Credit Cards in the News: Feb. 28 - March 6, 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 February 28- March 6, 2015.

Citigroup Reaches 10-Year Agreement with MasterCard

As part of a 10-year deal, Citigroup will begin to move more consumer business to MasterCard. The plan is to shift most of its global consumer credit and debit cards to MasterCard’s network starting this year. The bank’s co-branded and commercial credit cards will be excluded from this transition and will continue on other networks. Experts predict this change will increase MasterCard's revenue to $125 million annually.Read more…

Mandarin Oriental Confirms Credit Card Breach

On Wednesday, the hotel chain Mandarin Oriental confirmed a credit card breach. The company is now investigating its credit card systems of hotels in the U.S., as well as some in Europe. It appears the point-of-sale systems were infected with malware capable of stealing credit card data. It remains unconfirmed how many hotels were affected by the malware, but sources reveal that the breach most likely impacted all the hotels within the United States. Read more…

Apple Pays Security Called Into Question

Apple Pay’s security has been called into question. The problem seems to be with the way new cards are added to the mobile wallet. Many experts believe the weak link does not exist with Apple, and insist  it's the bank’s responsibility to ensure verification of the user’s identity when linking cards to Apple Pay. Hackers are using this lapse in security to steal credit card information and set up Apple Pay accounts with false identities. Read more…

CFPB to Restrict Mandatory Arbitration

The Consumer Financial Protection Bureau (CFPB) seeks new regulations to restrict mandatory arbitration imposed by credit card companies. Mandatory arbitration makes it difficult for consumers to pursue legal action when their consumer rights have been violated. These companies have been prohibiting consumers from filing lawsuits within the fine print of the credit card agreements; however, many cardholders are unaware that they have voluntarily relinquished their rights to litigation and to appear at court for legal proceedings. Read more…

Deadline Approaches for Safe Student Banking Comments

Earlier this year the CFPB submitted a request for information regarding safe student banking as part of their crackdown on banks that are using deceptive practices to target students. The goal is to encourage colleges and universities to become more particular about which banks they form agreements with. The CFPB has asked for public opinion on the Safe Student Account ScoreCard draft, with a deadline of March 16th, 2015. Read more…

The Universal Stratos Card

A universal card, the Stratos Card, is ready to be released next month. The company differs from its competitor, Coin, because customers don’t purchase the universal card, but instead they purchase a $95 yearly subscription, which includes a personalized card that will be replaced with the latest model annually. For security, the card boasts bank-level encryption and built in proximity alerts. Read more…

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