LowCards.com Weekly Credit Card Update–July 13, 2018

LowCards.com Weekly Credit Card Update–July 13, 2018

July 13, 2018         Written By Bill Hardekopf

The Very Best Ways to Prevent Credit Card Fraud
Credit card fraud is one of these forms of identity theft and can happen in two ways. Existing-account fraud: thieves access a current credit card account by stealing either your credit card information or your login information with an online retailer. New-account fraud: fraudsters apply for a new credit card account in your name by using your Social Security number, address and other identifying information. There’s no surefire way to eliminate the threat of credit card fraud entirely. But since your everyday actions can increase the likelihood of it happening, here are 15 things you can do to limit your exposure. Story by Ben Luthi for US News & World Report

Most Americans Would Give Up Social Media to Erase Credit Card Debt
Most Americans said in a survey they would give up social media, among other things, to get rid of their credit card debt. Credit card debt has continued to climb over $1 trillion, with the average cardholder having a balance of $6,375, according to a report by Experian. One in three Americans is losing sleep over their debt, and one quarter report that debt has hurt their relationships with family. Even though 68 percent of those with credit card debt are concerned about how they will pay it off, very few have plans in place to get rid of it. Story by Carmen Reinicke for CNBC

United Becomes Latest Airline to Deploy Flight Crews to Pitch Credit Cards
In an internal message sent to flight crews on Tuesday, John Slater, the senior vice president of inflight services, shared that as of September 1, United would start requiring its flight crews to pitch the card on every domestic and international flight that the airline operates. Additionally, the company is rolling out new, required training to educate crews on the benefits of the card. In the past, United has offered an incentive to crews for inflight credit card pitches; with this new change, the pitch will be required. To motivate crews, Slater also shared that a promotional $100 kickback would be given to any flight attendant who acquired a customer, up from the current $50 bonus. Story by Grant Martin for Skift

Personal Loans Now Fastest Growing Consumer Debt
Personal loans are the now the fastest growing consumer debt category, according to new data from credit bureau TransUnion. Outstanding personal loan balances now stand at $120 billion. A personal loan is an unsecured loan typically from $1,000 – $100,000 with fixed or variable interest rates that can be used to make a large purchase or to consolidate debt. Borrowers can use personal loans for credit card debt consolidation, home improvements, medical bills and other major life expenses. The surge in fintech ventures and corresponding venture funding has led to a proliferation of personal loan lending. Story by Zack Friedman for Forbes

Mastercard is in Talks with UK Banks about Launching Cards with Fingerprint Scanners
Mastercard is holding talks with banks in the U.K. about bringing biometric payment cards to market. The firm has been testing cards with in-built fingerprint scanners, which are used to verify customers’ identities. This is intended to replace the use of passwords and speed-up the process of making payments online and contactless transactions in-store. Story by Ryan Browne for CNBC

Macy’s Customer Credit Data Hacked In Breach
Macy’s has become the latest retailer to be hit by customer data intruders. The department store chain said that hackers had gotten hold of the names and passwords of some customers and may even have gained access to their credit card numbers and expiration dates, though not the four-digit security codes, which it does not store. But the breach was small in scale, Macy’s said, hitting about 0.5% of customers registered on macys.com or bloomingdales.com, the site operated by Macy’s upscale sister chain. Story by Phil Wahba for Fortune

Barclays Has Brought Back One of its Most Popular Credit Cards
Barclays has had an active year in its rewards credit card division. Earlier this year, the company closed new applications for its popular Barclaycard Arrival Plus® World Elite Mastercard®, and announced a new card, the Barclaycard Arrival Premier. Now, it’s announced that the Barclaycard Arrival Plus® World Elite Mastercard® is being made available again, and it’s offering the highest-ever sign-up bonus on the card. Following the re-launch, the Barclaycard Arrival Plus® World Elite Mastercard® is offering a sign-up bonus of 70,000 miles after spending at least $5,000 within the first 90 days of card membership. The card also earns double miles on every dollar spent, regardless of merchant category, which is an uncommonly high earning rate for a credit card. Story by David Slotnick for Business Insider

Starbucks’ Mobile Payments Systems Still Percolating Growth
Starbucks showed us how mobile order-ahead can mean huge bumps in sales, and also showed us what happens when you don’t prepare for those huge sales bumps at the individual store level. Now, new reports suggest that the Starbucks mobile order-ahead empire is still gaining ground. This year, an expected 23.4 million users over the age of 14 will make a point-of-sale purchase with the app at least twice a year. Given that Apple Pay itself will only see 22 million users do likewise, that’s no mean feat. Comparing it to Samsung Pay’s nine million and Google Pay’s one million only makes Starbucks look better. Story by Steven Anderson for Payment Week

Ticketmaster Breach May Be Part of Much Larger Scam
In June, Ticketmaster announced a breach that affected 5% of their customers. However, RiskIQ released a report indicating the breach may have been much larger than initially reported. The company said the breach may be part of a much larger attack by a threat group called Magecart. In fact, the breach could affect over 800 e-commerce sites worldwide. Magecart is a group that digitally skims credit card information from online transactions. They target developers that provide software to larger retailers, such as the chat widget that Ticketmaster uses from Inbenta. The criminals are able to rewrite the software code so payment card details are sent to them instead of the retailer. Story by John Oldshue for LowCards.com

LL Bean Gets a New Credit Card Partner
Outdoors retailer L.L. Bean has a new credit card vendor. The company is partnering with Citi Retail Services and Mastercard after ending its relationship with Barclays and Visa. The card offers rewards points on purchases and free monogramming on L.L. Bean purchases. It also offers free shipping on all L.L. Bean purchases, eliminating the $50 threshold for other customers. Existing card holders will be issued new credit cards with the upgrades. Story by the Associated Press

Track Fraudulent Use of Your Social Security Number With Capital One’s Credit Wise Tool
Capital One’s Credit Wise, a free credit tracking tool, will now alert you if and when someone uses your Social Security Number to apply for a new line of credit or open another financial account. Anyone can use the service, regardless of if you have an account with Capital One or not. It also tracks your credit reports from Experian and Transunion and will notify you if there are changes, and will alert you if your email address or SSN are found on the Dark Web. Credit Wise also offers steps to take to improve your score, and lets you know how you rank in various credit factors, like account history and credit utilization. Story by Alicia Adamczyk for LifeHacker

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
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