(George)

Colleges Warned About Making Secret Deals With Credit Card Companies

In spite of rules intended to crack down on the once-rampant mis-marketing of credit cards to college students, some schools have not been fully transparent about lucrative agreements they’ve made with card companies, and could face federal penalties. [More]

Consumers saved $9 billion in overdraft fees since 2009.

Report: Credit Card Reforms Saved Consumers $16B In Six Years

In 2009, lawmakers passed a massive set of reforms for the credit card industry – known as the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) — aimed at protecting consumers though transparency, fairness, accountability and better access to an array of financial products. A new report from the agency tasked with enforcing these rules, finds that nearly six years after implementation, consumers have saved nearly $16 billion in fees.  [More]

San Francisco Sues American Express, Alleging Illegal Restraints On Merchants

San Francisco Sues American Express, Alleging Illegal Restraints On Merchants

Earlier this year, a federal court ruled that American Express violated antitrust laws — resulting in higher costs for consumers — by forbidding retailers that accept AmEx from encouraging customers to use competing cards like those from Visa, MasterCard, and Discover. Now, the city of San Francisco is suing the credit card company to get back billions of dollars for merchants in California. [More]

States Ask Banks, Credit Card Companies To Hurry Up With The Chip & PIN Cards Already

States Ask Banks, Credit Card Companies To Hurry Up With The Chip & PIN Cards Already

The deadline has come and gone for most retailers to install new microchip-scanning credit card readers in stores, but many stores are still waiting to introduce the devices because a lot of banks and credit card issuers have yet to issue the more secure cards to customers. In the hope of resolving this stalemate, attorneys general for eight states and the District of Columbia have called on the nation’s biggest banks and card networks to start pressing the new plastic ASAP. [More]

Slow Rollout Of Chip-And-PIN Credit Cards May Keep Lines Moving This Holiday Season

Slow Rollout Of Chip-And-PIN Credit Cards May Keep Lines Moving This Holiday Season

October 1 was supposed to be the deadline for U.S. retailers to update their payment systems to accept new chip-enabled credit cards, but a number of stores haven’t finished making this change, and most consumers still have boring ol’ no-chip cards. The good news is that this foot-dragging on everyone’s part may have the effect of not slowing down checkout lines this holiday shopping season. [More]

JPMorgan To Pay $100M To Settle Unlawful Debt-Collection Allegations In California

JPMorgan To Pay $100M To Settle Unlawful Debt-Collection Allegations In California

Four months after JPMorgan Chase agreed to pay at least $136 million to close the books on state and federal investigations into its credit card collections practices, the company reached a $100 million settlement putting an end to a similar investigation in California.  [More]

Reminder: Deferred Interest Credit Cards Aren’t All They’re Cracked Up To Be

Reminder: Deferred Interest Credit Cards Aren’t All They’re Cracked Up To Be

Each year, consumers marking items off their holiday shopping lists are tempted by retailers’ store-branded credit cards and the offers of “0% interest for 12 months” or “special financing.” And this year – although it’s only October – is no different.  [More]

Home Depot Customer Sues For $250K Over $28 Late Fee

Home Depot Customer Sues For $250K Over $28 Late Fee

Earlier this year, Home Depot charged an Oregon customer a $28 late fee for allegedly missing a payment on his store line of credit. The subsequent dispute over that fee resulted in more fees, a 100-point drop in the customer’s credit score and now a $250,000 lawsuit against the retailer. [More]

Credit Card Processors Aren’t Buying Netflix’s EMV Shift Excuse

Credit Card Processors Aren’t Buying Netflix’s EMV Shift Excuse

When Netflix announced its quarterly results this week, they had an explanation for why their new subscriber number fell short of their projections. The shift to smart-chip (or EMV) payment cards means that the service lost some subscribers while customers received new card numbers and forgot to change them over. That’s a good story, but people in the banking business have some issues with it. [More]

(frankieleon)

Store-Branded Credit Cards Charge Upwards Of 29% Interest

It can be so incredibly tempting: You’re at the cashier (or about to check out online) with a substantial purchase and you’re presented with the offer to save money now if you just apply for a store-branded credit card. But if you don’t pay off that balance right away, you could be looking at interest rates nearly double the national average. [More]

dirtyblueshirt

Netflix Thinks You’re Letting Your Subscription Lapse When Your New EMV Payment Card Arrives

You are, presumably, a financially responsible adult, or aspire to become one. Yet it’s easy for even the most financially responsible grown-up to forget to change everything over when you receive a new credit or debit card. As banks are supposed to replace all of our cards for the EMV changeover, our forgetting to update the cards on our Netflix accounts is actually affecting the company’s profits. No, really. [More]

Target To Be First Major Credit Card Issuer To Require PINs For Chip-Enabled Cards

Target To Be First Major Credit Card Issuer To Require PINs For Chip-Enabled Cards

While many banks and other financial institutions issuing credit cards have shifted from magnetic-strip cards to the more secure EMV smart cards, most of those companies have opted to let their customers continue signing for purchases rather than memorizing a PIN. That apparently isn’t the case for Target, which is poised to become the first major credit card issuer to convert to cards that require a PIN.  [More]

CFPB To Consider Rules That Would Revoke Banks’ “License To Steal”

Van Swearingen

The lengthy, often complicated terms of use for more than half of all credit cards — and nearly half of all federally insured bank deposits — include clauses that force customers into arbitration, taking away their right to sue these companies in a court of law and usually blocking them from joining together in a class action. Critics argue that these forced-arbitration clauses allow banks and other businesses to break the law with impunity. Heeding the call of lawmakers and consumer advocates, the federal Consumer Financial Protection Bureau has decided to consider rules that would ban this practice among financial institutions. [More]

Jon Fingas

How My Credit Card Company Helped Save My Broken PS4 When Sony Wouldn’t

It’s been 11 months since Michael’s brother PS4 failed, months he’s spent trying to get Sony to fix what should have been covered by the gaming console’s one-year warranty. But because there was no proof of his efforts to have the PlayStation 4 repaired under warranty, prompting Sony to basically shrug and wipe its hands of the situation, Michael had to take another route to victory. [More]

The Chip-And-PIN Credit Card Era Starts Today. What You Need To Know

The Chip-And-PIN Credit Card Era Starts Today. What You Need To Know

Over the past few months, you may have noticed more retailers adorning their checkout stands with shiny new credit card readers. While those systems still have an area along the side where you swipe your card’s magnetic strip, they also have a smaller slot (typically) on the front where you simply jam gently insert your card. This is all part of the country’s shift toward more secure, but far from perfect, chip-enabled cards that kicks into high-gear today. [More]

Trump Hotel Breach Likely The Result Of Malware, May Have Lasted More Than A Year

Trump Hotel Breach Likely The Result Of Malware, May Have Lasted More Than A Year

Three months after the Trump Organization confirmed that several of its hotels’ credit card systems had been breached, the company is releasing additional details on the hack that appears to have started with a computer virus and went undetected for more than a year. [More]

(Payton Chung)

Jewel-Osco: Payment System Outage Could’ve Caused Multiple Charges On Customers’ Cards

If you shopped at Jewel-Osco recently and used your credit or debit card to pay, you might want to check your accounts and make sure you weren’t charged multiple times for one transaction: the grocery chain confirmed on Monday that its payment system suffered a glitch that could’ve caused some customers to be overcharged for their purchases. [More]

Discover Card Program Rewards Students Who Get Good Grades. Is That Legal?

Discover Card Program Rewards Students Who Get Good Grades. Is That Legal?

Not so long ago, many college campuses regularly played host to credit card company shills, giving away T-shirts and pizzas to students in exchange for filling out account applications. Then the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 put an end to most of these practices, leading card issuers to devise new ways to market directly to the under-21 crowd. [More]