Credit Card News
Because credit card rewards, even the ones that aren`t straight cash back perks, have monetary value, does that mean consumers must pay taxes on them? According to the Internal Revenue Service, the answer depends on how the rewards were obtained.
Citigroup Breaks China Virgin Credit Card Market
Posted on February 07, 2012
Citibank is now the first Western bank allowed to enter the credit card market in China.
Payment Processors Have Set the Date: U.S. Credit Cards Will Change to Chip-n-PIN by 2013
Posted on February 06, 2012
Both big payment processors Visa and MasterCard have now made public their intentions to implement chip-and-PIN technology in all their credit cards by the Spring of 2013. As soon as that switch occurs, American credit cards will no longer lag behind the technology of their European counterparts.
Appeals Court Continues To Rule Against AmEx in Credit Card Fee Litigation Suit
Posted on February 05, 2012
A Federal Court of Appeals has recently ruled, again, that American Express can't force its customers into arbitration by wielding a clause contained within its contracts specifically placed to prevent class-action suits.
Uncle Sam Is Cracking Down on Identity Theft
Posted on February 04, 2012
The Tax Division of the Justice Department has teamed up with the IRS to announce a massive country-wide crackdown on identity theft and fraudulent tax filing. They targeted 105 people in 23 states, and wound up lodging 939 criminal charges. These efforts likely saved thousands of dollars of fraudulent tax refunds from being distributed.
Square Makes Accepting Campaign Contributions Easy
Posted on February 03, 2012
The Obama Victory Fund is now equipped to accept donations anywhere thanks to the mobile payment pioneer Square.
Tech Geeks Speculate That iPhone 5 Will Turn Consumers On To Contactless Payments
Posted on February 02, 2012
At a recent Macworld conference, statements made by a MasterCard rep garnered a lot of attention and excitement in the tech media realm with regards to the next generation of iPhone. Many anticipate that it will bear an NFC chip, enabling the device to be used to make contactless payment transactions.
Consumer Credit Card Balances Forecast To Be On The Rise In 2012
Posted on February 01, 2012
Six of the country`s biggest lenders via credit cards are anticipating a growth in consumer revolving balances throughout 2012 as more and more consumers gain economic confidence.
Chase And Disney Launch The New Disney Premier VisaŽ
Posted on January 31, 2012
Attention all Disney lovers, Chase is offering a new Disney Premier VisaŽ card.
Income Tax And Credit Cards
Posted on January 30, 2012
It`s that time of year again, when Uncle Sam has his hand out in order to collect taxes. There are some new forms this year, likely to cause some confusion and frustration. Anyone who open a new credit card account over the past year should brace themselves to receive a 1099-MISC form from their issuer if they received a promotional check or mileage bonus.
Consumers Choosing Cash Over Debit Cards
Posted on January 29, 2012
Studies show that consumers are increasingly turning away from the use of debit cards and returning to cold, hard cash.
MasterCard Is Ranked Number One on Bloomberg Businessweek`s Top 50
Posted on January 28, 2012
MasterCard has nabbed the coveted number one spot on Bloomberg Businessweek's Top 50. Meanwhile, no other financial company made the cut.
Bank Of America Looking Toward Discount Deals Program To Improve Customer Loyalty
Posted on January 27, 2012
While Bank of America yielded to consumer outrage by canceling plans to impose a monthly $5 debit card fee, damage had already been done. Disgruntled BOA customers closed 20% of their accounts during the last three months of 2011. Will the bank appease its remaining customers?
Some States Issuing Debit Card Tax Refunds In Lieu Of Paper Checks
Posted on January 26, 2012
Tax time is here, and the residents of Oklahoma and Louisiana looking forward to a refund can expect some big changes. Paper checks will no longer be issued in either state and taxpayers must choose between receiving their refund via direct deposit or debit card.
Paypal Testing In Some Retail Stores
Posted on January 25, 2012
Online payment provider PayPal is exploring new territory.
New Consumer Mobile Payment Option: A Credit Card Scanner App
Posted on January 24, 2012
Start-up company Card.io, has followed up their previous technology launch that allowed developers to accept credit card payments by snapping a picture of the card with a smartphone, with a new consumer payment app. The app allows people to receive payments via the scanner technology.
IRS Introduces New Tax Form
Posted on January 23, 2012
Online sellers should brace themselves for the 1099-K, a new income tax form being trotted out by the IRS this tax season. Only those earning over $20,000 a year are affected.
Increased Consumer Credit Usage = Profits For Banks
Posted on January 22, 2012
As consumers charge more and more to their credit card accounts, bank earnings are on the rise.
Target Decides To Wait On Selling Credit Card Portfolio
Posted on January 21, 2012
Target is the second-largest discount retail chain across the country, but its internal business is not in great shape. In addition to a high amount of management turnover, weak in-store traffic, and Internet business challenges, the company has now decided to put off the sale of its credit card portfolio until later this year or early next.
Lingering Economic Hard Times Creates A Savings Slump
Posted on January 20, 2012
Despite a slight increase in job growth and consumer confidence at the end of 2011, Credit Land economists do not forecast much economic improvement in 2012 as many Americans turn to borrowing from their various savings accounts to cover their daily expenses.
Bankruptcies Drop Across The Country For The First Time In Five Years
Posted on January 19, 2012
Personal bankruptcies decreased nationwide for the first time in half a decade due to consumers prioritizing paying down their credit card debt as opposed to making new purchases.
Lenders Expected To Push Small Business Credit Cards in 2012
Posted on January 18, 2012
Credit card companies are aggressively seeking for ways to make up for lost income in the New Year. Many are likely to opt to actively promote business credit cards to small business owners because of the more liberal rules governing those types of accounts. Additionally, because 42% of small business owners carry credit cards, the market potential is huge.
Recent Supreme Court Ruling On Credit Card Disputes Favors Businesses Over Consumers
Posted on January 17, 2012
In what amounts to a major victory for credit card companies, the Supreme Court ruled recently that consumers do not have the option to sue companies over credit card disputes. Instead all disputes must go to arbitration.
Judge Issues Ruling on eBay and PayPal Antitrust Complaint
Posted on January 16, 2012
A judge recently gave plaintiffs in a class-action lawsuit against eBay the chance to amend their complaint. They now have until January 27 to file a new suit.
PayAnywhere Introduces An Outstanding Mobile Payment Card Reader
Posted on January 15, 2012
PayAnywhere unveiled their mobile payment card solution at this year's Consumer Electronics Show (CES) in Las Vegas and it looks like it might give the widely-popular Square a run for its money.
Citibank Launches New Facebook Application
Posted on January 14, 2012
Citibank has developed a Facebook application that enables its ThankYou loyalty rewards program members to share their points by pooling them together on the social networking website.
Chase Drops Credit Card Lawsuits
Posted on January 13, 2012
JPMorgan Chase is no longer going after customers who have delinquent credit card debts, and have stopped filing lawsuits country-wide. The bank hasn't publicly issued an explanation as to why they've stopped.
SuzeOrman Launches Prepaid Debit Card
Posted on January 12, 2012
Best-selling author and well-known personal finance guruSuzeOrman has launched her very own prepaid debit card called "The Approved" MasterCard, which she claims will have lower fees than other prepaid debit card currently on the market. She has brokered an unprecedented deal with credit reporting bureau TransUnion for them to provide free credit reports to "Approved" users and to collect user data in the hopes of an eventual change in what comprises an individual's credit score.
Israel Retaliates Against Saudi Hackers
Posted on January 11, 2012
Last week, a Saudi hacker group publicly posted credit card and other personal information belonging to thousands of Israeli citizens. In response, an assortment of hackers from Israel and elsewhere abroad obtained thousands of credit card details from Saudi citizens and are threatening to retaliate. Meanwhile, Saudi banks are tightening their security.
Top White House Official Is A Victim of ID Theft
Posted on January 10, 2012
Identity theft can affect anyone, in any occupation. A senior White House official is one of the latest Americans to fall victim to the crime when his Social Security number was snatched up by an 11th grade hacker.
Consumer Credit Card Interest Rates Hit a Four-Year High
Posted on January 09, 2012
Anyone who made a New Year`s resolution to use their credit cards more often has better proceed with caution. Interest rates soared in December to over 15%, hitting the highest point in four years. Credit card companies are very likely motivated to raise interest rates in an attempt to recoup some income lost from as a result of new consumer protection laws.
The Sickening Growth of Medical ID Theft
Posted on January 08, 2012
A new study just out from the Ponemon Institute reveals the disturbing fact that data breaches occurring in medical organizations are on the rise. A startling 96% percent of ALL healthcare providers claim to have had at least one breach. While a majority of these breaches resulted from employee mistakes, nearly half of the respondents assert that the breaches came about because of lost or stolen computers.
The Credit Card Industry Is Losing Revenue
Posted on January 07, 2012
The credit card industry is among the businesses that are suffering as a result of the sluggish economy. This can be blamed, in part, upon the tightening of consumer`s belts as they focus on paying down debts. Credit card companies will likely be looking for ways to reduce expenses going forward.
Verizon Gives Up On $2 Bill Pay Fee
Posted on January 06, 2012
Verizon was planning on starting off the New Year by socking their customers with a $2 "convenience fee" when they opted to pay their bill online or over the phone with their debit or credit cards. Verizon reversed their decision right on the heels of its announcement, prompted by strong consumer disapproval. This is reminiscent of what occurred when Bank of America attempted to charge a $5 monthly fee for debit card use.
Americans Warm Up To Their Credit Cards in 2012
Posted on January 05, 2012
In a December poll by the not-for-profit National Foundation for Credit Counseling, consumers indicate their intention to remain committed using credit cards throughout 2012. A mere 6 percent of individuals surveyed made the claim that their primary financial goal was to decrease their credit card spending.
Is Israel`s Information Secure?
Posted on January 04, 2012
A hacker group identifying themselves as Group-XP recently used the Internet to publish credit card information along with other sensitive personal information such as the addresses and national identity numbers of thousands of unsuspecting Israeli citizens.
A Few Personal Financial Predictions for 2012
Posted on January 03, 2012
It is undeniable that 2012 will bring some changes to personal finance industry. Michael Germanovsky, editor-in-chief at Credit-Land.com takes a look at some predictions in store for American credit card consumers.
VISA Braces For Costly Litigation
Posted on January 02, 2012
Visa has increased by 10 times the amount of money it has put aside for litigation. The company said that it has put $1.565 billion into an escrow account for litigation that it has had since 2008. This is protection against a possible settlement in a case where merchants sued Visa, along with MasterCard and other banks, in which they said that these companies squashed competition by steering customers to cheaper forms of payment.
Rap Star Nelly Being Sued By American Express
Posted on January 01, 2012
No matter who you are, you have to pay your credit card bills - even celebrities. It seems that the latest celebrity debt deadbeat is rap star Nelly, who is purported to owe over $20,000 to American Express. The credit card company has been making attempts to collect since October. Unfortunately, this is not the first of Nelly`s financial troubles. His manager revealed earlier this year that he has a gambling problem.
Consumers Increased Their Credit Card Use Over the Holidays
Posted on December 31, 2011
Shoppers have been out in mass and many have used or plan to use their credit cards for holiday shopping expenses. According to Consumer Reports, consumers intended to charge an average of $756 during the holidays this year, an increase of 6 percent from 2010. These stats are proving to be consistent with local reports.
American Security Firm Hacked Over The Holidays
Posted on December 30, 2011
Over the Christmas weekend, a group of Hackers calling themselves Anonymous broke into the servers of security think tank Stratforand stole credit card and other personal information from their member subscribers.Anonymous went on to use some of the stolen credit cards to make charitable donations to various organizations.
Cardholders Receive Surprise Check in Mail
Posted on December 29, 2011
Some 10,000,000 consumers filed a claim 10 years ago in a huge class action lawsuit against Visa, MasterCard, and Diners Club pertaining to foreign currency conversion fees. Settlement checks are now being issued by mail, although not in the amount that was initially hoped due the vast number of participants. Consumers have been receiving checks in the amount of $18.04.
Plenty of Scrooges Are Attempting to Pull Seasonal Scams
Posted on December 28, 2011
Holiday season is a busy time for fraudsters and identity thieves. Financial scams such asidentity theft, charitable donation schemes, and text message scams are soabundant that authorities nationwide are issuing advisories to consumers.
Credit Card Issuers To Lower Their FICO Requirements In The New Year
Posted on December 27, 2011
For all consumers who have found it a bit of a struggle to gain access to a new credit card account, things are looking up for 2012. With late payments, delinquencies and charge-offs down, credit card companies are expected to be much more generous with their offers in the New Year. Even for consumers with lower FICO scores - as low as 600 - can expect to be on the receiving end of more offers, especially if they have a history of being a big spender.
Bank of America Sells Credit Card Portfolios to U.S. Bank
Posted on December 26, 2011
In a continuing effort to increase capital, Bank of America is selling off a $700 million credit card portfolio to U.S. Bankcorp. This follows on the heels of the sale of its Canadian card portfolio to Toronto-Dominion Bank in August and the unloading of a different credit-card loan portfolio to Regions Financial Corp. in June. BOA is also seeking to sell the credit-card operations it has in Ireland and the U.K.
Massachusetts Lottery Announces Decision To Take Debit Cards
Posted on December 25, 2011
Very soon consumers will no longer need to have cold, hard cash in hand in order to play the lottery in the state of Massachusetts. Officials released an announcement that new rules are in place to allow consumers the ability to purchase lottery tickets with a debit card. Critics caution that this move may make it all too easy for gamblers to lose control.
North Shore Bank Will Pay Customers To Use Their Debit Card
Posted on December 24, 2011
In an unusual banking reversal, the North Shore Bank servicing Peabody, MA, has instituted a program wherein the lender will actually pay their customers to use debit cards and automated channels. In an attempt to stimulate business and gain new accounts, they will pay customers $3 a month for reaching specific minimum balance requirements and bill payment goals, in addition to reimbursing up to $25 worth of ATM fees levied by other banks.
Iowa Upstart Is A Potential Threat To The Credit Card Industry
Posted on December 23, 2011
Dwolla, a brand new company located in Des Moines, is building a payment processing network that utilizes cash and eliminates the fees associated with credit card usage for businesses. However, with Dwolla the burden of those fees are then shifted onto consumers.
N.J. Senator Seeking Approval for The Prepaid Card Consumer Protection Act
Posted on December 22, 2011
Senator Bob Menendez, D-N.J., has recently proposed the "The Prepaid Card Consumer Protection Act," a bill which would set parameters to the fee structure within the heretofore unregulated prepaid debit and credit card industry.
2012 is Looking Good For Those Coveting a Credit Card
Posted on December 21, 2011
With the number of defaults and late payments well below historical levels, consumers can anticipate that banks will open more new credit card accounts in 2012.
Capital One®
Credit
History
Excellent / Good
History
Excellent / Good
0% intro APR until May 2013 on balance transfers.
0% intro APR until May 2013 on purchases.
HSBC Bank Nevada
Credit
History
Fair Credit
History
Fair Credit
An excellent credit card for help rebuilding credit reports to 3 major credit bureaus monthly!
Acceptance at millions of locations worldwide, including website purchases and reservations.
Capital One®
See all popular credit cards
Credit
History
Average / Limited
History
Average / Limited
$0 intro annual fee for the first year; $19 after that.
Image Card - personalize your card with an image of your choice.
Credit Cards eZine
Credit Cards Can Be Rewarding This Holiday Shopping Season
There`s no doubt about it - holiday shopping can be a truly stressful endeavor. Not only are there often crowds and chaos to be encountered at stores, but there is the challenge of finding gifts for everyone on your list while staying within your budget.
Click here to read more...
Tell Me More About Shared Accounts
If you have a spouse or significant other in your life, then you probably have thought about getting a joint account together. But if you`ve landed on this page, you`re not sure what it means to share an account, and what responsibilities and what consequences are in order when you two share a credit card account.
Click here to read more...
Easy Financial Resolutions To Keep In The New Year
The time has come to start thinking about resolutions to make for 2012. Aside from studying more, getting better grades and skipping fewer early morning lectures, college students should give some serious thought to adding a few personal finance-related resolutions to the list. Yes, this means you! Why? Because it is never too early to start preparing for your financial future! In this shaky economy, it seems like nothing can be counted on anymore. Which is why you have to look out for number 1! It`s time to pick a few realistic, manageable financial goals so that going into 2012 you will be taking your first fledgling steps towards a fabulous, financially independent future!
Click here to read more...
