LowCards.com Weekly Credit Card Update–March 3, 2017
In-Car Payments: A Wallet that’s Truly Mobile
Soon your credit card will be able to go from 0 to 60 in about 6 seconds or less. Mobile wallets are moving to dashboards as automakers partner with card networks and retailers to equip vehicles with in-car payment technology. Drivers will be able to pay for parking spaces and gasoline without even getting out of their cars. Meanwhile, tech firms such as Amazon and Google are bringing their popular voice assistants to cars, providing consumers a way to buy products while they’re behind the wheel. In-car purchasing could be a bonanza for retailers and merchants, and a convenient shopping experience for consumers. Cardholders could also see new retailer discounts and opportunities to earn rewards and loyalty points as they shop inside their cars. Story by Brady Porche for Bankrate.
Mastercard’s Qkr Lets You Pay Bar Tab from Your Phone
Opening a bar tab is fairly common, but it can be pretty nerve-wracking. What if your credit card is stolen? Will another patron’s drinks be placed on your tab? What if you have one too many and leave it at the bar? New technology from Mastercard will soon make your happy hour life less stressful. The credit card company has created a digital payment tool, Qkr, that will allow you to open a bar tab through an app on your mobile phone instead of giving your payment card to the bartender. After you have opened the tab on your phone, you simply provide your server or bartender with a four-digit number. Then, when you’re ready to go, you can pay from your phone instead of waiting for service. The app utilizes Masterpass so transactions remain secure. Story by John Oldshue for LowCards.com.
First Major “Smart Toys” Data Leak Affects 2 Million Children
Innovative technologies are not just created for adults, everyone is able to get in on the fun. Children aren’t limited to hopscotch and marbles for entertainment anymore. Nowadays, kids can play learning games on the family tablet, video game apps and even take a drone helicopter out for a flight. For the younger children, you might want to stick with simpler toys, like an internet connected stuffed animal. But are these Internet-of-Things (IoT) toys safe? Unfortunately, not all of them are. It’s happened just as predicted: A major internet connected children’s toy has leaked the collected voices, email addresses and passwords of more than 2 million children and parents. And the manufacturer is hoping that no one will find out. Story by Mark Jones for Komando.com.
Most Small Business Owners Have Negative View of Mobile Banking
Small businesses are generally early adopters of technology, but a new survey conducted by RateWatch on the subject of mobile banking says otherwise. The perception of 69 percent of the respondents regarding this technology was not positive. Another data point in the survey corroborates this fact, as 34 percent never used mobile banking even though it was available to them. This goes against the trend in personal mobile banking, which according to a survey by the Federal Reserve, has increased by 39 percent in 2014 and 33 percent in 2013. So where is the divide between consumers and small businesses? Story by Michael Guta for Small Business Trends.
AmEx’s Platinum Card Gets a High-End Upgrade
Facing intense competition for its higher-spending customers, American Express is expanding the benefits it offers its high-end Platinum Card members, like a $200 credit on Uber. But those benefits will come with a higher annual fee. In addition to the Uber benefit, Platinum Card holders will also now be able to earn five points per dollar on hotels, American Express said Thursday. That’ll be as of March 30. Popular current benefits, like the $200 airline fee credit, airport lounge access or the five points per dollar spent on airlines, are staying. The annual fee, though, is rising to $550 from $450. Story by Ken Sweet for the Associated Press.
Yahoo CEO Marissa Mayer Loses Bonus And Stock Award Over Security Breach
CEO Marissa Mayer will not be paid her annual bonus, and will not receive a stock award after a Yahoo investigation found that two security breaches at the company were mishandled by senior executives. The probe by an independent board found that Yahoo senior executives failed to “properly comprehend or investigate” a 2014 security breach. In that breach, hackers penetrated Yahoo’s network and stole personal data from users. Another breach in 2013 was much larger and affected more than a billion accounts. In addition to the action against CEO Mayer, the company’s general counsel resigned without severance pay for his department’s response to the security lapses. Yahoo’s top security officer at the time of the 2014 breach left the company in 2015. Story by Doreen McCallister for NPR.
Global Mobile Economy Shows No Signs Of Slowdown
The mobile money market is continuing to not only grow, but also have an increasing impact on lives, economies and innovation. At the end of 2016, there are more than half a billion registered mobile money accounts available across 277 live services in 92 countries. Today, mobile money reaches roughly 66 percent of low- and middle-income markets, showing a huge achievement in the decade since the pioneering launch of M-Pesa in Kenya. Mobile money remains a key driver of economic growth and success in many emerging markets, specifically when it is used to formalize payments, increase transparency and boost gross domestic product. By the end of last year, mobile money providers processed 1.3 billion transactions, averaging nearly 30,000 transactions a minute. Story in PYMNTS.
Payroll Debit Cards Ruling Called Setback for Workers
Labor, consumer and good government groups are asking the state of New York to appeal a decision throwing out rules for payroll debit cards. About 13,000 businesses employing some 200,000 workers in New York pay those workers with debit cards. But some of those cards charge so many fees that workers can end up getting less than minimum wage. The state Department of Labor instituted rules to protect workers from exploitation, but New York’s Industrial Board of Appeals (IBA) overturned them. More than half of New York workers being paid with payroll debit cards earn less than $30,000 a year. Story by Andrea Sears for the Public News Service.
6 Tips on How to Protect Yourself from Credit Card Fraud
Credit cards are vulnerable to fraud. If you are not careful about how you use your card, your details can be stolen and used by other people. Thousands of dollars can be spent on illegal transactions before you even realise it. Although credit card issuers have sophisticated fraud detection techniques, there could be a situation where the fraudulent spends remain undetected and the final responsibility for payment falls upon you. Fortunately, there are several measures that you can take to protect yourself. Here are a few things you should bear in mind when using your credit card to avoid getting into a credit card scam. Story by for The Online Citizen.
LowCards.com Weekly Credit Card Rate Report
Based on the 1,000+ cards in the LowCards.com Complete Credit Card Index, the average advertised APR for credit cards is 14.99 percent, identical to last week. Six months ago, the average was 14.64 percent. One year ago, the average was 14.81 percent.