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Credit Cards in the News: Dec. 12-18, 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.com so you can read what matters the most and not have to worry about all the other “fluff” news. Here are the highlights for December 12-18.  

Senate Passes New Bill on Credit Cards

Initially introduced in June, the Savings Federal Dollars Through Better Use of Government Purchase and Travel Cards Act of 2015 was passed by unanimous consent in the Senate on Wednesday. The legislation requires the establishment of a new office to monitor and review purchases and travel transaction made with government-issued credit cards. Called the Office of Federal Charge Card Analytics and Review (OFCCAR), the office will also be responsible for establishing a library of analytical tools and data sources for use by the government. Read more…

Colleges Could Face Penalties for Hiding Deals With Credit Card Issuers

The law requires that when colleges partner with financial institutions to market credit cards to students, they must be fully transparent about their deals. But according to a recent report from the Consumer Financial Protection Bureau (CFPB), 80% of schools did not meet the required standards for transparency. The CFPB has sent warning letters to 17 schools that failed to make marketing agreements available to the public, as is required by law. Read more…

Feds Raise Interest Rates After Months of Deliberation

On Wednesday, the Federal Reserve raised its key interest rate the first time in nearly a decade with a small hike that will bring rates from a range of 0%-0.25% to 0.25%-0.5%. The Federal interest rates have hovered around zero since the great recession, so this week’s increase reflects a widespread confidence in the growing economy. Even with a small increase, consumers will see changes in everything from mortgage rates, to credit cards, to savings accounts. The effects of the rate increase will likely be gradual over time. Read more…

Balance Transfer Credit Cards Can Help Pay Off Holiday Debt

Studies show that the holiday season is the most expensive time of year for many consumers. When cash is tight, many people turn to credit cards to help finance the numerous seasonal expenses, but this can end up being very costly if your credit card has a high interest rate. These three credit cards come with fantastic balance transfer offers that can help you avoid paying an arm and a leg in interest this holiday season. Read more…

Card Breach Data Breach Hits Landry’s Restaurants

Landry’s Inc. is a hospitality firm that manages well-known restaurants, such as Bubba Gump, Rainforest Café, and Morton’s Steakhouse. Fraud analysts and Landry’s have confirmed a credit card data breach that appears to have started in May 2015 and may still be impacting some of the company’s 500 locations. On their website, Landry’s stated that they do not yet know the extent of the breach and encouraged customers to review their payment card accounts. Read more…

Exxon Mobile and Citi Retail Services Renew Credit Card Agreements

On Thursday, Exxon Mobile and Citi Retail Services announced that they have renewed their partnership. The multi-year agreement will renew their consumer and commercial credit card relationship. This marks the eighth contract renewal for Citi Retail Services since the beginning of 2014. Read more…

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