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Credit Cards in the News: August 1-7, 2015

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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 CompareWallet so you can read what matters the most and not have to worry about all the other stuff. Here are the highlights for August 1-7, 2015.

Hackers Manipulate Square Hardware to Steal Credit Card Information

A team of Boston University graduates are preparing to present research that shows how Square’s mobile payments hardware can be hacked. The graduates claim they have found a way to steal credit card information using a modified Square magnetic stripe card reader. Square has responded to the issue by asserting that the problem lies with the old-school magnetic stripe credit cards, and not with the Square devices. Square has offered to distribute free chip-and-PIN card readers to businesses that pre-order the device. Read more…

Credit Card Access through Your TV

Samsung is bringing Samsung Pay to their smart TVs. Television models from 2014 and 2015 are receiving upgrades that will allow customers to make purchases from the comfort of their sofas. Samsung Pay accounts are linked to a user’s credit card or PayPal account. To complete a transaction on your TV, all you have to do is enter a four-digit PIN. Payment information will be handled by the first ever secure, virtual keyboard for smart TVs. Read more…

New Poll Shows Only 1 in 10 Have Received Credit Cards with Chips

The October 1st deadline to replace outdated magnetic strip credit cards with chip-enabled cards is only a few months away. However, the vast majority of Americans have not yet received their new cards. In fact, a new Associated Press poll found only one in ten Americans have received a chip-enabled card. Of those that have received their card, only 35% have actually used the card as intended. Many of those who had received the new cards reported having limited opportunities to use the chip-enabled cards, as a large majority of merchants have not yet replaced their card-reading devices. Read more…

Judge Rejects Amex’s Settlement with Merchants over Credit Card Fees

A judge recently rejected a settlement between American Express Co. and merchants over credit card processing fees. The ruling was influenced by evidence that found the plaintiff’s lawyer tainted the deal by exchanging confidential information with MasterCard Inc.’s attorney. Amex and the merchants may have to renegotiate the deal or potentially go to trial. A conference in federal court is scheduled for October 5, 2015, where the next steps will be discussed. Read more…

Star Trek Themed Credit Cards

On Thursday, NASA credit union announced the pending launch of a series of Star Trek credit cards, which are under license by CBS Consumer Products. The four new Star Trek Platinum Advantage Reward Credit Cards include: the Starfleet Command, United Federation of Planets, the Starfleet Academy Alumni, and the Captain’s Card. The credit cards will be available in September and will feature no balance transfer fee, exclusive Star Trek merchandise and experiences, a competitive interest rate, and a generous rewards program. Read more…

Credit Cards for Sports Fans

Discover recently released their new NHL Discover it Card, which offers some special perks for avid hockey fans. Along with all of the standard perks of the Discover it, cardholders can receive a 10% discount when they shop at Shop.NHL.com and customize their card art with your favorite team’s logo. BankAmericard issues special credit cards for MLB fans as well as PGA TOUR fans. There is also a card from Barclaycard especially for NFL fanatics, and a special American Express card for those who love the NBA. Read more…

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