Visa is now offering something it calls “Mobile Location Confirmation” which effectively tracks a card customer’s whereabouts in real-time.
Researchers said that they needed only four bits of secondary information or metadata — the dates and locations of four purchases — to identify 90 percent of targeted shoppers.
There is some positive news: The credit card charge-off rate, at 2.89 percent, is lower than it has been since 1985.
The CFPB’s rules will require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, protections common to bank- and store-issued credit cards.
However, the number of issuers using penalty interest rates has decreased dramatically since the 2009 Credit CARD Act limited penalty fees and set rules on penalty rates.
According to a new Bankrate.com study, 63 percent of individuals aged 18-29 don’t own a credit card. Comparatively, 35 percent of adults 30 and over, nearly half the number of the “millenial” generation, don’t own a credit card.
You could still end up paying interest on a “zero percent” interest credit card offer, warns the U.S. Consumer Financial Protection Bureau while alerting card issuers of potential violations of law.
CardHub scored and ranked the country’s 10 largest credit card issuers based on how clearly their online credit card application pages provide information on rewards, membership fees and key finance costs.
Bank of America on Thursday launched something called the “SafeBalance” account, which costs $4.95 a month and comes with no paper checks. Its primary selling point: you won’t overdraw your account. But current bank regulations already protect consumers from overdraft penalties.
PayPal has sent out an email to its users that’s takes a bit of a cheap shot at Target’s huge security breach, during which the accounts of 40 million credit and debit card users were stolen. It’s also a bit of a swipe at Visa and MasterCard, the two payment network giants.