LowCards.com Weekly Credit Card Update–September 14, 2018

LowCards.com Weekly Credit Card Update–September 14, 2018

September 14, 2018         Written By Bill Hardekopf

Mobile Drives 60% of e-Commerce Traffic
60% of all e-commerce traffic is on mobile devices, according to a new survey. Moreover, 71% of shoppers use mobile devices in-store to read reviews, make purchases and other behaviors. Despite the accelerating move to digital, 46% of shoppers still prefer to make a purchase in a physical store while 35% prefer laptops and 18% favor a smartphone. Story by Tonya Garcia for MarketWatch

JP Morgan Goes After Rich Millennials, Offering Sapphire Users 60,000 Points to Sign Up for Checking
JP Morgan Chase is upping the ante for fans of its popular rewards program. Credit card customers who open a new Sapphire bank account are eligible for a 60,000-point sign-on bonus, according to the New York-based bank. That’s worth up to $900 when redeemed for travel through the bank’s Ultimate Rewards portal. The catch: Users have to bring at least $75,000 in deposits or investments and keep it at the bank for at least three months. J.P. Morgan, the biggest U.S. bank, is hoping that the halo from its successful Sapphire credit cards will extend to its new bank account. Story by Hugh Son for CNBC

U.S. Mobile Fraud Attacks Up 44% in First Half of 2018
Fraud attacks on mobile transactions rose 44% in the United States and 24% globally year over year for the first half of 2018, and a third of all fraud now targets mobile channels. Financial institutions were hit with 81 million cybercrime attacks, including 27 million that targeted the mobile channel. More than half (58%) of all digital transactions–including account creations, logins and payments–now originate from mobile devices. Story by Tina Orem for Credit Union Times

Bank of America Links Corporate Cards To Mobile Wallets
Bank of America is adding mobile wallet functionality to its suite of commercial card products. Bank of America said its corporate cards are now compatible with mobile wallets including Apple Pay, Google Pay and Samsung Pay, citing business travelers’ mobile payment needs as a stop motivation behind the initiative. Support for a range of mobile wallets adds to Bank of America’s existing mobile corporate payment service capabilities. Story in PYMNTS

Chase Commits To Long-Term ‘Digital Everything’ Strategy
In response to the pressing needs of cutting costs, improving monetization of services and increasing their retail banking customer base, JPMorgan Chase is building an entirely new digital banking organization. As consumers shift their banking preferences to online and mobile solutions, Chase wants to be the digital bank of preference, especially for millennials. This focus on “Mobile First, Digital Everything” is having positive results. Over the past three years, Chase has grown their active digital customer base by ten million customers to 48 million total and their active mobile customer base also by ten million customers to 32 million total. Story by Jim Marous for The Financial Brand

Face-to-Face Debit Fraud Fell 5.5% Last Year As EMV Took Hold
Good news for debit card issuers emerged Thursday as a major report indicated fraud losses fell in 2017 compared to 2016. Losses on point-of-sale transactions totaled an estimated $850 million, down 5.5% from the 2016 total. The likely cause of the decline is the nearly complete transition to EMV chip technology. Issuers surveyed indicated they have now converted 91% of their debit cards to EMV. Card-not-present transactions account for 44% of net fraud cases, even though they represent just 21% of transaction volume. Story by John Stewart for Digital Trends

Consumers are Gradually Losing This Credit Card Perk
According to a recent report by Marketing Strategies International, extraneous benefits like price protection aren’t really driving value for cardholding customers. 80% of cardholders are “unclear” about the benefits of their credit cards. 52% off cardholders reported they “know little or nothing” about the extra features. Cardholders are looking for no annual fee, cash back, and low interest rates, rather than extra perks like price protection. In light of these findings and data from the credit card issuers, Chase eliminated price protection entirely while Discover and Citi are starting to cut back, with other major companies soon to follow. Story by Elisa Ortiz for MarketWatch

Shell and Citi Launch New Co-Branded Fuel Rewards Credit Cards
Citi and Shell have launched two new co-branded credit cards that offer rewards for fuel and non-fuel purchases. The Shell | Fuel Rewards Mastercard and the Shell | Fuel Rewards Card both offer 10 cents per gallon savings at Shell gas stations for up to 20 gallons per purchase; 10% Shell rebates for the first $1,200 in non-fuel purchases at Shell retail stations (renewable each year); 30 cents per gallon savings for new cardholders, valid for five transactions of up to 20 gallons (only available for customers who apply before February 28, 2019). Story by Bill Hardekopf for LowCards.com

British Airways Breach Caused by Credit Card Skimming Malware
A security firm says credit card skimming malware installed by hackers on British Airways’  website a few months ago was to blame for a data breach of over 380,000 credit cards. Research shows the hackers injected code directly onto the company’s website which the airline used shared on both the website and the mobile app. That code hosted on the airline’s global site was compromised on August 21 and malicious code was injected without anyone noticing. When a customer clicked bought plane tickets, the code would scrape the credit card information the open payment page and forward the data to a fake site run by the hackers from a private server in Romania. Names, billing address, email address, and all bank card details were collected by the code. Story by Zack Whittaker for Tech Crunch

Next Gen Prepaid Cards are Here
Prepaid debit cards have come a long way from their humble beginning as a means to assist the under and unbanked consumer to one that now offers the ability to transfer crypto currency in real time for immediate spend. The Movo e-wallet has a number of features that appeal to main stream consumers. Use the MovoCoin function on the app to do a one-time purchase with an instant digital card number that cannot be compromised or stolen.  Convert crypto currency using MovoChain on to your e-wallet or send money using the person-to-person (P2P) functionality. Story by Sue Brown for Payments Journal

Mastercard Collaborates With Microsoft to Expand in B2B
Mastercard has introduced Mastercard Track in collaboration with Microsoft to expand in the lucrative Business to Business (B2B) payment market. This service has  been developed to streamline and automate the payment carried on by businesses. Nearly half of all global business transactions–$58 trillion–are still done on paper. Mastercard Track will give these businesses identity, compliance and payment management capabilities for buyers and suppliers. Gradually, as the platform expands it will streamline and simplify back-office reconciliation, one of the pain points for businesses today. The same will be achieved by providing businesses with better visibility into cash flow–when they can expect to get paid and for how much–across multiple networks. Track will help connect all types of payments, namely account-based, card-based or bank transfer, within the platform, while also connecting purchase order and invoice information. Story in Zacks

The information contained within this article was accurate as of September 14, 2018. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


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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