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.
After nearly five years of legal battles, a federal court has ruled that American Express’s merchant agreements violate antitrust laws and has resulted in higher costs for consumers. [More]
New Visa Feature Uses Smartphone Location Tracker To Prevent Fraud By Knowing Where You Are At All Times
Forgetting to tell your bank that you’ll be traveling far outside of your normal spending zone can often lead to frustrations like having transactions rejected out of concern that your card is being used fraudulently. In an attempt to make the lives of frequent travelers easier – and prevent fraud – Visa plans to launch a new service this spring that automatically informs banks where you are. [More]
File-sharing and copyright infringement have been a bugaboo among lawmakers since internet speeds got fast enough to swap music in the late 1990s. No tactic so far has actually yet stopped audiences from swapping music and movies among themselves, and while some sites and services have been shuttered, another two or three are always ready to pop up. So now a lawmaker is trying a new strategy: appealing to the middlemen who actually move the money.
As banks begin rolling out new credit cards embedded with microchips intended to help prevent fraudulent use, some financial institutions are reportedly seeing a spike in bogus transaction charges that appear to be coming from these newer cards, even though chip-enabled cards have yet to be sent out. [More]
After nearly a week of accepting payment via the recently launched Apple Pay system, both CVS and Rite-Aid suddenly stopped offering this option to shoppers over the weekend. And neither retailer is giving a reason why, though it appears to be part of a retail-industry effort to eventually roll out its own payment system. [More]
Over the years, countless people have looked at 16-digit credit card numbers and said things like “Why do they need so many numbers? It’s not like there are 9.999 quadrillion bank accounts out there.” Well, that’s true. But the numbers on your card aren’t just about how many accounts or cardholders exist. They also indicate information about your card issuer, its network and tells processors whether or not the number is valid. [More]
This year credit card companies have sought out ways to make credit card use safer and more secure for consumers. While we’re still waiting for the widespread implementation of chip-and-pin cards, Visa is attempting to tackle fraud at one of its more common sources: the gas pump. [More]
Credit cards come with a lot of fine print. But the scene isn’t just complicated for cardholders; it’s complicated for the retailers that accept them, too. What needs signing, and what doesn’t? When can a store ask for ID? Are they allowed to charge different prices for cash and credit? [More]
Chain fusion bistro P.F. Chang’s confirmed last week that its payment system had been breached, and the company’s official statement is that they’re investigating when and how the breach started. Unofficially, we may have an answer to the first half of that question: the breach may have started in September of 2013. [More]
Thought retailers were done fighting credit card companies over those credit and debit card swipe fees? You thought wrong! Or not wrong, because no one can predict the future, but Walmart is steamed up and suing mad at Visa, alleging in a new lawsuit that the card company set ridiculously high card swipe fees. [More]
We use our smartphones for everything, from taking photos and video to mobile banking. So why not replace your wallet with your phone? That’s a change that could be coming sooner rather than later now that MasterCard and Visa have endorsed a new mobile payment technology. [More]
“Pay at the pump” generally means you swipe your credit or debit card at the machine. But in New Jersey, where you’re forbidden from pumping your own gas, there really is no other choice than paying at the pump, though the card isn’t always swiped at the actual pump. This vague distinction between “pay at the pump” and “giving your card to someone at the pump” is why one Jersey driver is out $217 in credit card rewards. [More]
We were a bit flabbergasted recently while looking at a budget planning guide from Visa for McDonald’s employees that conveniently added a second job (no easy feat for most) and also seemed to forget the fact that most people need staples like food and gasoline. Not to mention healthcare, which usually is a lot more than $20 a month. So what’s a real budget like for an honest to goodness, living, breathing, eating human being working at McDonald’s? [More]
Someone meant really well. We think. A few years ago, Visa and McDonald’s partnered to launch a personal finance site for McDonald’s employees to help them better manage their money. Unfortunately, whoever wrote these materials had no grasp of what it’s actually like to live on $8 or so per hour. [More]
Last summer, some of the country’s largest retailers reached a settlment with Visa and MasterCard that was supposed to put to rest qualms the businesses had with the credit card companies’ alleged practice of fee-fixing. The $7.2 billion settlement didn’t sit well with some, including Target and Macy’s, prompting a group of retailers to file a new lawsuit this week, effectively rejecting that previous agreement.