Credit Cards in the News: February 21-27, 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 21-27, 2015.

American Express Raises Interest Rates

On Wednesday, American Express announced their plans to raise the annual interest rates on consumer credit cards for the first time in five years. After losing their business agreements with Costco and JetBlue, facing federal court rulings on violations of antitrust laws, and coming in as the worst performer in the Dow Jones, it isn't surprising the lender would respond with a few changes. Under the new plan, interest rates will increase by 2.5%, bringing the rates to 12.99%. Read more...

Google Challenging Apple with Softcard's Technology

Aiming to compete with Apple Pay, PayPal, and LoopPay, Google recently acquired the technology and patents from Softcard, a mobile wallet service. This purchase is a strategic move as Google looks to offer more mobile payment options on smartphones. Softcard is supported by AT&T, Verizon and T-Mobile. These communication companies will continue to work with Google to pre-install the Google Wallet app on newer Android phones. Read more...

Evolve Money adds Credit Cards as Payment Options

The bill payment app for mobile and desktop devices, Evolve Money, now offers users the option to pay bills with Visa, MasterCard and Discover cards. Users can add credit or debit cards to their profiles and use these cards to pay bills to any of the 12,000 service providers that are supported by the app. As smartphones continue to gain popularity and momentum, consumers push for a variety of options to make financial transactions. Supporting credit and debit cards accelerates delivery which ensures on-time payments. Read more…

Credit Cards Authorized by Voice Activation

NXT-ID, a biometric authentication company, has created the Wocket smart wallet that now has voice recognition. The voice recognition capability adds an additional layer of security by only recognizing the cardholder’s voice.  The user may also set up code names for each card for added security. The Wocket smart wallet can store digital versions of up to 10,000 cards and will work anywhere credit cards or mobile tap to pay are accepted. Read more…

Boku Launched Technology to Compete with Credit Cards

Boku launched a new cross-platform carrier billing payment technology. Carrier-billing was initially used to purchase ringtones and voting on television; however, the technology has expanded to offer credit card payments. Phone-On-File stores a consumer's phone number to enable one-click checkout and subscription purchases, which mimics systems that store credit and debit cards as preferred payment methods. Phone-On-File charges will appear on phone bill's or deducted from a prepaid user's balance. Read more...

Pledging to Save in 2015

America Saves Week and Military Saves Week started on Monday to assist individuals with assessing their current financial state and to encourage American's to save. This annual event is designed to motivate and encourage Americans to tackle their debt, start saving and build wealth. The team at America Saves provides a wealth of knowledge and resources to improve the financial state of consumers across the nation. Read more…

Visa Europe Plans New Security for Credit Cards

Visa Europe has announced a new and more secure way for consumers to make purchases with their smartphones. The company is presenting banks with a "tokenisation" service which will substitute a user's credit card details with random numbers, while a merchant transmits transaction data to reduce online theft. Token-based security was considered a vital security enabler with the release of Apple Pay. Visa Europe, partnered with Visa, Inc., has additional plans to allow peer-to-peer payments utilizing social media profiles. Read more...

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