LowCards.com Weekly Credit Card Update–November 20, 2015

First U.S. Debit Card Ready for Use in Cuba Americans visiting Cuba can finally put away their cash and pull out their debit card. MasterCard and Fort Lauderdale-based Stonegate Bank announced Thursday that their cards are now active for use … Continue reading

Credit Card Consumers Want Better Rewards Programs

Only one in four credit cardholders are completely satisfied with their primary card's rewards program, according to the fifth annual Rewards Barometer Study by Capital One. This is a fairly significant decline from 30% a year ago. Nearly 96% of … Continue reading

Capital One Reports Strong Credit Card Growth

Capital One Financial has released its third quarter earnings statement, which shows strong credit card growth that exceeded analyst estimates. The third quarter has been slow for most of the banking industry, but Capital One has managed to post some … Continue reading

Capital One Updates Their Mobile Wallet for Contactless Payments

Capital One has upgraded their mobile wallet to now offer contactless payments from Android phones. In keeping with the innovations of Android Pay, Samsung Pay, and Apple Pay, the new option allows consumers to use their phones in place of … Continue reading

Capital One Cardholders Get First Access to iHeartRadio Jingle Ball Tickets

The very popular iHeartRadio Jingle Ball concert tour will sweep the country once again in 2015, hitting 11 major cities throughout the United States. Nick Jonas will be performing at seven of the shows. Capital One will be this year's … Continue reading

Spark Miles vs. Spark Cash

When it comes to selecting a credit card, small business owners have their own unique needs. These cardholders are looking for detailed reporting features, in addition to competitive rewards and low fees. Capital One offers a full range of Spark … Continue reading

LowCards.com Weekly Credit Card Update–August 14, 2015

Samsung Enters Mobile Payment Wars With Samsung Pay Samsung is taking on Apple and Google with its own mobile payment system. At a press event in New York Thursday, the company announced Samsung Pay, a new contactless payment system that … Continue reading

Costco, American Express to End Exclusive Partnership in U.S.

The exclusive relationship between American Express and Costco will end in the retailer’s United States stores on March 31, 2016, the credit card issuer announced this morning. The Canadian division of Costco made a similar decision in September of last … Continue reading

LowCards.com Weekly Credit Card Update–January 16, 2015

Obama Seeks Laws on Data Hacking, Student Privacy President Barack Obama wants Congress to pass legislation requiring companies to inform customers within 30 days if their data has been hacked, a move that follows high-profile breaches at retailers including Target, … Continue reading

LowCards.com Weekly Credit Card Update–October 17, 2014

Kmart Says its Store Registers Were Hacked, Exposing Credit Cards For about a month, Kmart says, its stores' checkout registers were "compromised by malicious software that stole customer credit and debit card information." The company, owned by Sears, says it … Continue reading

Costco Canada Replaces American Express with Capital One

The credit card relationship between Costco Wholesale Canada and American Express will be ending at the end of this year. American Express was the only credit card company accepted at Costco in Canada. In an email sent to their customers … Continue reading

GE Capital to Pay $225 Million for Discriminatory and Deceptive Credit Card Practices

The Consumer Financial Protection Bureau has cracked down on yet another credit card issuer. Today, the CFPB and the Justice Department ordered GE Capital Retail Bank, General Electric's retail credit card business, to pay $225 million in relief to consumers … Continue reading

Capital One Looking to Hire Bitcoin Expert

Credit card giant Capital One is currently seeking a Bitcoin savvy expert to give them insight into the influence the cryptocurrency may have on the financial world. While Bitcoin may not yet be considered a direct competitor for Capital One and … Continue reading

LowCards.com Weekly Credit Card Update–May 30, 2014

Correcting Your Credit Report Gets Easier You just got more of a say in fixing errors on your credit report. Pushed by the Consumer Financial Protection Bureau, major credit reporting companies Equifax, Experian, and TransUnion have changed their complaint systems … Continue reading

LowCards.com Weekly Credit Card Update–May 12, 2014

Target CEO Steps Aside After Massive Data Breach A Christmas-season cyberattack on Target's computer systems did more than expose massive amounts of customer credit card data to potential fraud. It also turned up the heat on deeper troubles that simmered … Continue reading

CFPB Has History of Cracking Down on Illegal Credit Card Practices

Today’s actions by the CFPB against Bank of America for illegal credit card practices was the fifth such crackdown on a major credit card issuer by the Bureau in the past two years. As reported earlier, Bank of America was … Continue reading

LowCards.com Weekly Credit Card Update–February 21, 2014

A Line of Defense Against the Theft of Personal Data Credit-monitoring is often backward-looking, informing you of new accounts that thieves may have already opened in your name. But a freeze prohibits the bureaus from releasing your credit reports to … Continue reading

Will Capital One Revise Policies in Credit Card Agreement?

Very few people ever read their credit card agreement, but there has been a public outcry over the fine print in Capital One's agreement with their cardholders. The updated contract says that Capital One "may contact you in any manner … Continue reading

LowCards.com Weekly Credit Card Update–January 24, 2014

Hackers Took Sneaky Path Into Target Customers' Wallets It was, in essence, a cybercriminal's dream. For months, an amorphous group of Eastern European hackers had been poking around the networks of major U.S. retailers, searching for loose portals that would … Continue reading

New Report Shows Credit Card Companies with Most Complaints

The Consumer Financial Protection Bureau launched a complaint database in November, 2011, and it collected over 25,000 complaints through mid-September of 2013. A report released last week by the U.S. Public Interest Research Group summarized some of the findings from … Continue reading

Save on Holiday Shopping Using Credit Card Rewards

The holidays are here, and soon consumers will be hitting the malls and emptying their wallets. Last year, consumers spent an average of $786 on holiday gifts. According to the National Retail Federation’s holiday spending survey, nearly 75% of the … Continue reading

Capital One Targets Transactors with Co-Branded Credit Cards

Capital One is aiming to expand its business by creating more co-branded and private label credit cards. These are cards that offer rewards through another company, like a retail store or airline. Capital One is pushing in this direction because … Continue reading

Credit Union Credit Cards Threaten Big Banks

A greater number of local credit unions across the United States are starting to issue credit cards to their members. Some of these have been more successful than others, but the growth of this phenomenon is creating competition for big … Continue reading

LowCards.com Weekly Credit Card Update–November 8, 2013

MasterCard 3rd-Quarter Net Rises 14% on Increased Purchases MasterCard said third-quarter earnings rose 14% as spending on its credit and debit cards continued to grow. MasterCard, like its larger rival Visa, operates a payments network that processes transactions made on … Continue reading

Quarterly Earnings Mixed for Credit Card Issuers

Third quarter earnings are mixed for banks and credit card issuers. Some, like American Express, beat estimates while others such as Chase suffered due to legal troubles. Charge-off rates continue to reach historic lows as cardholders pay down their credit card balances. … Continue reading

GM Improves Rewards Program on Credit Cards

GM has announced a significant improvement in the rewards program for its credit card. The new GM Card from Capital One has no limit on the amount of rewards you can earn and no expiration date for your points. Previously, the … Continue reading

LowCards.com Weekly Credit Card Update–October 17, 2013

JP Morgan Chase Points to Legal Expenses in Quarterly Loss JP Morgan Chase reported a quarterly loss for the first time ever under CEO Jamie Dimon as the bank spent billions battling lawsuits and dealing with federal investigations into some … Continue reading

How Credit Card Companies Help Military Families

Members of the military face financial challenges that most of us rarely consider. Having a family member in harm's way is stressful enough. But they sometimes have to move with very little notice, making it difficult for the spouse to … Continue reading

JPMorgan Chase to Refund $309 Million for Illegal Credit Card Activity

The Consumer Financial Protection Bureau announced today that JPMorgan Chase must refund $309 million to credit card customers that were improperly billed for add-on products. The CFPB and the Office of the Comptroller of the Currency concluded that 2.1 million … Continue reading

UK Banks to Pay $2 Billion to Settle Credit Card Scandal

Thirteen banks and credit card companies in the United Kingdom are on the line for an estimated £1.3 billion ($2.02 billion in US dollars) in damages over the next few months. This is the result of a mis-selling scandal regarding credit … Continue reading

What Is the Best Credit Card for Me?

A couple decades ago, there were only a few credit cards offered in the United States. Now, there are over 1,000 on the market. Issuers like Citi, Chase, Discover, Capital One, Barclay, Bank of America and American Express have saturated … Continue reading

LowCards.com Weekly Credit Card Update–August 23, 2013

Capital One Makes Commercial Lending Push with Beech Street Acquisition Capital One is acquiring Beech Street Capital as it aims to grow beyond consumer lending. Capital One, one of the country's largest credit card issuers, has expanded through acquisitions over the … Continue reading

Capital One and Neiman Marcus Extend Credit Card Agreement

Credit card giant Capital One and high-end retailer Neiman Marcus announced on Monday that they have extended the contract for their private label credit card agreement. Current and future cardholders get the advantage of Capital One's extensive rewards opportunities while experiencing … Continue reading

Reconsideration–Another Chance at Getting a Credit Card

Reconsideration is an unpublished "secret" in the credit card industry. If your credit card application has been rejected, there is a number you can call to explain your side of the story to a real person and appeal for approval. When … Continue reading

The CFPB’s Accomplishments in its First Two Years

The Consumer Financial Protection Bureau is celebrating its two-year anniversary with much calmer waters ahead. The CFPB has been the center of political firestorms ever since it was originally formed. Republicans first opposed Elizabeth Warren as the head of the … Continue reading

Earnings Soar for Most Major Banks

Most major banks saw their profits soar during the second quarter of 2013. Quarterly earnings increased as banks lowered their credit loss provisions, the economy improved and customers paid down their debts. The reports also showed that the credit card business for most … Continue reading

Capital One Introduces Enhanced Cash Back Card

The new Capital One Quicksilver credit card is a new cash back card that replaces the former Cash card. Quicksilver pays 1.5% on every transaction and is extremely easy to understand. It has no spending tiers or limits, no rotating bonus categories, no required … Continue reading

Credit Card Delinquencies & Charge-Offs Continue to Fall

Consumers continue to pay their credit card bills on time, and issuers are having to write off fewer accounts. Both delinquencies and charge-off rates declined from April to May for five of the six top credit card issuers. Delinquency rates represent the … Continue reading

Credit Card CEOs Don’t Have to Worry About Personal Debt

Being the CEO of a credit card issuer or processor pays well. Very well. MasterCard CEO Ajay Banga's pay package last year totaled $11.3 million, an increase of 35 percent over his 2011 compensation of $8.3 million, according to the … Continue reading

Credit Card Delinquency Rates Fall Again

Credit card delinquency rates fell again in March as consumers continue to pay down credit card debt in a timely manner. Five of the top six credit card issuers reported lower delinquency rates in March than in February. Discover was the only exception … Continue reading

LowCards.com Weekly Credit Card Update–April 19, 2013

ATM Fees on the Rise Using an ATM outside of your bank's network is becoming more expensive. The average fee a bank charged a non-customer for using their ATM in 2012 was $2.10, a 20 percent increase from the $1.75 … Continue reading

LowCards.com Weekly Credit Card Update–April 5, 2013

18 States Considering Ban on Credit Card Surcharges Eighteen states are now considering legislation that would bar retailers from imposing surcharges when consumers use their credit cards. Ten states have already imposed bans on credit card surcharges, which limited the potential impact of … Continue reading

Notable Growth in Credit Cards During 2012

The number of credit cards in the United States increased last year as did the number of credit card transactions, according to the latest Nilson Report. The number of general purpose credit cards in circulation grew to 526.6 million by … Continue reading

LowCards.com Weekly Credit Card Update–March 8, 2013

Young Adults Retreat From Piling Up Debt Total debt among young adults dropped in the last decade to the lowest level in 15 years. A typical young U.S. household, defined as one led by someone under age 35, had $15,000 … Continue reading

Capital One CEO Receives Huge Pay Package for 2012

No matter how you calculate it, the CEO of Capital One is well paid. According to the company, Capital One paid Chief Executive Officer Richard Fairbank approximately $17.5 million in compensation for 2012. The payment package included $10.9 million in … Continue reading

LowCards.com Weekly Credit Card Update–February 22, 2013

FTC: Cramming Fraud Targets Consumers’ Credit Cards The FTC has added a new alert about a fraud called cramming where small charges of $10, $20, or $30 are secretly inserted onto your credit card bill. These small charges add up … Continue reading

Citi to Purchase Best Buy Credit Card Portfolio

Citigroup is buying Capital One's portfolio of Best Buy branded credit cards, allowing Capital One to end its Best Buy agreement early. The cards have loan balances of about $7 billion. The financial details were not released. The sale is … Continue reading

Obama Re-Nominates Cordray to Head CFPB

President Obama today re-nominated Richard Cordray as director of the Consumer Financial Protection Bureau. This will be Cordray's first permanent term. He was selected for the post as a recess appointment in January 2012, which did not require Senate confirmation. … Continue reading