Credit Cards in the News

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This week in credit cards in the news, the CFPB remains busy by tackling issues on forced arbitration and took action for the first time against credit cards with deferred interest. Square unveiled a slimmer credit card reader, while American’s turn to small-dollar credit for their financial needs. Most interestingly, some Swiss banks have begun accepting the full disclosure deal of U.S. bank accounts.

Credit card news pops up every week and it’s not always easy to keep track of each story, especially all the stories about credit card fraud. That’s why we provide you with a summary of the top stories on so you can read what matters the most and not have to worry about all the other “fluff” news. Here are the highlights for November 7-December 13.

GE Capital's CareCredit Issues $34 Million Refund

The Consumer Financial Protection Bureau (CFPB) forced GE Capital Bank to refund victims of deceptive credit card enrollment tactics for CareCredit, a card offered at doctor's offices all over the country. This is the first action the CFPB has taken against deferred-interest credit cards. CareCredit is the largest issuer of health care financing in the U.S. Officials report that consumers believed they were signing up for interest free cards, however they were actually accruing interest of 26.99%, which kicked in at the end of the promotional period. Read more...

CFPB Analyzes Arbitration Clauses

The first issued report on forced arbitration came out this week, which focused on financial products like checking accounts, credit cards, prepaid cards, and more. An arbitration clause is a contract that requires the included parties to resolve their disputes through an arbitration process, therefor, limiting them from taking the party to court to settle a dispute. The report found that larger financial institutions and credit card companies are more likely to include an arbitration clause than small banks. The CFPB wants to make sure consumers aren’t deprived of their basic legal rights. Read more…

Square's Credit Card is Unveiled with a New Slimmer Look

On Monday, a new slimmer version of the Square credit card reader was released.  The design was created by former Apple engineer, Jesse Dorogusker, who is now the current Square VP of Hardware. The new Square reader, a device that allows users to swipe credit cards for payment on iOS devices, is now 45 percent thinner with upgraded components that give the reader a more efficient and premium feel. Read more...

Consumers and Small-Dollar Credit

Americans are turning to small-dollar credit products and subprime credit cards to fund their financial needs. Consumer research has been undertaken by the center for Financial Services Innovation, supported by the Ford Foundation, in order to investigate the needs of small-dollar credit consumers. The observations made from the analysis categorized four need cases of consumers. Read more...

Credit Card Data Stolen from Boston Convention Attendees

A large number of attendees at two Boston conventions have reported their credit card information was stolen. Victims reported purchases being made with their credit cards in multiple states and abroad. It is still unclear as to how the data theft occurred, but officials have stated no foul play at the convention facilities. The theft appeared to occur at bars and restaurants across the city. Read more...

Swiss Banks Begin Full Disclosure of U.S. Accounts

The first Swiss banks began accepting the U.S. deal of full disclosure of American accounts. Valiant Holding, Berner Kantonalbank, and Vontobel Holding AG came in early on the December 31st deadline to accept the deal or face possible financial death. The banks are required to reveal cross-border activities and to close the accounts of Americans who evade taxes.  Fourteen banks were left out of the deal as they are already under investigation. Read more...

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