Credit Cards in the News: Nov. 14-20, 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 so you can read what matters the most and not have to worry about all the other “fluff” news. Here are the highlights for November 14-November 20.  

Fantasy Sports Lawsuit Goes After Credit Card Companies

A lawsuit was filed in federal court this week, arguing that Visa, MasterCard, American Express and a handful of banks illegally issued loans and collected gambling debts from daily fantasy sports sites like DraftKings and FanDuel. The lawsuit was filed on behalf of a New York resident who claims to have lost between $5,000 and $10,000. Experts assert that fantasy sports sites, which are illegal in New York, present a big risk to credit card companies because the legality of their operation is largely unsettled.  Read more…

Surveys Continue to Reveal American Financial Literacy Deficit

Although most American report that they are generally financially savvy and smart with their money, a recent surveys indicated that their actions to not match up with their words. Among those who self-reported a strong levels of financial literacy, large portions of them also reported making fundamental financial mistakes like missing bill payments and having dangerously low bank account balances. Read more…

San Francisco Sues American Express

San Francisco is suing American Express for allegedly stifling competition with excessive fees. The lawsuit is seeking billions of dollars in restitution to merchants. According to the City’s attorney, American Express has exacted a three percent fee on each charge card transaction for years, well in excess of fees charged by competing credit card companies. This practice has prohibited merchants from encouraging consumers’ use of less costly payment methods, such as cash. American Express plans to fight, believing there is no merit in the suit. Read more…

American Travelers Have a New Debit Card to Use in Cuba

Americans traveling to Cuba will soon have an alternative to carrying wads of cash thanks to a new debit card. On Thursday, Stonegate Bank of Pompano, Florida announced it is offering a debit MasterCard that can be used at hotels, restaurants and other sites in Cuba. At present, the card will not work at any ATMs in Cuba, but the bank hopes to offer that service in 2016. Read more…

A New Look at Lenders’ Solicitation Strategies

A new Federal Reserve working paper takes a look at the business of credit card solicitation. A data set of 200,000 letters is helping to trace the evolution of credit card offers since the financial crisis, in order to get an idea of how credit card companies are working to mitigate the risks, in unsecured consumer lending. The findings depict how lenders use letters of solicitation to target potential borrowers. Read more…

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