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

Stolen Target Credit Card Numbers Used in Denver

More credit card numbers stolen in the Target breach continue to surface. A suspect in Lakewood, Colorado was caught on camera using 16 card numbers from the breach at stores like Walmart, Best Buy, and of course, Target. Investigators believe … Continue reading

Another Massive Data Breach Under Investigation

A data breach that may have exposed the personal information of over 200 million Americans--over twice the size of the Target breach--is not getting nearly the attention of other recent data breaches. Hieu Minh Ngo, a Vietnamese national, posed as … 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

Target CFO Reveals New Information about Credit Card Breach

John Mulligan, Chief Financial Officer at Target, spoke before the Senate Commerce Committee last Wednesday to answer questions about the company's massive credit card breach. In his testimony, Mulligan provided new insight into the breach and the work going into … Continue reading

Investigation Continues into Possible Credit Card Breach at California DMV

The California Department of Motor Vehicles continues to investigate a possible debit and credit card breach which may have taken place on online transactions between August 2013 and January 2014. The DMV believes that there may have been security problems … 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

Neiman Marcus Sued after Data Breach

An Illinois woman is suing Neiman Marcus as a result of the 2013 data hack. She is seeking money on behalf of the 350,000 customers whose lives were affected by this breach. "Neiman Marcus has placed the burden on aggrieved … 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

Sally Beauty Victim of Huge Card Breach

Yet another retailer appears to have fallen victim to a large-scale card hack. This time, it is Sally Beauty Supply stores. According to security expert Brian Krebs, over 280,000 debit and credit cards have been stolen and sold on an underground … Continue reading

LowCards.com Weekly Credit Card Update–March 7, 2014

Another Day, Another Retailer in a Massive Credit Card Breach The corporate hacks keep coming. The latest target, according to cybersecurity blogger Brian Krebs, is the beauty supply chain Sally Beauty, a retailer that draws customers from salons and other … Continue reading

Sears Investigating Possible Credit Card Breach

With the help of the Secret Service, Sears is currently sifting through its computer data to look for traces of possible card breaches in their system. This action is heightened by the number of massive credit card hacks over the … Continue reading

Target Profits Tumble After Breach

Even though research shows consumers are rather indifferent to the Target breach, the retail giant did experience a significant profit loss in the fourth quarter of 2013. Revenue fell 5.3% during that time, but profits were down 46%. Part of the … Continue reading

Target Shoppers Rather Indifferent to Massive Card Breach

The card breach that hit 40 million Target customers in late 2013 does not appear to have damaged the shopping habits of the store's consumers. While it did cause many people to take a closer look at their accounts, the … Continue reading

LowCards.com Weekly Credit Card Update–February 21, 2014

A Line of Defense Against the Theft of Personal Data Credit-monitoring is often backward-looking, informing you of new accounts that thieves may have already opened in your name. But a freeze prohibits the bureaus from releasing your credit reports to … Continue reading

Retailers Form Partnerships to Protect Your Credit Card Data

Consumers are understandably shaken by the significant number of data breaches that have taken place in some of the country's top retail chains. Now, retailers are trying to take steps to repair their damaged image. Today, the Retail Industry Leaders Association … Continue reading

Target May Have Ignored Security Issues Before Hack

According to the Wall Street Journal, Target may have been forewarned about security issues a full two months before the hack on 40 million debit and credit cards took place. Warnings apparently came from both government and private research firms … 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

17-Year-Old Russian Behind Target Hack

Most 17-year-olds do not have a credit card of their own, let alone access to 40 million of them. A Russian teenager under the username "ree4" has been linked to the recent hacks that took place at Target and Neiman … Continue reading

Card Study Shows Bank of America Tops in Security

Bank of America earned the title of Best in Class for Security in Javelin Strategy and Research's 9th Annual Credit Card Issuers' Identity Score Card. This is the seventh year in a row that the banking giant has earned this … Continue reading

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

Hackers Took Sneaky Path Into Target Customers' Wallets It was, in essence, a cybercriminal's dream. For months, an amorphous group of Eastern European hackers had been poking around the networks of major U.S. retailers, searching for loose portals that would … Continue reading

When Your Credit Card is Stolen

What happens to your credit card once it is stolen? If it is someone physically stealing your wallet or purse, the thief may take your card down the street and immediately go on a shopping spree before you even know … Continue reading

Target and Neiman Marcus Breaches Are Only the Beginning

After word spread about the Target credit card breach, most of us hoped the hack was some type of fluke. We weren't expecting another large retailer like Neiman Marcus to announce they had been hacked. Now, the Department of Homeland … Continue reading

LowCards.com Weekly Credit Card Update–January 17, 2014

Millions Getting New Debit, Credit Cards After Target Hack Millions of consumers are being sent new credit and debit cards in the wake of the recent security breach that hit as many as 110 million Target customers. JPMorgan Chase announced … Continue reading

Citi Replacing All Debit Cards Affected by Massive Target Breach

The fallout from the Target data breach continues. Citi will replace every debit card that consumers may have used at Target during the time of the cyber attacks, according to the New York Times. Citi will not replace any credit … Continue reading

Dangerous Places to Use Your Debit Card

Consumers are understandably reluctant to use their debit and credit cards due to the recent data breaches that have taken place at Target and Neiman Marcus. For some people though, using a debit card is a way of life, the … 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

Target Breach Much Worse Than Reported

The news keeps getting worse for Target. Already the victim of one of the largest data breaches in history, the company disclosed this morning that certain personal information was compromised on up to 70 million shoppers during November and December. … 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

How Banks Are Responding to Massive Target Breach

The security breach that took place in Target stores during the peak holiday shopping season hurt more than the giant retailer. It created substantial headaches for the banks and issuers behind the 40 million accounts with additional costs of fraud … Continue reading

Target Woes Mount: Thousands of Gift Cards Not Activated

The massive data breach at Target that affected up to 40 million debit and credit card customers is not the only problem the retailer is facing. It is now being reported that up to 40,000 Target gift cards sold throughout … 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

Chase Raises Limits on Debit Cards Used at Target Stores

On Saturday, JP Morgan Chase became the first major bank to place limitations on their customers’ debit cards that were possibly affected by the Target security breach. Chase placed a daily limit of $300 in purchases and $100 in cash … Continue reading

LowCards.com Weekly Credit Card Update–December 20, 2013

Target Says 40 Million Credit, Debit Cards May Have Been Compromised in Security Breach Target said Thursday that credit and debit card account information for 40 million of its customers may have been stolen during the height of the holiday … Continue reading

40 Million Card Accounts Affected by Security Breach at Target

A new data breach at almost all Target stores across the country could be one of the largest data breaches in history. The breach may have affected as many as 40 million people who used their credit or debit cards … Continue reading

LowCards.com Weekly Credit Card Update–May 31, 2013

Why Business Credit Card Holders Should Be Wary A majority of small business owners know their personal and business finances are connected. If they apply for a small business loan, the bank will likely need their personal credit score. Miss … Continue reading

RILA Opts Out of Interchange Fee Settlement

The Retail Industry Leaders Association (RILA) has backed out of a pact with Visa, MasterCard and other major credit card providers. The class-action settlement for $7.25 billion was designed to make up for some of the interchange or swipe fees … Continue reading

LowCards.com Weekly Credit Card Update January 11

Why More Americans Will Fall Behind on Their Credit Card Bills This Year A quarterly report issued last month by the Federal Reserve Bank of New York said that, although our total debt dropped by $74 billion in the third … Continue reading

Target Makes Price-Matching a Permanent Policy

During the past holiday shopping season, Target instituted a policy where they matched lower prices offered by select online retailers on identical items. Yesterday, Target announced they would make this a year-round policy. If a Target shopper has proof of … Continue reading

Top Credit Card Stories of the Year

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

Retailers to Appeal $7.25 Billion Swipe Fee Settlement

Retailers continue to fight hard against the $7.25 billion interchange fee settlement between merchants and Visa, MasterCard and several banks. On Tuesday, ten merchants and trade groups filed notice that they will challenge the settlement of this swipe fee price-fixing … 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.com Weekly Credit Card Update October 26

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

TD Bank Acquires Target’s Credit Card Portfolio

Today, Target agreed to sell its consumer credit card business to Toronto-Dominion Bank. TD Bank will purchase the portfolio for an amount equal to the gross value of the outstanding receivables, estimated to be  approximately $5.9 billion. The agreement is for seven … Continue reading

Retailers Continue to Battle Credit Card Settlement

The majority of plaintiffs named in the record $6 billion class-action settlement with Visa and MasterCard are now mounting an eleventh-hour effort to block the settlement. Ten of the 19 trade groups and retailers feel the settlement leaves issuers with … Continue reading

Stores Once Again Pushing Layaway Plans

Retailers are again promoting layaway plans in order to bring in holiday shoppers and encourage additional spending. Merchants are cutting service fees, adding more popular items, extending the layaway period, and even shipping the layaway items to your home. Layaway allows … 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

Retail Trade Group Opposes Swipe Fee Settlement

The opposition continues to grow to the $7.25 billion settlement on credit card interchange fees that Visa, MasterCard and other banks agreed to pay. Yesterday, the National Retail Federation announced that it received approval from its board to go to … Continue reading