Fantasy Sports Lawsuit Takes Aim at Credit Card Companies

A new class action lawsuit filed in New York could alter the way credit card companies interact with fantasy sports sites. The suit alleges that Visa, MasterCard, American Express, and other banks are facilitating illegal gambling operations online by accepting … Continue reading

Americans are Spending $2,746 Every Year on Lunch

If your budget--or waistline--needs trimming, you may want to take a look at what you are doing for lunch. According to a Visa study, Americans are spending about $53 each week on lunch, or $2,746 per year. While 42% of Americans … Continue reading

Visa Brings Token Technology to eCommerce

Last week, Visa announced that it was bringing token technology to Visa Checkout, the online service that allows customers to store shipping and payment information without having to re-enter their information. The token service replaces the sensitive information on payment cards, … Continue reading

Visa and FireEye Partner to Help Merchants Prevent Fraud

Visa and FireEye have partnered to create a fraud prevention service, Visa Threat Intelligence (VTI), which aims to transform security breach information into actionable advice for issuers and merchants. FireEye and Visa will create articles based on their investigation and analysis … Continue reading

USAA Moves Credit Portfolio from MasterCard to Visa

USAA, one of the largest issuers of debit and credit cards in the United States, has announced it will move its portfolio to Visa after a 30-year relationship with MasterCard. The United Services Automobile Association provides financial planning, banking and insurance … Continue reading

United Airlines, Visa and Chase Negotiate a New Deal

Last week, Chase, Visa and United Airlines announced the companies would renew their partnership and extend the United MileagePlus credit card program. The three businesses have been partnered for more than 20 years. Under this renewal, United Airlines, which operates nearly … Continue reading

Visa vs. MasterCard–Which One Is Better For Me?

The world is filled with near duopolies, two companies that dominate a market--from Burger King and McDonald's to Boeing and Airbus. And when talking about the credit card industry, it can be difficult not to mention Visa and MasterCard in … Continue reading Weekly Credit Card Update–June 5, 2015

FBI Warns Retailers of New Credit Card Malware A recent cyber attack against a restaurant chain's credit card system prompted the FBI to issue a warning last week that criminal hackers are using new malicious software to steal personal financial … Continue reading

Google Receives Major Support for Android Pay

Last week, Google announced that its mobile payment platform, Android Pay, will be available on Android tablets and smartphones. In the short time since its unveiling, the Apple Pay competitor has already received substantial support from a number of large … Continue reading

MasterCard’s Chip 360 Helps Businesses Switch to EMV

MasterCard has made a commitment to help small businesses transition to EMV credit card technology before the October, 2015 deadline. The credit card giant has launched Chip 360, a program designed to educate business owners on the steps needed for … Continue reading

SmartMetric Wins $3 Million Fee Dispute with MasterCard and Visa

SmartMetric successfully won a legal fee dispute with Visa and MasterCard, which would have cost the company $3 million in fees and court costs. The case dealt with the biometric technology the two credit card giants claimed acted as patent … Continue reading

Citi and MasterCard Sign Expanded Deal on Consumer Credit Cards

Citigroup Inc. has reached an agreement to shift some of its consumer credit cards to MasterCard over the course of the next 10 years. The company said it will continue to maintain Citi credit cards on other networks, including consumer … Continue reading Weekly Credit Card Update–March 6, 2015

Retailers Face $8.65 Billion Bill for New Generation of Credit Cards New technology about to be deployed by credit card companies will require U.S. consumers to carry a new kind of card and retailers across the nation to upgrade payment … Continue reading

Visa and Citi Win Credit Card Deal with Costco

Costco announced today that it will enter into a new co-brand credit card program with Citi, with Visa replacing American Express as the card network. Costco stated on February 12 that it was ending its exclusive relationship with American Express in the … Continue reading Weekly Credit Card Update–February 27, 2015

Google Buys Softcard, Teams Up with Carriers on Mobile Payments Google and the mobile carriers have long been at odds over mobile payments, but faced with the runaway success of Apple Pay, the two rivals have become friends. AT&T, Verizon … Continue reading Weekly Credit Card Update–February 20, 2015

In Challenge to Apple Pay, Samsung Buys Mobile Payment Company Samsung is buying mobile-payment startup LoopPay as the Korean phone maker steps up to challenge Apple and its payment system on iPhones. The deal strengthens speculation that Samsung Electronics plans … Continue reading

MasterCard Commits $20 Million to Enhance Cybersecurity

Credit card companies, retailers and payment networks are all feeling the heat after a year of massive data breaches and countless cases of identity theft. MasterCard is now taking some major steps to protect their customers with a $20 million … Continue reading

Visa Launches Smartphone Tracking to Reduce Declined Card Transactions

If you have ever experienced the frustration of having your card declined while traveling, a new service from Visa may now help you avoid that problem. Visa's Mobile Location Confirmation uses geolocation detection to cut unnecessary purchase declines by nearly … Continue reading

Americans Saving, Not Spending, Extra Money from Low Gas Prices

The unexpectedly low gas prices in America have not resulted in increased consumer spending. Instead, Americans seem to be putting their money away for a rainy day or paying down existing debts with the money they've saved. A study from … 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

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 Weekly Credit Card Update–November 21, 2014

Shoppers Just Don't Care About Credit Card Hacks If Target and The Home Depot are still reeling from the collective breach of 96 million customers' credit and debit cards, it didn't show in either company's earnings reports this week. Target … Continue reading

Canada May Allow Merchants to Decline Mobile Card Payments

As mobile payments increase in popularity, merchants in Canada are concerned about a possible increase in fees. As a result, the country's Finance Minister may announce an adjustment in Canada's code of conduct for credit and debit cards, allowing merchants to … Continue reading

Startup Thanx Out to Revolutionize Loyalty Cards

A new startup called Thanx is changing the way loyalty cards work. Consumers use the cards they already have to earn loyalty rewards at their favorite stores, all through a free app on their phones. Thanx is designed to help … Continue reading

Best Buy Replaces MasterCard with Visa for Branded Credit Cards

Best Buy is switching to a new credit card processor in 2015, choosing Visa over MasterCard to handle its co-branded card. Citigroup will remain the card-issuing bank, but Visa will become the processor at the beginning of the year. Reports … Continue reading Weekly Credit Card Update–November 7, 2014

Here's How the New Chip and PIN Credit Cards Could be DOA A recent Gallup survey found that 69% of Americans worry "frequently" or "occasionally" about having a credit card compromised by computer hackers. It's not shocking. Consumers are becoming … Continue reading Weekly Credit Card Update–October 31, 2014

Some U.S. Retailers Shun Apple Pay, Eye Rival Payments System Some large U.S. retailers are refusing to use Apple Pay, Apple's new electronic payments service, as they commit to developing a rival payments system that would bolster their profits by … Continue reading

China Will Allow Foreign Companies to Process Credit Card Payments

For the first time, China may be giving foreign companies the opportunity to process credit card payments, according to a Cabinet statement yesterday. This will allow banks in China to issue credit and debit cards through companies like Visa and … Continue reading

Global Credit Card Transactions on the Rise

Global credit card transactions are on the rise, showing a 13% increase from 2012 to 2013. Approximately 205 billion transactions were made on credit cards last year, according to the RBR consulting firm in London. Over the same period, the … Continue reading

Credit Card Processors Help Cyberlockers Distribute Stolen Content

A new report indicates credit card processors, such as Visa and MasterCard, authorize payments on cyberlocker websites that distribute stolen content on the web. The NetNames report done for Digital Citizens Alliance looked at 30 of the biggest cyberlocker sites on … Continue reading Weekly Credit Card Update–September 12, 2014

Apple Pay Could Make you Poorer The new Apple payment system has extraordinary promise. With Apple Pay, you might not need a wallet, and you can leave your credit and debit cards at home. In terms of ease and convenience, … Continue reading

Apple’s Introduction May Lead to the End of the Plastic Credit Card

The date of September 9, 2014 may very well be the beginning of the end of the physical credit card. As we forecasted in June, there is a good chance Apple will announce a watch and/or phone on Tuesday that … Continue reading Weekly Credit Card Update–August 22, 2014

Visa Wants to Make it Even Harder for Thieves to Buy Gas with Your Credit Card Gas stations are among the easiest places for crooks to use stolen credit cards. Pumps are usually unattended, so all the thieves have to … Continue reading

New Visa Service Helps Gas Stations Combat Credit Card Fraud

Visa is helping gas stations fight credit card fraud through a new program known as the Visa Transaction Advisor. This system uses intelligent analytics to identify purchases that have a high risk of being fraudulent. Self-serve gas stations are known … Continue reading

Visa Invests in LoopPay Mobile Wallet

Visa is investing in mobile wallet app LoopPay, a mobile payment solution accepted at a majority of retail point-of-sale terminals. LoopPay is designed to turn a phone into a credit card to swipe at a register. The app uses a traditional … 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

Will Apple Enter the Mobile Wallet Fight?

Apple is rumored to be making plans for a mobile wallet to be launched this fall. This would allow current iPhone users to pay for physical items with their phones through an Apple-based software program. Apple is currently talking with … 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

Visa Checkout Aims to be Faster Than a Mobile Wallet

Visa's new mobile application, known as Visa Checkout, hopes to speed up the checkout process for mobile phone users. Visa Checkout looks similar to, which was launched in 2011. However, this program functions in an entirely new way, acting … Continue reading 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

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

World Cup Fans Spent $27 Million on Visa Cards in First 4 Days

Just four days into the 2014 FIFA World Cup in Brazil, Visa cardholders have already made $27 million in transactions. This is 73% more money than what was spent during the same four-day period in Brazil last year. U.S. travelers … 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 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

Visa To Set Standards for Prepaid Cards

Visa is planning to create a designation for its prepaid debit cards that meet "consumer friendly standards." The goal is to assist consumers in picking the right prepaid card for their needs. Currently, there are no rules about how prepaid cards must disclose their … Continue reading