If you want to get the most out of your credit cards, you need to choose a card that has a good rewards program. These programs give you money back on everything you purchase with your credit card. If you … Continue reading
As the use of prepaid debit cards increases, so does the risk of theft and fraud. Last week, federal prosecutors charged eight individuals in New York with cyber attacks on the global financial system. They were part of an international … Continue reading
PayPal may be the most trusted name in online payment processing, but it can now be used in "the real world." The internet mogul is going live in two million retail locations across the country where Discover cards are accepted. … Continue reading
U.S. Amasses Big Data on 10 Million People, Banks Protest The CFPB is working towards monitoring how millions of Americans use credit cards, take out mortgages, and overdraw their checking accounts, but bankers aren't happy about it. The CFPB wants access … Continue reading
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
With the slow diminishment of cash in the modern world, many Americans find it difficult to pay for parking in busy cities. In response to this quarter-lacking quandary, Ocean City officials have opted to install parking meters that now accept … Continue reading
Up until now, PayPal and similar electronic payment processors have been able to avoid excessive fees from credit card companies, with those companies assuming all the costs for transactions in their systems. MasterCard has finally grown tired of this, and … Continue reading
Discover Financial is best known for its work in the credit card industry, leaving most to assume the company is a one-trick pony. While the company does generate 80% of its revenue from credit cards, new business ventures have allowed … Continue reading
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
Prepaid Cards May Lack Protections of Checking Accounts Reloadable prepaid cards don't have to carry federal deposit insurance, as checking accounts do, says a new report from a project of the Pew Charitable Trusts. Cardholders can use them for direct … Continue reading
Discover is taking on traditional banks by offering checking accounts with features that should be appealing to consumers. Discover Cashback Checking will come with free checks and will not have monthly fees or a minimum balance requirement. In addition, customers … Continue reading
Visa Ends Ban on Retailer Discounts for Specific Cards Visa is giving its merchants more flexibility in offering discounts to their customers, and reversing restrictions that prevented retail partners from offering special deals to customers that paid with a specific bank's … Continue reading
N.J. Calls Off Credit Card Pitches to Students at Public Colleges Companies that issue credit cards can no longer market them to students at New Jersey public colleges under a law Gov. Christie signed Thursday. The new law prohibits public … Continue reading
With Cordray Nomination, Obama Renews Fight With GOP President Obama renominated Richard Cordray for head of the Consumer Financial Protection Bureau on Thursday. Cordray is currently serving in the post thanks to a recess appointment. A year and a half ago, … Continue reading
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
Credit card companies are fighting hard for the best customers and now they are competing in a somewhat unusual way: not charging late fees. A handful of cards are differentiating themselves from other issuers by foregoing the collection of a … Continue reading
Credit card issuers are trying hard to find new ways to generate revenue. After all, credit cards delinquencies are near historic lows, cardholders are paying down their debt, and add-ons like insurance and payment protection have withered under close scrutiny. … Continue reading
American Express, Citigroup and Discover went to court this week to defend charges that they acted together to make customers agree to settle credit card disputes through arbitration instead of class action lawsuits. The lawsuits were filed by customers who … Continue reading
You have heard of people threatening to give their right arm for a coveted sports ticket, but what about cutting up their credit cards? That scheme worked for a loyal Notre Dame fan and helped him secure two tickets to … Continue reading
Consumer Watchdog Readies to Bare Its Teeth The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles as it finishes up a list of studies and rules required by the law. They will have wide latitude to … Continue reading
Discover is now heavily promoting a new credit card that it introduced last summer. The Discover it card is being advertised during the college bowl games as a friendlier card with low fees. The card is a good choice for … Continue reading
The start of a new year is typically when consumers take a close look at their finances, making resolutions on saving money and cutting expenses. It may be an annual tradition, but this year there is an urgency as lawmakers … Continue reading
Websites Vary Prices, Deals Based on User Information A Wall Street Journal investigation found that the Staples website displays different prices to people after estimating their locations and appeared to consider the person's distance from a rival brick-and-mortar store, such … Continue reading
2012 was a relatively quiet year for the credit card industry. However, there were a number of developments that may have a far-reaching impact in the years to come. Here are the top ten credit card stories of 2012: Swipe … Continue reading
Credit Card Penalty Payments are Arriving More than $425 million in refunds and restitution will soon be sent to millions of consumers nationwide, penalties paid for deceptive credit card practices. And another $410 million--from Bank of America--is already landing in … Continue reading
The holiday shopping rush is on. Paying with a credit card makes it is easy to be in the spirit of buying and giving without paying attention to how much money is being spent. But January credit card bills bring … Continue reading
Battle Plan Shifts on Dodd-Frank President Barack Obama's victory means the 2010 Dodd-Frank law will stand. But the finance industry could still cut some parts of the law because changes now are politically less risky for the administration and Democrats in … Continue reading
The Discover Annual Holiday Shopping Survey shows holiday spending will increase by about $100 or 12 percent this year to an average of $838. Nearly one-quarter (23 percent) of respondents say they plan to spend more this season. Almost half (46 … Continue reading
Credit Card Settlement Could Stymie PayPal's Retail Plans A provision within the hotly-contested settlement between merchants and credit card networks could potentially slow PayPal's bid to become more widely accepted at grocery stores, restaurants and other retailers. Retailers that choose to … Continue reading
The recent actions by the Consumer Financial Protection Bureau will put $425 million back into the hands of credit card consumers. That is the total amount of restitution that will be refunded to nearly six million credit cardholders as part … Continue reading
Credit Cards Charge Up Healthy Margins Consumer confidence is up, and household debt is down. That's good news for retailers. It's also good for credit card processors Visa and MasterCard. Strong revenue is only part of the story. Leveraging profits … Continue reading
In September, delinquencies for five major credit card issuers increased from their near-historic lows. Bank of America, American Express, Chase, Discover and Capital One all showed slight increases from August to September in their delinquency rate. A delinquent account is … Continue reading
U.S. Credit Card Lenders Shun Add-Ons as CFPB Cracks Down Chase, Bank of America and American Express are among credit card lenders retreating from a $2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation. Scrutiny … Continue reading
Another day, another major fine for a credit card company. American Express will refund $85 million to customers and pay $27.5 million in civil penalties to settle regulators' accusations that the company violated a number of consumer protection laws. The … Continue reading
Moms May Benefit From Credit Card Rule Fix For certain moms with trouble getting plastic, help is on the way. A federal agency is aiming to fix a rule that's making it difficult for spouses without their own incomes to … Continue reading
The Consumer Financial Protection Bureau is punishing credit card issuers that misled cardholders into buying payment protection and credit monitoring services. This week, the CFPB announced that Discover will pay $214 million in fines and penalties. In July, Capital One … Continue reading
Yet another credit card issuer will have to pay back millions of dollars to customers for misleading telemarketing practices. Today, the Consumer Financial Protection Bureau and the FDIC announced that Discover will refund $200 million to their credit card customers … Continue reading
Today, Groupon launched a payment service that enables merchants to accept credit card payments using a card reader attached to an iPhone or iPodTouch. By entering this market, Groupon Payments will take on the two leaders, PayPal and Square. Groupon … Continue reading
After a series of consumer lawsuits and new fines from the Consumer Financial Protection Bureau, some credit card issuers are getting out of the payment protection business. The payment protection plans are marketed as a way to help consumers through … Continue reading
Many Card Companies Dumping Credit Protection Plans Credit card holders could soon be saying good-bye to some costly add-on products that promised peace-of-mind during a disaster, such as a job loss. And many consumer groups say good-riddance. Several consumer advocates … Continue reading
Discover, the smallest of the four worldwide payment networks, has finally gained entry into the European credit card market with an agreement with a Russian Bank. Yesterday, the largest credit card issuer in Russia, Russian Standard Bank, announced it will … Continue reading
Running short on cash? You may have been tempted to use your credit card at an ATM machine or perhaps try one of those convenience checks in your credit card statement. But before you resort to either of these alternatives, … Continue reading
Discover is attempting to partner its way into mobile payments and increasing its market share. The credit card company is partnering with PayPal and will equip the more than seven million U.S. merchants that accept Discover with the option to also accept PayPal … Continue reading
American Express is still the favorite credit card issuer in the 2012 Card Satisfaction Survey by J.D. Power and Associates. For the sixth year in a row, the company has been tops in customer satisfaction with a score of 807. … Continue reading
During times of recession and job loss, debt payment protection plans sound like a financial life jacket that can keep you afloat. Credit card issuers market protection plans as a way to prepare for the changes and hardships in life. … Continue reading
Card Swipes in Church Make Giving Easier It hasn't always been easy for administrators and lay leaders to get people to donate regularly and increase their contributions each year, no matter their faith. Over the last decade or so, entrepreneurs have seized … Continue reading
During the last three years, the banking industry has been hammered by bad loans, increased regulations and a recession. During this time, prepaid cards have been one of the few bright spots of revenue growth for banks and lenders. Consumers … Continue reading
More Americans are paying their credit card bills on time as well as carrying less of a balance. According to figures from last week's regulatory filings, credit card delinquencies decreased for each of the top six credit card issuers in … Continue reading