Credit Cards in the News: Sep. 28-Oct. 2, 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 September 28-October 2, 2015.

Tipping Culture May Change with New Chip Technology

The October 1 deadline has arrived for businesses to adopt the new technology needed to accept credit cards with embedded chips. Those who have not upgraded their equipment will be liable for any card related fraud rather than the bank. Under the new system in restaurants, customers will be presented with a hand held card reader at their table that gives tip options on the screen. It has been suggested that retailers add the tipping process to the beginning of the transaction, requiring customers to decide on a tip amount in front of the waiter. Though awkward, some experts believe this could result in bigger tips overall as it did with taxi drivers. Read more…

American Express Forms Partnership with Sam's Club, but is Still Bleeding Costco Loss

American Express recently announced that they have struck a deal with Wal-Mart's chain of warehouse clubs, Sam's Club. With 650 stores across the U.S., the new partnership could potentially bring in $45 million in revenue from swipe fees for American Express. However, the financial giant is still reeling from the loss of their partnership with Costco stores earlier this year. While the new Sam's Club deal will bring a nice boost in revenue, it's unlikely that it will offset the loss sustained from Costco and American Express cutting ties. Read more...

Trump Hotels Hacked

Reports have stated that hackers may have stolen credit card data from several Trump hotel locations across the United States and Canada. Customer may be affected if they visited a Trump hotel between May 19, 2014 and June 2, 2015. It is possible that the malware placed on the payment systems could have acquired credit card numbers, expiration dates, and security codes on the back of cards. The hotel’s investigation is ongoing and they have offered anyone affected one year of free identity fraud protection. Read more…

TD Bank Becomes the Exclusive U.S. Issuer of Nordstrom’s Credit Cards

Toronto Dominion (TD) Bank has become the exclusive credit card issuer for Nordstrom-branded Visa and private-label consumer credit cards. On Thursday, Nordstrom Inc. shares climbed as the company declared a special dividend and completed the sale of its credit card business for $2.2 billion. A TD Bank Chief Executive remarked that they had been looking to buy more assets in order to fill out their U.S. balance sheet. Read more…

Young Couples Paying for Weddings with Credit Cards

A new survey has found that a third of millennial couples pay for wedding expenses with credit cards. TheKnot.com and PayPal, who worked together to survey 1,111 participants, found that 36% of the respondents paid for their weddings with credit cards and 16% borrowed money. Twenty-one percent reported that they used credit to spend more than they could afford. Read more…

FICO has Almost 20 Different Credit Scores

While most consumers think that they only have one credit score, the reality is that there are dozens of credit scoring models that lenders use to quantify the risk of a borrower. Fair Isaac Corp. (FICO), has nearly 20 different credit scores designed to give lenders a unique snapshot of a borrowers overall credit worthiness. While it’s important for consumers to keep track of their credit score, it would be nearly impossible to keep tabs on every scoring model out there. Read more…

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