Credit Cards in the News: January 1-8, 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 CompareWallet so you can read what matters the most and not have to worry about all the other stuff. Here are the highlights for January 1-8, 2016.

Man Holds World Record for 1,497 Valid Credit Cards

The average American has about two credit cards, often carrying more than $15,000 in debt. Though experts continue to debate the best number of credit cards to keep, one man has gone far beyond the recommended number, carrying 1,497 valid credit cards. Walter Cavanagh has been in the news as of late, earning the Guinness World Record title of “Mr. Plastic Fantastic.” Cavanagh’s credit cards amount to a $1.7 million line of credit, though he claims to only use one card that he pays off every month. Read more…

Millennials Turning to Credit Cards

Although Millennials may be better at saving, findings of a new survey revealed that 12% of millennials would use a credit card to deal with an unexpected expense in an emergency, up from 7% last year. Experts believe the avoidance of credit has been a savings grace for this particular generation that’s bogged down with student loan debt. On the flip side, 37% of Millennials said they would turn to their savings in the event of an emergency. Read more…

Coin and MasterCard Partner for Wearable Payments

MasterCard announced a partnership with Coin to offer fitness bands, smart watches and other wearable devices. This alliance achieves two big things; MasterCard’s “Commerce for Every Device” Program will allow payment functionality for items consumers are already using, while the addition of Coin’s technology simplifies commercialization and enables participating issuers to expand to new devices. Read more…

2016 Predictions for the Credit Card Industry

The year 2015 brought many changes to the credit card industry with mobile wallets and the shift to EMV credit cards, making transactions more secure. Predictions for 2016 include using biometrics as a form of payment, like “selfie pay.” It’s also expected that mobile wallet use and mobile banking will continue to grow, along with new credit scoring models. Read more…

Fidelity Drops Long-Time Credit Card Partners

Fidelity Investments is ending its credit card partnership with American Express Co. and Bank of America Corp. After months of talks, Visa Inc. and U.S. Bancorp will take over with this exclusive alliance and issue Visa branded credit card products. A spokeswoman for Bank of America reported the decision to end the partnership with Bank of America was mutual. As part of the deal, U.S. Bancorp also agreed to acquire Fidelity’s existing co-branded credit card portfolio with about $1.7 billion of loans. Read more…

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