LowCards.com Weekly Credit Card Update–October 10, 2014

Banks in U.S. Moving to Chip-Based Debit and Credit Cards In the coming year, banks in the United States are likely to replace debit or credit cards with versions that have tiny computer chips embedded in them, a move aimed … Continue reading

CFPB Keeps Data on Nearly 600 Million Credit Card Accounts

The Consumer Financial Protection Bureau is collecting sensitive financial data on close to 600 million credit card accounts but lacks adequate privacy and security plans to protect the information, according to a new report from the Government Accountability Office. “The … Continue reading

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

Cyberattack Against JPMorgan Chase Affects 76 Million Households A cyberattack this summer on JPMorgan Chase compromised the accounts of 76 million households and seven million small businesses, a tally that dwarfs previous estimates by the bank and puts the intrusion … Continue reading

Proposal to Cap Interest Rates for Military Members

In an effort to better protect members of the military from high interest rates, the Department of Defense has proposed an update to the Military Lending Act from 2006. The update would put more credit products under the 36% interest … Continue reading

U.S. Bank to Refund $48 Million for Improper Credit Card Practices

Last week, the Consumer Financial Protection Bureau lowered the boom on U.S. Bank for improper credit card practices. The CFPB ordered the bank to refund $48 million to customers. The bank must also pay fines of $5 million to the … Continue reading

LowCards.com Weekly Credit Card Update–September 5, 2014

Home Depot's Credit Cards May Have Been Hacked A massive batch of credit and debit card information that went on sale on a criminal Internet site Tuesday may be from Home Depot stores and could be linked to hackers responsible … Continue reading

CFPB Issues Warning on Deceptive Credit Card Marketing

Today, the Consumer Financial Protection Bureau issued a warning to credit card companies about deceptive marketing tactics used to promote convenience checks and reduced or zero percent interest offers. The Bureau told banks to properly disclose the costs of these … Continue reading

LowCards.com Weekly Credit Card Update–August 29, 2014

U.S. Late Payment Rate on Credit Cards is at the Lowest Level in Seven Years Americans are doing a better job of making timely credit card payments, even as many lenders increasingly extend credit to more people with less-than-stellar credit. … Continue reading

Gold Dealer Now Takes Bitcoin Instead of Credit Cards

In an effort to prevent credit card fraud on the sale of gold, the owner of Agora Commodities has decided to do away with credit card payments in favor of Bitcoin. The dealer will no longer be processing payments with … Continue reading

Shift Debit Card Combines Digital Currency, Loyalty Points and Cash

More Americans are beginning to embrace digital currencies such as Bitcoin. As these cryptocurrencies grow, consumers may be looking to loyalty points to get the most out of the money they are spending. A new debit card known as Shift … Continue reading

LowCards.com Weekly Credit Card Update–August 15, 2014

Debt Collectors, What are Their Legal Limits? Collectors call again and again in the middle of dinner. They call the wrong person. They threaten. They take advantage of the latest technology to embarrass people. Often, they violate the law. Debt … Continue reading

CFPB Warns Consumers of Bitcoin Dangers

Yesterday, the Consumer Financial Protection Bureau issued an advisory warning consumers about the dangers of virtual currencies such as Bitcoin, referring to these currencies as the "Wild West" of the financial world. The government agency also announced it is now … Continue reading

LowCards.com Weekly Credit Card Update–August 8, 2014

Why You Have To Start Paying Down Your Credit Cards Right Now Federal Reserve meetings aren't high on most people's list of interesting things, but if you have a credit card and carry a balance, you should probably start paying … Continue reading

Small Debit Card Purchases Lead to Big Overdraft Fees

A new report from the Consumer Financial Protection Bureau indicates most overdraft fees on debit cards occur on transactions of $24 or less. In addition, the majority of consumers pay back those overdrafts within three days. This means that a … Continue reading

LowCards.com Weekly Credit Card Update–August 1, 2014

A Third of Americans Delinquent on Debt More than a third of the country is in trouble when it comes to paying debts on time; 35% of Americans have debt in collections, according to a study out Tuesday from the … Continue reading

CFPB Now Accepting Complaints on Prepaid Cards and Gift Cards

The Consumer Financial Protection Bureau is now accepting complaints about gift cards, prepaid cards, benefit cards and general purpose reloadable cards. The bureau has also begun accepting complaints about other non-banked products, like credit repair services and title loans. Companies … Continue reading

ACE Cash Express Ordered to Pay $10 Million for Bullying Payday Borrowers

The Consumer Federal Protection Bureau has ordered one of the country's largest payday lenders, ACE Cash Express, to pay $10 million in fines and refunds for bullying their customers to make their monthly loan payments. Consumers have reported that ACE … Continue reading

LowCards.com Weekly Credit Card Update–June 20, 2014

Suze Orman's Approved Prepaid Debit Cards are Quietly Discontinued Suze Orman is quietly getting out of the payments business. Starting July 1, Ms. Orman's Approved card, a prepaid debit card aimed at budget-challenged consumers, will no longer work, according to … 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

CFPB Requests Information on Mobile Financial Services

The Consumer Financial Protection Bureau is inquiring about mobile financial services in an effort to create better security on mobile banking platforms and to reach out to unbanked consumers. According to the CFPB, 74,000 customers a day used mobile banking … 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 23, 2014

Microchips in our Passports and Credit Cards: Are They Safe? U.S. passports have them. And these days, many more U.S. credit cards are starting to carry them, too. The tiny plastic chips embedded in passports and credit cards are primarily … 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

LowCards.com Weekly Credit Card Update–April 25, 2014

Michaels Confirms Data Breach Affecting 2.6 Million Credit Cards Three months after craft retailer Michaels announced it may have been the victim of a data breach, the company confirms the worst: nearly 2.6 million consumers' credit cards are affected. In … Continue reading

Leading Provider of Campus Debit Cards under Investigation

Higher One Holdings, the leading provider of campus debit cards in America, could be under investigation by the Federal Reserve Bank of Chicago. According to the Huffington Post, this investigation accuses Higher One of using "unfair and deceptive practices" against its … Continue reading

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