Discover Sues Visa Over Debit Card Practices

Discover Financial Services is suing Visa Inc for using anti-competitive practices in its debit card sector. The company alleges Visa has "undertaken a series of illegal actions that undermine competition--harming rival debit networks, merchants, acquirers, card issuers, and consumers." Discover is … Continue reading

Discover Enhances Cash Back Program

Discover has expanded its cash back rewards program just in time for the holidays. Discover cardholders can now cash in their rewards at any time, no matter how large or small they may be. In addition, the cash back bonuses … Continue reading

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

Staples Investigates Reports of Possible Credit Card Data Breach The world's biggest office-supply retailer is investigating reports of a possible data breach of Staples customers' credit cards after banks detected a pattern of unusual charges concentrating on a group of … Continue reading

Citibank to Provide Free Credit Scores to Cardholders

Citibank will become the largest credit card issuer to provide free credit scores to their credit card customers. The bank will begin providing these scores on a monthly basis beginning in January. The scores will only be available online. Citi … Continue reading

Amex and Discover Top Credit Cards in Customer Satisfaction

Of all the credit card issuers in the United States, cardholders rated American Express and Discover as the top cards in customer satisfaction, according to a survey from J.D. Power. The survey measured credit cardholders satisfaction based on the following … 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

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

Get Affordable Roadside Assistance from Your Credit Card Company

Did you know that many credit card companies offer discounts on roadside assistance? Indeed, a number of issuers may offer this service at lower prices than your local automobile club or car manufacturer. If you are ever in need of … Continue reading

Declined Transactions Hurting Revenue from Online Gambling in New Jersey

New Jersey voters approved online gambling in November, and it seems to have gone over well with a majority of the state's residents. Governor Chris Christie originally estimated that the gambling industry would bring in $1 billion in revenue for … Continue reading

LowCards.com Weekly Credit Card Update–April 18, 2014

States Probing Massive Data Breach of Social Security Numbers In what could be one of the biggest data breaches in history, the federal government and authorities in several states are investigating the criminal sale of Social Security numbers, bank account … 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

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

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

Discover to Launch Google Glass App in 2014

Discover Financial Services recently announced that it will be launching an application that will work on Google Glass. The new Discover app will bring basic account information to the innovative eyepieces. Google Glass is a form of eyewear that allows … Continue reading

Are Free Credit Scores from Credit Card Issuers Valid?

Barclaycard and First Bankcard were the first credit card issuers to offer their cardholders free credit scores. These issuers enable their customers to check their FICO credit score at any time through their online accounts. Now, Discover is heavily promoting the … Continue reading

How to Choose a Mobile Wallet

Mobile wallets are changing the way people make purchases. Rather than carrying around a wallet full of cards and money, all someone needs is a cell phone to pay for the things he wants. With the number of mobile wallet … Continue reading

Retail Group Appeals Swipe Fee Settlement

After a federal judge approved the $5.7 billion settlement over interchange fees between credit card companies and retailers, the National Retail Federation has filed an appeal, claiming that the current settlement is "flawed." "The settlement does nothing to reform the … 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

Three Credit Card Issuers Now Offer Free Credit Scores

Three major credit card companies--Discover, First Bankcard and Barclaycard US--will now enable their cardholders to see their credit scores for free once a month. These consumers will see their FICO credit score, the most widely-used credit scoring formula. This will affect … Continue reading

Do You Know about Credit Card Price Matching?

Most of us are familiar with Walmart's "low price guarantee," in which Walmart matches the advertised price from another store. All you have to do is prove that the other store is offering a lower price on the exact same … Continue reading

10 Credit Card Tips to Better Manage Holiday Spending

We are approaching one of the biggest shopping weekends of the year. Nearly 140 million people plan to shop over the four-day Thanksgiving weekend according to the National Retail Federation. Last year, the average shopper spent $423 over the Thanksgiving … 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

Discover Providing Free Credit Scores to Cardholders

Discover announced today that cardholders will receive free FICO credit scores on their monthly credit card statements. Discover becomes the first credit card issuer to provide FICO a credit score free of charge to their customers on monthly statements. In addition, cardholders … Continue reading

Best Credit Cards for Holiday Shopping

The holiday season brings out the shopaholic in all of us as we buy the gifts for loved ones and friends. To make the most of the money you spend, make sure you maximize your credit card rewards program. Here … 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

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

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

American Express Again Tops in Customer Satisfaction

For the seventh year in a row, American Express was ranked the highest in customer satisfaction in the 2013 U.S. Credit Card Satisfaction Study from J.D. Power. AmEx has topped the charts since J.D. Power started the annual satisfaction survey, … 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–July 31, 2013

Why Stolen European Credit Cards Cost Five Times as Much as U.S. Ones European hackers accused of selling stolen data only collected about $10 for each stolen American credit card number, according to an indictment from federal prosecutors. But European cards … Continue reading

Discover Luring Banks with Lower Fees

Visa and MasterCard have had a stronghold for quite some time on supplying banks with credit and debit cards. But Discover is making efforts to change that. Discover Financial Services has been in negotiation with several banks recently trying to … 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

Special Summer Perks from your Credit Card

If you are looking for things to do this summer, your credit card could give you free or discounted tickets to museums and theme parks, as well as some lucrative travel benefits. These perks can save you money but you … Continue reading

Credit Cards That Cover Rental Car Insurance

Most rental car companies provide an option to obtain car insurance with them at a "low fee," usually between $15 and $25 a day. This may seem necessary to protect you in an accident, but it may not be needed … Continue reading

Discover Bank Helps Military Spouses Work from Home

Military spouses often struggle to maintain jobs because their husbands or wives have to move around so often. While some are happy with being stay-at-home parents, others feel the need to contribute to the household income. Discover Bank is responding … 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

$45 Million Theft Underscores Hazards of Prepaid Cards

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

LowCards.com Weekly Credit Card Update–April 26, 2013

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 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

Ocean City Installs Credit Card Parking Meters on the Beach

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

MasterCard Hits PayPal with New Fees

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 Branches Beyond Credit Cards

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

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 15, 2013

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 Offering Free Checking Accounts

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