Credit Cards in the News: March 8-14, 2014

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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 fraud. That’s why we provide you with a summary of the top stories on the blog at so you can read what matters the most and not worry about all the other stuff. Here are the highlights for March 8-14, 2014.

Neiman Marcus Sued

On Wednesday, an Illinois woman sued the Neiman Marcus group in federal court over a credit card data breach. Hilary Remijas is suing the luxury retailer on behalf of anyone who made a credit card purchase from July 16 to Oct. 30, 2013. Remijas, demands money damages for placing the burden of the data breach on the customers.  Neiman Marcus required customers to monitor their accounts and spend time and money on fraud alerts for years to come. Remijas is asking the company to pay for at least three years of credit monitoring. Read more…

China-Tech Firms Launch Online Credit Cards

Two tech firms are expanding with the launch of online credit cards. Alipay is joining with China CITIC Bank in order to issue online credit cards. These credit cards can be used for online shopping, starting next week. Internet titan Tencent also joined with China CITIC Bank to launch 1 million new cards. The two firms claim the application process is far more timely and convenient when compared to the process with traditional bank cards. In order to thwart customer concerns about security risks, Tecent has teamed up with Zhong, an Online Property Insurance. Read more…

Megachurch Robbery Places Credit Card Information at Risk

Pastor Joel Osteen’s megachurch in Houston was broken into over the weekend.  Cash, check and credit cards were stolen from a safe. Church officials claim there’s no data breach and that funds are insured. They announced that though credit cards were stolen, the detailed credit card information was not stored in the safe, but rather in donation envelopes. Read more…

GE’s Credit Card Unit Files for Initial Public Offering

General Electric took its first official step in exiting retail finance.  On Thursday, GE filed for initial public offering. Thus, GE is able to reduce their reliance on their financing arm, which nearly sank during the 2008 financial crisis. The credit card unit will operate under the name, Synchrony Financial. Their cards are offered through major retailers such as Walmart, Lowes, and Ethan Allen Interiors.  Read more…

GOP Hit by Credit Card Fraud

Rep. Robert Pittenger recently attacked the CFPB, declaring it "anything but a protection bureau."  He remarked, "They hold all your financial information and they have full discretion over it." Last week, on the heels of this admission, Pittenger announced they were victims to credit card fraud. He and his wife were struck with $4,000 in fraudulent charges. Read more...

Delta Credit Cards are Changing

All Delta SkyMile credit cards are changing on May 1st. Card holders can expect to no longer pay for foreign transaction fees, which is currently 2.7% per transaction American Express processes. Another addition travelers may like is the inclusion of pin and chip technology. Not all changes are good though, as the Delta SkyMiles Platinum Card is  increasing their annual fee an additional $45 per year, bringing the total to $195 per year annual fee. Read more...

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