Credit Cards in the News: October 24-30, 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 24-30.

New Chip-Based Cards May Cause Problems for Holiday Shopping

A Wal-Mart executive was quoted in the news this week for predicting that the new chip technology will cause Black Friday anarchy. He argues that retailers are not adequately prepared to accept the new chip-based credit cards.  The timing of the October 1st deadline for retailers to begin using the new system, he claims, is a recipe for disaster that will create confusion and longer lines over the approaching holiday shopping season. Read more…

New MasterCard Prototypes Allow You to Pay With Jewelry

On Monday, MasterCard unveiled new prototypes of a secure payment technology in the form of rings, wristbands, and car key fobs. The products are expected to roll out in 2016, and some experts argue that wearable payment systems are more secure than the current chip cards because of the tokenization method for each transaction. Capital One was named as the first credit card issuer to back the program. Read more…

Certain Credit Cards Can Help Fight Breast Cancer

As Breast Cancer Awareness month draws to a close, it’s not too late to begin showing your support and helping the fight to find a cure. In fact, some credit cards and prepaid debit cards allow you to make contributions throughout the year as you make your everyday purchases. The Susan G. Komen Credit Card from Bank of America is the most direct way to partner with the largest Breast Cancer Awareness organization, but there are a handful of other products that can also help you show your support. Read more…

Chase Pay Challenges Apple Pay with Opportunities for Discounts

On Monday, JPMorgan Chase & Co. unveiled their new digital wallet to challenge rivals such as Apple Pay. JPMorgan has partnered with Merchant Customer Exchange (MCX), which has dozens of members like Wal-Mart, Target and Best Buy. In order to speed up the adoption of their digital payment system, Chase Pay has incentivized retailers by offering to pair certain transaction fees and integrating with their existing loyalty programs. The bank plans to roll out the service in mid-2016, and Chase Pay can be used with all of the bank’s credit, debit, and prepaid cards that are processed by Visa Inc. Read more…

USAA Drops MasterCard for New Partnership with Visa

United Services Automobile Association (USAA) announced this week that they will be dropping their partnership with MasterCard Inc. and entering into a new relationship with Visa Inc. Customers will keep the benefits associated with their accounts, but the MasterCard-branded credit and debit cards will be changed out for Visa cards throughout 2016. The new deal will offer customers the elimination of foreign transaction fees for all USAA Visa credit cards. Read more…

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