Credit Cards in the News: Feb. 6-Feb. 12, 2016

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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 so you can read what matters the most and not have to worry about all the other “fluff” news. Here are the highlights for February 6-12.  

Costco Credit Card Switch Delayed

Last year, the retail giant Costco ended a 16-year partnership with American Express, entering into a new exclusive agreement with Citi, to provide Costco-branded Visa credit cards. The switch was scheduled to take place in April, but has since been pushed back to early summer. The process of switching members’ data over has taken longer than expected. Once the deal goes through, Costco will accept all Visa cards in U.S. and Puerto Rico stores, not just member cards issued by Citi. Read more…

Pre-Activated Credit Cards Arrive in the Mail

Banks are increasingly sending pre-activated credit cards in the mail, doing away with the usual activation process that requires one to call a number and verify some information. Banking representatives report customers prefer receiving their credit card ready to go. A Chase representative asked for comment replied that there has been no increase in customer complaints regarding fraud associated with this practice. Read more…

Credit Card Debt is the American Way

A recent study by the Federal Reserve Bank of Boston reported the majority of Americans who have a credit card have carried a balance from month to month, despite the rollercoaster of booms and recessions seen throughout the last 15 years. Federal Reserve data, recently released, showed that in December, consumers owed a total of $936 billion in credit card and other revolving debt.Experts feel it is combination of desperate economic straits as well as old habits and the inability to resist temptation that keeps Americans borrowing year after year. Read more…

FTC Warns About Latest Scam with Chip Credit Cards

In recent months, creative fraudsters have tried to capitalize on America’s transition to EMV chip credit cards. The crooks attempt to trick cardholders by impersonating card issuers and requesting the confidential personal information of the customers. The FTC recommend that if you’re at all suspicious of any communication you receive from your card issuer, the best thing to do it pick up the phone and call the company to confirm the validity of the information. Read more…

Credit Card Processors Stuck in the Middle of Fraud Schemes

A credit card processing company, Bluefin Payment Systems LLC, has reached a settlement with the Federal Trade Commission for their involvement in a “Work-at-Home” scam though a company called Tax Club. Though the credit card processor asserts that they had no actual involvement with the scam, the feds allege that there were numerous red flags that should have alerted the company that their client was not a legitimate business. Read more…

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