LowCards.com Weekly Credit Card Update–December 31, 2015

There are Officially More People Doing Their Weekly Banking via Mobile Phones Than Branches Mobile banking remains a technology in its infancy, but according to Javelin Strategy & Research, it has already eclipsed physical branches in terms of the percentage … Continue reading

Federal Court Okays New York Ban on Credit Card Surcharges

Last week, a Federal appeals court ruled it was constitutional for the state of New York to prohibit merchants from passing along credit card fees to their customers. The 2nd U.S. Circuit Court of Appeals voted 3-0 to reverse a … Continue reading

LowCards.com Weekly Credit Card Update–September 11, 2015

Consumer Credit in U.S. Increased More Than Forecast in July Consumer credit in the U.S. rose more than projected in July, boosted by bigger credit card balances and loans for automobiles. The $19.1 billion increase followed a $27 billion gain … Continue reading

LowCards.com Weekly Credit Card Update–August 7, 2015

Using a Digital Wallet May Cost You in Credit Card Rewards Mobile payments are surging as an alternative payment method, with Forrester Research estimating that the industry will nearly triple in terms of transactions by 2019. Digital wallets are typically … Continue reading

CurrentC Payment App Set to Launch Next Month

CurrentC, often coined as the "Retailer's Answer to Apple Pay," is set to hit stores next month. The initial release of this mobile payment system will be a trial run in select stores, as the nationwide launch isn't set until … Continue reading

Google Sues Visa and MasterCard for Excessive Interchange Fees

Google has filed a lawsuit against Visa and MasterCard for high interchange fees, which the search engine says are in violation of Section 1 of the Sherman Act. Google filed a three-page complaint with the U.S. District Court in the … Continue reading

Paying for College Tuition with Credit Cards Can Be Costly

Despite the convenience that comes with paying for college tuition with a credit card, the choice to do so could be costly. According to a new research study, the average convenience fee for colleges that accept credit cards is 2.62%. This … Continue reading

Did the Durbin Amendment Make a Difference?

The Durbin Amendment contained a provision that limited the interchange fees merchants paid for debit card transactions. The thought was that retailers would lower their prices if these high swipe fees were decreased. But on the third anniversary of this … Continue reading

Aldi Now Accepting Credit Cards in England

Aldi, the retail food chain best known for its low prices, will lift the credit card ban for its stores in England beginning October 13. Until now, the store has operated on a cash and debit card payment system, but … 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

21 Cent Swipe Fee Cap Remains after Appeal

Last Friday, a federal appeals court upheld the Federal Reserve's 21-cent cap on swipe fees that banks are allowed to charge merchants on debit card transactions. In 2011, Congress asked the central bank to establish a "reasonable" cap for interchange … 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

MasterCard Profits from Google Wallet

The launch of Google Wallet is benefiting more than just Google. It's putting money onto MasterCard's income statement, too. The Google Wallet is a digital substitute for an actual wallet, storing all your credit, debit and gift cards. It is backed … Continue reading

Free Checking Accounts More Available in Small Banks

In June, 2011, the Federal Reserve limited the fees banks could charge retailers for debit card purchases to $0.24 per transaction. This was a significant decrease from the previous average of $0.43 per swipe. Many analysts thought banks would make … Continue reading

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

Target: Up to 70 Million More Customers Were Hit by December Data Breach Target said Friday that the massive cyber attack it suffered during the height of the holiday shopping season may have affected an additional 70 million customers and … 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

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

Final Hearing Today on Swipe Fee Battle

The eight-year legal battle over interchange fees will culminate in a final hearing today in a Brooklyn federal court. U.S. District Judge John Gleeson will hear arguments on whether to give final approval to what is believed to be the … Continue reading

Retailers Big Winners in Court’s Swipe Fee Ruling

A federal judge today ruled against a 2011 Federal Reserve rule on fees charged for debit-card transactions. The judge sided with retailers' arguments that the Fed was too lenient on banks when it capped the fees in October of 2011. This … Continue reading

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

New Ruling on Credit Card Regulations Could Mean Big Changes at the Cash Register in Canada A ruling expected this week on a complaint against Visa and MasterCard could significantly change how consumers use credit cards in Canada. Striking down the … Continue reading

LowCards.com Weekly Credit Card Update–July 12, 2013

Is a Store Credit Card Right for Your Wallet? Store credit card offers sound tempting but smart shoppers should consider taking the application home and scrutinizing the terms and conditions before deciding whether to apply for the credit card. For … Continue reading

Shoppers Prefer Credit Cards – Businesses Prefer Cash

Recent surveys show that there is quite a divide on the form of payment that a business and a consumer prefer. According to surveys by Ispos and Harris Interactive, 72% of small business owners prefer cash or check payments. However, 64% … Continue reading

LowCards.com Weekly Credit Card Update–May 24, 2013

What's In Millennial's Wallet? Fewer Credit Cards Millennials are more financially cautious than the stereotype of the spendthrift twenty-something. Some experts say their habits echo those of another generation, those who came of age during the Great Depression and forged … 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

Retailers Can Give Discounts to Customers Using Certain Visa Cards

Visa has lifted the ban that prohibits its retail partners from offering special deals to customers that paid with a specific bank's credit or debit card, according to the American Banker. New Visa CEO Charles Scharf was behind the change … Continue reading

New Jersey Moving to Ban Credit Card Surcharges

A New Jersey state assembly committee today approved a bill that would prohibit retailers from imposing a surcharge on credit card transactions in the state. The bill moves on to the full assembly. There is similar legislation in the state … Continue reading

Most Retailers Shy Away from Credit Card Surcharge

A number of major retail chains and associations are assuring consumers that they will not implement a surcharge on consumers making a purchase by credit card. When customers use a credit card, the retailer is charged an interchange or swipe … Continue reading

Swipe Fee Settlement Gets Preliminary Approval

Despite an outcry from retailers and trade groups, the proposed $7.25 billion settlement between merchants and Visa, MasterCard and several large banks over interchange fees took another step to becoming reality on Friday when a federal judge granted preliminary approval … Continue reading

LowCards Weekly Credit Card Update October 5

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

Retailers Have Reason to Celebrate Swipe Fee Anniversary

It has been exactly one year since the debit card swipe fee regulations reduced the interchange fee that merchants paid to banks and card processors. Retailers and merchants appear to be the big winners from this reduced fee that resulted … Continue reading

Restaurants Join Growing Opposition to Swipe Fee Settlement

Another major trade association has come out against the $7.25 billion settlement between some retailers and Visa and MasterCard over the interchange fees on credit card transactions. Today, the National Restaurant Association announced that it is opposing this settlement because … Continue reading