Credit Cards in the News: Nov. 21-Dec. 4, 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.com 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 28-December 4.  

Some US Shoppers Avoid Stores that Require Chip-Enabled Cards

A recent survey from a payment industry research firm, known as Mercator Advisory Group, indicated that some shoppers have become so annoyed with the headache of using the new chip-enabled credit and debit cards that they have begun to avoid stores requiring them. Seven percent of consumers who hold the EMV cards and have tried using it are part of this ‘avoiders’ group and young adults were nearly twice as likely to avoid these stores. Read more…

Hilton Confirms Credit Card Breach

Two months ago, reports from banks indicated a possible credit card breach from payment systems in onsite stores, coffee shops, and restaurants in Hilton-owned hotels. Hilton finally acknowledged the breach last Tuesday, confirming the cards taken were used between November 18 and December 5, 2014 and between April 21 and July 27, 2015. The card data taken included names, card numbers, security codes, and expiration dates, but not addresses or credit card PINs. Hilton has recommended that customer check their bank statements if they made a purchase at a Hilton Hotel during the affected dates. Read more…

Freshbooks Credit Card Reader Set to Be Released

Freshbooks is a cloud-based accounting software maker with plans to release their own card reader in the spring of 2016. The Freshbooks card reader is a pocket-sized device that plugs into an iPhone’s audio jack and lets users accept credit cards anywhere, so that business owners get paid on the spot. The device is fully integrated with Freshbooks’ payments offering and accounting software for the Web and iOS devices. Read more…

Highlights from CFPB’s Consumer Credit Card Report

The Consumer Financial Protection Bureau’s biennial consumer credit card market report indicated that overall costs are down and that tougher credit card rules have helped eliminate at least $16 billion in hidden or unexpected fees charged to consumers, lowering the total cost of borrowing. In addition, more consumers are getting access to credit, and there’s more transparency and less confusing pricing. This is encouraging news, but there is still a significant concern that some consumers who have accumulated balances might take a hit when the Federal Reserve eventually raises interest rates. Read more…

Legislation Targeting Campaign Contributions Via Credit Card

A new bill set to be introduced in the House, imposed by Republican backed legislation, would entail new requirements to verify online campaign contributions made by credit card, in order to block illegal foreign campaign contributions from being funneled into U.S. campaigns. The new measure, the Stop Foreign Donations Affecting Our Elections Act of 2015, would require the CVV system to verify each credit-card contribution at the time it is made. In addition, the measure would require that the billing address associated with the credit card be located in the U.S. Read more…

Marriott Purchases Starwood Hotels: What’s the Impact for Cardholders?

In what could be a monumental acquisition for the hotel industry, Marriott has announced that plans to purchase Starwood Hotels. Both hotel chains operate popular loyalty programs, so customers with each hotel chain are eager to learn how the two programs will merge.  The acquisition is set to take place sometime in the middle of 2016. Read more…

New Security Threat Emerges that Could Destroy Holiday Shopping

Merchants have been gearing up for the busiest sales season of the year, but a new security threat at the register could destroy holiday shopping. Researchers at iSight Partners, a cybersecurity firm in Dallas, have been tracking a new form of malware called ModPOS that attacks point-of-sale machines. The new POS malware is capable of hiding deep within a computer network and goes undetected by antivirus software. The new chip cards can do nothing to stop this POS malware. Read more…

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