speed Up Slow Chip-Card Checkouts

Visa Update Aims To Speed Up Slow Chip-Card Checkouts

While banks have issued hundreds of millions of more secure chip-enabled payment cards in the U.S., only around 20% of Visa merchants currently have chip-card readers up and running. If you’ve used one of these cards at a store, you’ve likely experienced the odd, silent wait as your card sits in the reader, seemingly taking forever for approval. An upgrade from Visa aims to shave a significant amount of time off this process. [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]

Capital One Will Let Customers Pay Bills, Access Account Info Using Amazon Echo

Capital One Will Let Customers Pay Bills, Access Account Info Using Amazon Echo

You can ask Alexa to order you a pizza and get more laundry detergent, and soon, Capital One customers who own an Amazon Echo will be able to access their accounts to pay bills and get other information by speaking to their device. [More]

arvind grover

New Credit Card Rules May Make It Difficult To Purchase Gift Cards

If you recently tried to purchase a gift card and were told you had to use cash or had to stick to a smaller denomination, you’re not alone. The way in which retailers sell gift cards has changed in the five months since new credit card rules went into effect. [More]

Aldi Will Accept Credit Cards Nationwide Starting Today

Aldi Will Accept Credit Cards Nationwide Starting Today

There are many things missing from Aldi that American shoppers expect to find in grocery stores. They don’t have free plastic bags, for example, or candy at the checkout, or items containing added MSG or hydrogenated oils. Another familiar missing item was credit cards: cash, debit cards, SNAP, and EBT cards were accepted, but not credit cards with their higher fees. As of today, though, that changes nationwide. [More]

Costco Credit Cards Will Officially Switch To Citi, Visa In June

Costco Credit Cards Will Officially Switch To Citi, Visa In June

For more than a year now, Costco has been preparing to take its store-branded credit card business in a new direction. Specifically, it’s transferring its credit card network from long-time partner American Express to Citigroup and Visa. After hitting a few snags in the road, the shopping club now plans to make things official in June.  [More]

Ciaran McGuiggan

Retailers Have Chip-Enabled Card Readers, Aren’t Actually Turning Them On

If you’ve received a shiny new chip-enabled card from your bank or credit card company in recent months, then you’ve probably been through this at least once. You see that a store has the slot for your card, so you assume that the store actually accepts them. Silly shopper! The terminal tells you to swipe the magnetic stripe instead. [More]