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

Walmart Partners with MasterCard for Store Branded Credit Cards

MasterCard will be the new payment network for Walmart’s store-branded credit cards, ending the nine year partnership between Discover and Walmart. MasterCard will also handle all the transactions on the store-branded credit cards for the Sam's club subsidiary. General Electric’s … Continue reading

Walmart Sues Visa for $5 Billion over Interchange Fees

Walmart is suing Visa for $5 billion over credit card swipe fees they believe the credit card processor illegally inflated. The complaint was filed with the U.S. District Court for the Western District of Arkansas. You may remember a similar suit … Continue reading

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

Why So Many Retail Stores Get Hacked for Credit Card Data When a big retailer gets hacked, it's often quick to note that it has complied with cybersecurity rules set by the credit card industry. MasterCard, Visa and other card … Continue reading

American Express CEO Earns $22 Million in Incentives

American Express CEO Kenneth Chenault is now ranked as one of the highest paid chief executive officers in the country. His total compensation for 2013 was $24.4 million, with only $2 million of that coming from his actual salary. Chenault's … Continue reading

Visa and MasterCard Stop Servicing Several Russian Banks

The sanctions imposed by the US Government on Russia for their annexation of Crimea are now starting to affect the common Russian citizen. Visa and MasterCard have stopped processing transactions by cardholders at several Russian banks that have been earmarked … Continue reading

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

How Target Blew It Poring over computer logs, Target found FireEye's alerts from November 30 and more from December 2, when hackers installed yet another version of the malware. Not only should those alarms have been impossible to miss, they … Continue reading

Visa and MasterCard Set Deadline for Chip and PIN Credit Cards

Visa and MasterCard have officially set a deadline for retailers to adopt to EMV (chip and PIN) credit card technology. By October 2015, all stores will be expected to accept these kinds of cards if they want to accept Visa … Continue reading

MasterCard Working on Credit Card Security Tied to Smartphones

MasterCard is teaming up with mobile technology company Syniverse to provide heightened credit card security through smartphones. The group is working on a program that will only allow credit cards to work when they are in close proximity to the … 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

Why the United States Hasn’t Changed Its Credit Card System

With the recent data breaches at Target, Neiman Marcus and Michaels, many consumers are asking why the United States has been so slow to move away from the magnetic strip credit card. Europe has made great strides to adopt chip … 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

MasterCard and Web.com Launch New Payment Option

Web.com has developed a new add-on to its website hosting and design services, thanks to technology from MasterCard. The new option called Take-A-Payment provides a faster way for consumers and businesses to receive money from transactions on their websites. Take-A-Payment … Continue reading

The Move to EMV Credit Cards

For years, the United States has lagged behind the rest of the world on moving to more secure EMV credit cards. Consumers have not asked for them, so credit card issuers and retailers have not made the costly switch. But the recent data thefts at … 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

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

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

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–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

Psychometric Test Brings Credit Scores to Undeveloped Countries

In America, a credit score assesses a person's ability to pay back a loan. We have numerous factors and databases that go into making this score, but other countries aren't as fortunate. As a result, a new test has emerged … 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–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

MasterCard’s $39 Million Expansion Creates Nearly 400 New Jobs

MasterCard has announced plans to create a new tech lab and expand its campus in Purchase, New York. The total project will cost approximately $39 million and will create almost 400 new jobs in the state. The expansion at the Purchase … Continue reading

MasterCard Trains Employees to Be Social Media Experts

Social media has become the main way many people now communicate. Consumers indirectly promote companies and products by a mere mention in a Tweet or Facebook post. MasterCard has decided to turn this to their advantage. The company is investing … Continue reading

PayPal, AmEx and MasterCard Now Offer Free Shipping

PayPal and American Express announced plans earlier this year to allow customers to receive free two-day shipping at select online retailers. MasterCard has now decided to do the same. These shipping programs are in response to overwhelming success of Amazon … Continue reading

Google Introduces New Prepaid Debit Card

Google has announced the release of a new prepaid debit card that works with its mobile wallet, Google Wallet. The card is connected to a person's Google Wallet account, which links to bank accounts and a transfer system so that … 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

U.S Bank to Begin Issuing American Express Credit Cards

U.S. Bank announced today that it will begin offering credit cards accepted on the American Express network in the fall of 2014. The cards will be available to bank customers in the 3,088 branches of U.S. Bank, as well as … Continue reading

Credit Card Companies Ban Online Betting

Credit card companies are beginning to block online gambling charges, just as web-based casinos are becoming legal in the United States. Delaware and Nevada currently allow internet gambling in their borders, and officials in New Jersey are discussing the subject. … Continue reading

J Crew Becomes MasterPass Partner

The clothing retailer J Crew recently announced that it will be joining the MasterPass program issued by MasterCard. This program promises a faster shopping experience by letting consumers check out with the touch of a button, whether at home, on … 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

MasterCard Profits Rise While Visa Income Falls

MasterCard's third-quarter profits jumped 14% over second quarter results, while Visa's profits declined 28% during this time. Much of MasterCard's success comes from two factors: its global expansion during the past few years and a worldwide transition from cash to … Continue reading

MasterCard to Release Travel Cost Management Program

MasterCard is releasing a new program for its corporate clients that allows them to closely monitor and control their travel expenses online. The program, known as Travel Controller, lets businesses track all of their individual travel accounts under one system, giving owners … 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

American Express Allows New Yorkers to Use Rewards for Cab Fare

American Express cardholders can now use their rewards points to pay taxi fares in New York City. The partnership with VeriFone will allow cardholders to redeem their Membership Rewards Points just like they are making a credit card payment. At the time for payment, American … Continue reading

MasterCard Joins FIDO Alliance

The Fast IDentity Online (FIDO) Alliance is a team of companies and technology experts working on secure forms of identity authentication for the Internet. In early October, MasterCard announced that it will be joining the FIDO Alliance. It has already been … 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

13 Members of Anonymous Indicted For Attacks on Websites

Last Thursday, 13 members of the hacking group called Anonymous were indicted by a U.S. grand jury on charges of coordinating attacks against government, credit card and lobbying websites. The websites affected were against ­anti-piracy groups and financial institutions unwilling to process donations … Continue reading

Interchange Fees Cut in France

The battle surrounding the interchange fee continues throughout the world, not just in the United States. In France, the French Competition Authority has reached an agreement with Visa and MasterCard to cut the swipe fees by nearly half. These are … Continue reading

MasterCard To Introduce New Mobile Wallet in Japan

MasterCard has announced it will soon launch a contemporary mobile wallet in Japan that utilizes near field communication. This combines their digital service PayPass with DNP's mobile wallet and C-SAM's mobile transaction software. The new program will allow users to pay … 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

MasterCard Profits Soar along with Card Spending

MasterCard posted a tremendous growth in profits in the second quarter, thanks to some significant increases in debit and credit card usage. The company reported profits of $848 million for the quarter, an increase of 21% from a year ago. … Continue reading

MasterCard Launches “Priceless Aruba”

There is a reason why the Beach Boys sang about Aruba in one of their iconic hits--it's a stunning place to be. If you want to experience the wonders of this area, you may want to look into MasterCard's new … Continue reading

Canadians Will Not Pay More for Using Credit Cards

Canadian merchants will not be allowed to assess additional charges to consumers who use certain credit cards, according to a recent decision by the country's Competition Tribunal. Merchants had hoped to charge more for using certain credit cards than they … Continue reading

MasterCard Chief Marketing Officer to Retire

MasterCard announced that its chief marketing officer, Alfredo Gangotena, will retire from the company on September 1. Gangotena, 60, has been with MasterCard for nine years, and has held his current position since August of 2010. Taking Gangotena's place temporarily is … 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

PayPal Makes Big Strides with Mobile Wallets in Australia

MasterCard and Visa both recently announced plans to launch mobile wallets in Australia, but it seems that PayPal may have the upper hand. PayPal has signed contracts with EatNow and OrderMate to process payments at over 2,000 restaurants in Australia. The … 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