Credit Cards in the News: Nov. 7-13, 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 7-November 13.  

Prosecutors Name Names: Charges Unsealed in Hacking Fraud

U.S. prosecutors announced indictments Tuesday against a hacking ring linked to stock manipulation, online gambling, and credit card fraud. Authorities described a vast global crime operation involving more than 100 people in a dozen countries, and named Gery Shalon at its head. The 31-year old from the Republic of Georgia used aliases, fake passports, and banking havens to steal what is estimated to be in the hundreds of millions of dollars. Shalon was arrested in Israel in July, and the U.S. is seeking his extradition to New York for trial. Read more…

Understanding your New EMV Chip Credit Card

Now that the transition to EMV based credit cards is complete for most consumers, Americans are seeing an increase in the amount of “dipping” as retailers move away from the traditional “swipe” method. It’s important to understand the basics of EMV processing and the protections that come with a chip based credit card. A recent article from Compare Wallet highlights all the details you need to know. Read more…

Airbnb Considering a Co-branded Rewards Credit Card

Airbnb’s website briefly hinted that the company may be taking steps towards a loyalty credit card. The “Experience Card” would be designed to get its visitors to spend more money in the local cities and reward them for doing so. Those who saw the ad say that the product appeared to be a credit card preloaded with $1000 and would offer a 10% reward from each purchase as travel credit. Business Insider reached out the company for confirmation, but they declined to comment. Read more…

Billionaire Art Collector Racks up Credit Card Rewards with $170.4M Purchase on Amex

Chinese investor Liu Yiqian made headlines this week for making the second largest art auction purchase of all time. Using 24 separate swipes, of his American Express Centurion card, the collector also racked up over 170 million American Express Membership Rewards points. This kind of purchase is a dream for any credit card rewards enthusiasts because that many rewards points could get you hundreds of thousands of free first class airline flights. Read more…

Best Credit Cards for Black Friday

As many Americans begin to make lists for their holiday shopping, it’s important to remember that paying with the right credit card can make your shopping experience even more rewarding. A few credit cards, like the Chase Freedom or Discover it, offer up to 5% cash back at certain retailers this holiday season. But for consumers looking for a consistent rewards rate on all transactions, the Citi Double Cash or the Capital One Venture Rewards Card are two great options. Read more…

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