Credit Cards in the News: October 10-16, 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 10-16.

Headaches for Netflix Due to Chip-Based Credit Cards

Subscription based companies such as gym memberships, dating websites, and video streaming companies like Netflix, are taking a hit while Americans are getting new chip-based credit and debit cards. These subscription companies rely on working cards to charge their customers every month, and the new cards have created an inability to collect from customers who haven’t updated their accounts. Netflix has been in the news for lower subscriber growth than estimated and is blaming the slow down on cards that weren’t updated.  Read more…

Wells Fargo Focuses on Doubling Credit Card Loans

Wells Fargo is hoping to boost their business profitability by doubling their credit card loans in the coming years. Currently, the bank lags behind other banks with credit cards representing only four percent of their total loans, compared to JPMorgan at sixteen percent and Bank of America Corp at ten percent. Since 43% of Wells Fargo customers already carry a Wells Fargo credit card, they will now have to venture into riskier territory by targeting new customers. Read more…

2014 Consumer Expenditures Report Sheds Light on the Best Cash Back Credit Cards

Using official data from the Bureau of Labor Statistics, a recent study compared the top cash back credit cards to find which ones were best for the average American. The 2014 Consumer Expenditures Report provides a snapshot of how consumers spent their money and breaks down all expenses into separate categories. By comparing the amount spent in each category to cash back bonus offers on different credit cards, you can see which cards can be the most rewarding based on actual data. Read more...

Arguments Arise Over FBI Warning on Chip Cards

There has been an ongoing argument between retailers and U.S. banks concerning the need for PINs with the new chip based credit cards.  Retailers favor the PIN and banks opposite it. On Wednesday, the National Retail Federation attorney said that the updated warning posted by the FBI about chip card vulnerabilities made light of the need for PIN security, and U.S. banks are being accused of persuading the FBI to alter the original message by dropping some references to PINs. Read more…

Credit Card Data Sold on YouTube

A new report called ‘The Hidden Data Economy’ released by Intel Security shows that stolen credit card information isn’t just sold on the ‘dark web’. In fact, the hackers are advertising and selling stolen information on websites like YouTube and other easily accessible domains. YouTube has been notified but admits that it is hard to keep track of all the videos. The report has also found that PayPal accounts, video streaming accounts like Netflix, and even data from universities were up for grabs; all available in an easily accessible, public, and streamlined process. Read more…

Peer-to-Peer Lending Provides A New Way to Cut Credit Card Debt

The 2015 Pew Charitable Trusts study found that two in five Americans carry a credit card balance of at least $3,800 a month, making it difficult for many to pay off their credit card debt. Peer-to-peer lending has quickly become a popular solution, where debtors and investors can directly connect, effectively cutting banks out the lending process and making way for lower rates and better terms for borrowers. Some people believe peer-to-peer lending has advantages that outweigh the disadvantages, but other experts advise that is never good to borrow your way out of debt. Read more…

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