Proposed Senate Bill Mandates Free Annual Credit Scores

A proposed bill in the United States Senate would mandate all consumers have access to free annual credit scores. The Stop Errors in Credit Use and Reporting (SECURE) Act is designed to reduce the problems consumers experience through errors in their … Continue reading

LowCards.com Weekly Credit Card Update–April 11, 2014

Heartbleed Threat Puts Passwords, Credit Cards, and Other Data at Risk Passwords, credit cards and other sensitive data are at risk after security researchers discovered a problem with an encryption technology used to securely transmit email, e-commerce transactions, social networking … 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

Bank of America Must Pay $772 Million for Illegal Credit Card Practices

Today, Bank of America was ordered by the Consumer Financial Protection Bureau to refund $727 million to consumers who were deceived by the bank's marketing of credit card payment protection programs and others who were charged for credit monitoring services they never … Continue reading

CFPB Report Shows the Ugly Trap of Payday Loans

A report released today by the Consumer Financial Protection Bureau shows how payday loans trap borrowers in a cycle of debt. The report showed a shocking statistic: a majority of all payday loans are made to borrowers who renew their … Continue reading

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

Consumers Not Powerless in Face of Credit Card Fraud Most card companies already have custom alerts and other features that not enough consumers use. Then there's something that all cards should have but most don't--an on/off switch accessible from a … Continue reading

GAO Studying Changes to Student Debit Cards

Many college campuses now offer debit cards students can use to access their excess financial aid. These cards promise faster payments and better convenience over the traditional check. But students need to be aware of the fees with these cards. … Continue reading

CFPB Urges Card Companies to Provide Free Credit Scores

The Consumer Federal Protection Bureau is urging credit card issuers to provide free credit scores for their customers. Doing so would allow consumers across the country to better track the health of their credit. Some issuers, such as Discover, Barclay and … Continue reading

LowCards.com Weekly Credit Card Update–February 28, 2014

Financial, Retail Industries Keep Cybersecurity Mistakes and Punishments Secret Even as cyberthreats grow in frequency and sophistication, the system for ensuring payment card security in the United States remains a closely guarded arrangement among the credit card networks who set … Continue reading

LowCards.com Weekly Credit Card Update–February 14, 2014

Target Data Breach Pits Banks Against Retailers Banks and big retailers are locked in a debate over the breach of consumer data that gripped Target during the holiday season. At issue: Which industry bears more responsibility for protecting consumers' personal … Continue reading

LowCards.com Weekly Credit Card Update–February 7, 2014

Hotel Company Investigates Data Breach, Card Fraud White Lodging Services, a hospitality company that manages 168 hotels in 21 states--under franchises from Hilton, Marriott, Sheraton, and Westin—is investigating reports that it suffered a data breach that lasted from March 2013 … 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

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

Millions Getting New Debit, Credit Cards After Target Hack Millions of consumers are being sent new credit and debit cards in the wake of the recent security breach that hit as many as 110 million Target customers. JPMorgan Chase announced … Continue reading

American Express To Pay $75.7 Million for Deceptive Marketing

American Express has agreed to pay $75.7 million to its customers and regulators after a series of claims against the company regarding deceptive marketing practices. The Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC) and … Continue reading

LowCards.com Weekly Credit Card Update–January 3, 2014

Six Credit Card Trends to Watch in 2014 During and immediately after the financial crisis, credit card issuers tightened up lending standards and lowered credit limits to protect themselves. "They had given credit to too many people and approved people … Continue reading

Top 10 Credit Card Stories of 2013

Identity theft and actions by the Consumer Financial Protection Bureau dominated the credit card headlines in 2013. Below are the Top 10 news stories of the year in the credit card industry. One of the largest data breaches in history … Continue reading

College Credit Card Accounts Have Declined Steadily Since CARD Act

Each year, the CARD Act requires the Consumer Federal Protection Bureau to issue a report on the agreements between credit card issuers and institutions of higher learning and their affiliated organizations. The goal is to create more transparency in the world of college-affiliated … Continue reading

LowCards.com Weekly Credit Card Update–December 27, 2013

American Express To Pay $75 Million Over Credit Card Practices The Consumer Financial Protection Bureau has ordered American Express to pay more than $75 million to settle claims that it charged improper fees and misled its credit card customers over … Continue reading

LowCards.com Weekly Credit Card Update–December 20, 2013

Target Says 40 Million Credit, Debit Cards May Have Been Compromised in Security Breach Target said Thursday that credit and debit card account information for 40 million of its customers may have been stolen during the height of the holiday … Continue reading

CFPB Orders $34.1 Million Healthcare Card Refund

The Consumer Financial Protection Bureau is ordering a $34.1 million refund to over one million customers who have used GE Capital Retail Bank's CareCredit card. CareCredit cards are designed to pay doctor and dentist bills with no interest, but recent … Continue reading

CFPB Studying Arbitration Clauses in Financial Services Agreements

New research from the Consumer Financial Protection Bureau shows that arbitration clauses are commonly used by large banks in credit card and checking account agreements, but almost 9 out of 10 clauses allow banks to prevent consumers from participating in … Continue reading

LowCards.com Weekly Credit Card Update–December 6, 2013

Why You Should Use A Masked Credit Card To Shop Online Whenever you buy something with a credit card online, you also have to provide your name, number and address, information seen by the processing banks as well as the … Continue reading

CFPB to Supervise Nonbanks That Service Student Loans

Starting today, the Consumer Financial Protection Bureau will supervise nonbank student loans. This is new oversight for the large student loan market that serves over 40 million Americans. The Bureau currently oversees loan servicing at the largest banks, but now … Continue reading

LowCards.com Weekly Credit Card Update–November 27, 2013

'Rachel' Robocallers Reach Settlement with the FTC Two more people and four companies have agreed to settle charges in the "Rachel robocall" scheme, according to the Federal Trade Commission. The Rachel scam, which used other names as well, called people, … Continue reading

25 Times More Spent on Marketing Financial Products than on Financial Education

The Consumer Federal Protection Bureau released a report indicating that the United States spends 25 times more money each year on marketing financial products than on financial education. The study, called "Navigating the Market: A comparison of spending on financial education and financial … Continue reading

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

Retailers Use Deals to Get You Connected Head into the mall this holiday season, and you won't just be bombarded by 50% off signs or two-for-one deals. Once you hit the cash register, someone is bound to tempt you with … Continue reading

Credit Card Rewards Programs Under Review by CFPB

The Consumer Financial Protection Bureau is starting to review whether credit card rewards programs are misleading to credit card users. The result of the review may be new, strict rules about the transparency of rewards programs, including details about cash … Continue reading

LowCards.com Weekly Credit Card Update–November 15, 2013

Credit Card Debt Declines for Fourth Straight Month U.S. credit card balances declined for the fourth consecutive month in September, suggesting rising caution among the nation's consumers. Revolving credit, which largely reflects money owed on credit cards, fell by a … 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

CFPB Planning Tougher Rules on Debt Collectors

The scrutiny continues to increase on the debt collection industry. Today, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to upgrade the regulations governing debt collection. It is asking for public and business feedback before proposing … Continue reading

CFPB Releases Financial Guides for Caregivers

The Consumer Financial Protection Bureau (CFPB) released four guides for individuals who are put in a position to manage other people's money. These guides are specifically designed for caregivers who are responsible for the finances of seniors and people with … Continue reading

LowCards.com Weekly Credit Card Update–November 1, 2013

Slithering Theater Thief Gets 16 Years in Connecticut A Philadelphia man who authorities say crawled along movie theater floors to steal credit cards from women's purses has been sentenced in federal court in Connecticut to 16 years in prison. Prosecutors … Continue reading

Avoid Getting “Tricked” for Your Money on Halloween

It's trick-or-treat time, and the Consumer Financial Protection Bureau is using Halloween to warn consumers about the tricks scammers use to steal their money. The CFPB reports that 25.6 million adults, or 10.8 percent of the U.S. adult population, were victims of financial fraud in … Continue reading

LowCards.com Weekly Credit Card Update–October 25, 2013

Russian Credit Card Firm Jumps After IPO The initial public offering for Oleg Tinkov’s credit card company in Russion raised $1.1 billion, valuing the company at about $3.2 billion. Mr. Tinkov said he got the idea for the credit card business after … 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

The History of the Credit Card

Technology, innovation and social media are bringing changes to credit card payments. Consumers have been slow to adapt to these changes, but that should not come as a shock. History shows that methods of payment change and evolve slowly. Until … Continue reading

Legal Costs Lead to JPMorgan Chase’s First Quarterly Loss Since 2004

JPMorgan Chase posted its first quarterly loss under CEO Jamie Dimon in the third quarter of 2013.The quarterly loss was $380 million compared to a profit of $5.71 billion a year ago. It was the first time the bank failed to report a … Continue reading

LowCards.com Weekly Credit Card Update–October 4, 2013

CFPB Targets Banks' Campus Deals The Consumer Financial Protection Bureau is concerned that deals between banks and colleges steer students toward checking accounts and debit cards that come with high fees or other costs. Schools and the banks say any fees and other … Continue reading

CFPB Fines and Bars Leading Firm Over Debt Settlement Fees

The Consumer Financial Protection Bureau today fined one of the country's largest debt settlement payment processing companies $1.376 million for allegedly helping other firms collect millions of dollars from consumers in illegal upfront fees. Meracord LLC and its CEO, Linda … Continue reading

CFPB Reports CARD Act Saved Money for Consumers

In the four years since the CARD Act was signed into law, the cost of credit has dropped by two percentage points, but many consumers are finding credit more difficult to obtain. These were some of the major findings of … Continue reading

LowCards.com Weekly Credit Card Update–September 27, 2013

Google Wallet Arrives on iPhone Google introduced the Wallet app to the iPhone, a move which will hasten the replacement of cash and credit cards. The iOS app will allow users to store gift and loyalty cards and send cash … Continue reading

LowCards.com Weekly Credit Card Update–September 20, 2013

CFPB's Data Mining of Credit Card Data Challenged in Heated House Hearing Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year--up to 42 billion transactions--through a controversial data-mining … 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

Will The Government Now Monitor Your Credit Card Data?

The Consumer Financial Protection Bureau is thinking of taking a new approach to "financial protection" by monitoring 80% of all credit card transactions in the U.S. This would be done through a controversial data mining program that would evaluate up … Continue reading

CFPB Warns Employers on Exclusive Use of Payroll Debit Cards

Employers can't require their employees to receive wages on a payroll card and the Consumer Financial Protection Bureau is stepping in to make that clear. Businesses that offer payroll debit cards for their employees are supposed to provide them as … Continue reading

LowCards.com Weekly Credit Card Update–September 6, 2013

Data Security Begins with the Traveler Criminal hackers gravitate to some hotels because hotels do many credit card transactions at a local level which may lack centralized, sophisticated data security safeguards. Most hotels are locally owned and it is expensive to come into full … Continue reading

CFPB Taps Steven Antonakes as Deputy Director

The Consumer Financial Protection Bureau officially named Steven Antonakes as the top deputy to Director Richard Cordray. Antonakes has been with the CFPB since November 2010. He started with the Bureau as an assistant director for large bank supervision, and … Continue reading

CFPB Warns Companies to Investigate Credit Report Errors

The Consumer Financial Protection Bureau is cracking down on companies that supply information to consumer reporting companies. This should make it easier for consumers to get reporting errors resolved. The CFPB issued a notice today that says these companies--called "furnishers"--are responsible for investigating … Continue reading

LowCards.com Weekly Credit Card Update–August 30, 2013

Facebook Friends Could Change Your Credit Score Choose your Facebook friends wisely; they could help you get approved--or rejected--for a loan. A handful of tech startups are using social data to determine the risk of lending to people who have … Continue reading