MasterCard Reduces Cash Dependence in Zimbabwe with Three Million Debit Cards

MasterCard and EcoCash will help reduce cash dependence in Zimbabwe by providing three million MasterCard debit cards over the next five years. This is the largest rollout of chip and PIN cards in Zimbabwe, and is the first time that … Continue reading

Square Introduces New Reader for Chip-Based Credit Cards

Today, mobile payments company Square announced it has developed a new credit card reader that will make transactions with chip-enabled EMV cards. Square is a credit card reader that plugs into smartphones or tablets, allowing a credit or debit card … Continue reading

How To Use A Chip And Pin Or EMV Credit Card

EMV cards are named for the credit card companies that developed the security system—EuroPay, MasterCard, and Visa. EMV cards are sometimes referred to as chip and pin cards. The great majority of credit cards issued in the United States operate … Continue reading

Credit Card Fraud on the Rise before EMV Switchover

With America on the verge of converting to EMV credit cards in the next few years, fraudsters are trying to get in on last-minute scams. This is particularly true for credit card thieves in Europe, who consider the unsecure American … Continue reading

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

Credit Card Fees are Killing Small Businesses There is no real competition in the market for credit and debit card swipe fees. Because Visa and MasterCard control 80% of the card market, they are able to dictate terms. The system … Continue reading

AmEx On Trial Over Credit Card Processing Fees

American Express went on trial yesterday with the U.S. government and 17 states claiming AmEx stifles competition from other credit card companies that charge lower processing fees. The case alleges that American Express will not allow merchants to offer discounts and other … Continue reading

Visa And MasterCard Can No Longer Block Russian Clients

A new law that went into effect in Russia on July 1st no longer allows Visa or MasterCard to block Russian clients from using their credit cards. This ruling is the result of a new national payment system that ensures … Continue reading

MasterCard Releases Ukash Card in the UK

MasterCard recently released the Ukash Travel Money Prepaid card, which is designed to give UK travelers the lowest foreign exchange rate while they are on vacation. The card has no annual fees, transaction fees or ATM withdrawal fees abroad. The … Continue reading

Understanding Your Credit Card Number

Do you know what the numbers mean on the front of your credit card? Are they just a random accumulation of numbers? Or do they serve a specific purpose? Much like the VIN on your car, credit card numbers are … Continue reading

Top 5 Summer Travel Credit Cards Of 2014

If you are a big summer traveler, you need to learn what credit cards give you the kinds of rewards and perks that match up with your interests. Most travelers are already familiar with credit cards that provide perks for … Continue reading

Hackers Use YouTube to Sell Credit Card Data

YouTube is currently under fire for allowing thousands of videos on their website that promote the sale of stolen credit card data. Many of these videos are seen right next to ads for credit card companies like Visa, MasterCard and … Continue reading

What Is Chip And Pin Credit Card Technology?

The credit card breaches at major retailers such as Target, Michaels and Neiman Marcus have rocked consumer confidence regarding their financial information. That is why credit card companies are rapidly investing in new technology to make their products more secure. … 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

How MasterCard Could Make Big Money from Your Spending Data

MasterCard is expected to see a huge boost in its profit margins by selling data about cardholder spending patterns to banks, retailers and government agencies across the country. MasterCard handles payments for more than two billion cardholders and merchants, and it … 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

MasterCard Extends Zero Liability Policy at the ATM

MasterCard issued a zero liability policy for ATM transactions shortly after the Target card breach last year. Now, the company has decided to extend that policy through the month of October. The current policy protects cardholders when they use their … 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

The Move to Chip and Pin Cards Will Not Be Easy

The massive overhaul of the card industry from a magnetic stripe to chip and PIN technology will not be easy. An estimated 1.2 billion debit and credit cards will have to be reissued. In addition, approximately eight million credit card … Continue reading

New App Helps Australian Schools Go Cashless

Commonwealth Bank and MasterCard have developed an app called Qkr to allow Australian parents to pay for school expenses with their mobile phones. Rather than giving their kids cash for school meals and fundraisers, parents can now take care of those costs … 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

Target Switching to Chip-and-PIN Cards after Massive Breach

In order to improve the security of its debit and credit cards, Target will begin issuing chip-and-PIN cards in early 2015. The company said yesterday that it will replace its entire REDcard portfolio, including all Target-branded debit and credit cards, … Continue reading

Rewards Program Manager Pinpoint to be Acquired by MasterCard

In an effort to expand its rewards program, MasterCard will purchase Pinpoint Pty. Ltd. Pinpoint is a loyalty and rewards services provider based in Sydney, Australia. Once the acquisition is completed at the end of the second quarter, Pinpoint’s rewards … 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

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