Credit Cards in the News: October 3-9, 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 so you can read what matters the most and not have to worry about all the other stuff. Here are the highlights for October 3-9, 2015.

Committee Meets to Discuss the Switch to EMV Cards

On Wednesday, the House Small Businesses Committee met and heard from financial institutions about how the switch to chip-enabled cards is affecting retailers. There is a concern that financial institutions are rushing the transition to chip-enabled cards and in the process hurting businesses and consumers. Many retailers feel that they have not had enough time to purchase the new technology and fear that by the time they do upgrade, there will be newer technologies available, costing businesses even more. The committee has agreed to meet again to determine how Congress can help retailers with the technology transition. Read more…

New Report Reveals a Growing Debt Struggle for Millennials

According to researchers at George Washington University, long term debt from student loans and mortgages are becoming a big issue for Millennials. The report also indicates that short term debt is a growing problem as 45% of Millennials reported only making the minimum required monthly payment on their credit cards. The researchers concluded that programs that teach financial literacy can help Millennials and Gen Y avoid unnecessary debt and manage their finances better. Read more...

Chip-Enabled Credit Cards May Change How We Tip

As Americans make the transition to “dipping” instead of swiping their credit cards, you can expect to see a change in the nature of tipping when you’re out to eat. You may begin to see servers bringing a portable card reader to your table instead of having them take your card to the register. Also, you might want to start carrying a little cash if your like to leave generous tips. Read more…

Sears Seeking New Credit Card Partner

The relationship between retail giant Sears and JP Morgan Chase is coming to an end. The ten-year agreement with Chase will officially expire November 15th as Chase has decided not to renew. Sears is launching a separate rewards card on Nov. 16 to allow cardholders to keep the reward points they have earned. Some believe that Sears may now be looking at taking the credit card operation in-house to try to cash in on it, partly by eventually selling its valuable customer list. Read more…

Along with New Credit Cards Comes an Increase in Online Fraud

As new credit cards continue to arrive, some experts warn about a likely increase in online fraud. Javelin Strategy & Research, a consulting company, believes online fraud in the U.S. will nearly double to $19 billion by 2018 from $10 billion in 2014. When Britain made the shift to chip enabled cards in 2001, online fraud rose 55 percent. Small businesses are the more vulnerable compared to the big retailers because they can't afford the sophisticated security software. Read more…

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