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]

Mike Mozart

Sam’s Club To Accept Visa Credit Cards As Of February 1

Shoppers at Sam’s Club will no longer need to ensure that they have the correct credit card on hand or that they’ve brought cash: as of February 1, 2016, the warehouse club will begin accepting Visa credit cards in its stores, finally making all four credit card networks accepted in its stores. [More]

(Mike Mozart)

Safeway Says No Payment Data Stolen From California Stores, Only Colorado

There’s potential good news out of Safeway: while the company confirmed that they found skimmers in credit card payment terminals in two states, a spokesperson says that the baddies didn’t harvest any customer data from the stores in California. Instead, the grocer found them back in September while inspecting terminals. While it’s good news that customers didn’t walk up to an ATM only to find their bank accounts drained, it’s still worrisome that someone was able to install the skimmers in the first place. [More]

(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

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]