LowCards.com Weekly Credit Card Update–November 27, 2017

LowCards.com Weekly Credit Card Update–November 27, 2017

November 27, 2017         Written By Lynn Oldshue

CFPB Deputy Director Sues Trump to Block Mulvaney as Interim Leader
The deputy director of the Consumer Financial Protection Bureau (CFPB) on Sunday night sued President Trump in order to block Office of Management and Budget Director Mick Mulvaney from taking over as acting director of the agency. Leandra English, who was tapped by former Director Richard Cordray to be acting director of the agency, filed a complaint in the United States District Court for the District of Columbia against Trump and Mulvaney, whom the president nominated to be the acting CFPB director. The office of the CFPB’s head council is expected to challenge her suit, claiming Trump has the authority to override the bureau’s line of succession. Story by Sylvan Lane for The Hill

Thanksgiving Online Retail Sales Hit Nearly $3 Billion on the Back of Strong Mobile Growth
Online shoppers in the U.S. spent $2.9 billion on Thanksgiving, an 18 percent increase over the 2016 holiday total, as more retailers pushed Black Friday deals out early and consumers continued getting more comfortable making purchases on their phones. Mobile phone users accounted for 46 percent of visits to e-commerce websites and apps on Thanksgiving and 29 percent of sales, according to estimates by Adobe Analytics, which tracks 80 percent of online transactions across the top 100 U.S. web retailers. Last Thanksgiving, 27 percent of online retail revenue was attributed to transactions made on mobile phones. Commerce on smartphones continues to make headway as a share of overall online sales even as conversion rates – the percentage of website visitors who make a purchase – remains much lower than those for shopping via tablets or regular computers. Story by Jason Del Rey for Recode

Macy’s Credit Card Processors Stop Working on Black Friday
It’s one of the biggest shopping days of the year, but retail giant Macy’s can’t get its credit card processors to work. Customers have been waiting in lines across the United States to buy discounted items, only to find out that the machines won’t take credit cards or gift cards. Some Bloomingdale’s stores, which are owned by Macy’s, may have also been impacted. The company also experienced an outage on its website during Black Friday 2016. Story by Katie Roof for Tech Crunch

Equifax Breach is Already Taking a Toll on Consumers
The scenario that personal finance and credit experts feared most about the heist of consumer data from Equifax may already be underway: Criminals are using the stolen information to apply for mortgages, credit cards, student loans, tapping into bank debit accounts, filing insurance claims and racking up substantial debts, according to a major new class-action suit. The suit pulls together dozens of individual complaints from consumers in all 50 states plus the District of Columbia and suggests that cyber criminals aren’t wasting time using the Social Security numbers, credit card accounts, driver’s license numbers and other sensitive personal information they siphoned out of the credit bureau’s reputedly secure databases on 145.5 million Americans. Story by Kenneth Harney for The Real Deal

$285 Billion: Cryptocurrencies Are Now More Valuable Than Visa
The market valuation of all of the cryptocurrencies combined has surpassed the market cap of leading financial service provider Visa, by $30 billion. At the time of reporting, the market cap of Visa remains just above $254 billion, while the market valuation of the entire cryptocurrency market is $285.9 billion. According to the Visa 2016 annual report, the Visa network processes around $5.8 trillion worth of transactions per year, mostly from the 3.1 billion visa debit and credit card issued globally. More than 83.2 billion transactions were settled on the Visa network in 2016. Story by Joseph Young for CryptoCoins News

Here’s How Much We’ll Spend on Holiday Gifts This Year
The turkey has been gobbled up, the leftovers packed up . so now it’s time to shop! The winter holidays are here, and that means consumers are ready to spend. This year, holiday retail is expected to reach $682 billion, according to the National Retail Federation. According to a report from NerdWallet, the average consumer will spend $660 on holiday gifts. Baby boomers will spend more than the average, around $800 this season. Millennials plan to spend less-just $431. Many shoppers will be skipping the malls to surf the web instead. Eighty-four percent say they will shop online for gifts this year. Story by Alyssa Pry for Yahoo Finance

Uber Paid Hackers to Delete Stolen Data on 57 Million People
Hackers stole the personal data of 57 million customers and drivers from Uber Technologies Inc., a massive breach that the company concealed for more than a year. This week, the ride-hailing firm ousted its chief security officer and one of his deputies for their roles in keeping the hack under wraps, which included a $100,000 payment to the attackers. Compromised data from the October 2016 attack included names, email addresses and phone numbers of 50 million Uber riders around the world. The personal information of about 7 million drivers was accessed as well, including some 600,000 U.S. driver’s license numbers. No Social Security numbers, credit card information, trip location details or other data were taken, Uber said. Story by Eric Newcomer for Bloomberg

Consumers Not Happy with Chatbots
While a good number of consumers, 72 percent, say online chat interaction makes for a more loyal customer and nearly a third will use chatbots, the experience is not very fulfilling. Just 15 percent of consumers are happy with chatbot interaction, according to the  Eptica 2017 UK Chat Study. The data states 65 percent of consumers are happier using chat compared to five years ago, but 69 percent have complaints, ranging from queue time waits to not getting the correct information from customer service agents. While consumers are open to artificial intelligence chatbot tools, they don’t want them in every interaction, as 77 percent want to chat with a human when it comes to complex customer service issues. Story in Mobile Payments Today

More Older Millennials are Living with Relatives, a Legacy of 2007-09 Recession
The share of older Millennials living with relatives is still rising, underscoring the lingering obstacles faced by Americans who entered the workforce during and after the Great Recession. About 20% of adults age 26 to 34 are living with parents or other family members, a figure that has climbed steadily the past decade and is up from 17% in 2012, according to an analysis of Census Bureau data by Trulia, a real estate research firm. The increase defies record job openings and a 4.1% unemployment rate, the lowest in 17 years. Not surprisingly, a much larger portion of younger Millennials age 18 to 25 (59.8%) live with relatives, but that figure generally has fallen the past few years after peaking at 61.1% in 2012. Story by Paul Davidson for USA Today

Smartphones Sales Break All Records on Black Friday
Smartphone transactions hit a record high in the US on Black Friday as shoppers thronged retail stores as well as went online to celebrate. According to Adobe Digital Insights mobile transactions were “hitting record highs”. According to Adobe Insights, 61.1 per cent of shoppers’ visits to retailers’ websites were for mobile devices, including smartphones and tablets. Story in The Economic Times


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
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