Credit Cards in the News: Oct. 31- Nov. 6, 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 October 31-November 6.  

 

JPMorgan Pays $50 Million for Credit Card Abuse

On Monday, JPMorgan Chase & Co agreed to pay a sum of $50 million to customers nationwide, including $10 million for California customers, in restitution to settle disputes that the bank cheated tens of thousands of credit card customers while collecting debts from them. The California attorney alleged that from 2009 to 2013, Chase illegally filed more than 125,000 collections lawsuits using robo-signed documents. Read more…

Visa Inc. Acquires Visa Europe for $23.4 Billion

On Monday, Visa Inc. agreed to acquire Visa Europe for a sum of $23.4 billion, uniting them into a single global company. Though the deal is still subject to regulatory approval, it is expected to close in the third quarter of 2016. Visa Europe Chief Executive stated that bringing the two companies together under one umbrella will help to ensure financial strength. Read more…

CFPB Releases “Fraud Alert Fact Sheet” to Help Servicemembers Protect Their Credit

The CFPB has an entire department, known as the Office of Servicemember Affairs (OSA), which is dedicated to protecting the financial wellbeing of military families. The OSA recently released a “Fraud Alert Fact Sheet” which includes information about useful features like Security Freezes and Active Duty Alerts to help Active Duty Military personnel safeguard their finances while they are serving overseas. Read more…

Federal Appeals Court Rules Against Law that Bars Credit Card Surcharges

A federal appeals court has ruled on a lawsuit that was filed in 2014 by four businesses, addressing a Florida law that bars businesses from imposing a surcharge on customers that pay with credit cards, yet allows them to offer discounts for paying with cash. Under the old law violators could face second-degree misdemeanor charges. Judge Gerald Tjoflat wrote that discounts and surcharges are two sides of the same coin and ruled against the law. Read more…

Marco Rubio Defends Use of GOP Credit Card

Republican Presidential candidate, Senator Marco Rubio has been defending his use of an American Express card issued to him by the Republican Party of Florida when he served in the state’s legislature. The card was given to him to cover political expenses, however, Rubio admits that he occasionally used it to cover personal expenses throughout 2007 and 2008. Rubio emphasizes that it wasn’t a credit card but American Express charge card secured under his personal credit in conjunction with the party, and that he reviewed the bills every month and made sure that he paid for the personal expenses. Read more…

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