Tag Archives: credit cards

Biden Administration Caps Credit Card Late Fees At $8

NPR reports: The cost of a late payment on your credit card could soon be going down. Federal regulators issued a new rule Tuesday capping credit card late fees at $8, down from the current average of $32. The move is expected to save customers $10 billion a year. Consumer advocates praised the measure as providing welcome relief for millions …

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Capital One To Acquire Discover In $35 Billion Deal

The Associated Press reports: Capital One Financial said it will buy Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s credit card companies as well as potentially shake up the payments industry, which is largely dominated by Visa and Mastercard. Under the terms of the all-stock transaction, Discover Financial shareholders will receive …

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Forecast: Credit Card Delinquencies Near 10-Year High

Bloomberg News reports: Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic. The share of credit card borrowers who are at least 90 days past due on their accounts will probably tick up to 2.01% next year, the highest …

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AOC/Bernie Bill Would Cap Credit Card Interest At 15%

Axios reports: 2020 candidate Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) — both self-declared Democratic-socialists — will introduce a bill on Thursday to prevent credit card interest rates from rising above 15% and capping consumer loans. Credit cards are one of the most insidious forms of indebtedness. By bundling a loan with a very convenient payments device, banks …

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Lawmakers React As More Retailers Say “No Cash”

The Wall Street Journal today looks at the growing number of retailers, some of them chain restaurants, that no longer accept cash. Lawmakers are starting to react. Massachusetts is the only state that currently requires retailers to accept cash. Some New Jersey legislators are working to make their state next. New York City Councilman Ritchie Torres of the Bronx recently …

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Hackers Hit British Airways: 380K Credit Card Details

The Associated Press reports: Hackers obtained the credit card details of some 380,000 British Airways travelers during a two-week data breach this summer that leaves the customers vulnerable to financial fraud, the airline says. BA’s CEO, Alex Cruz, said Friday that enough data was stolen to allow criminals to use credit card information for illicit purposes, and that police are …

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Saks, Lord & Taylor Hit With Massive Data Breach

Reuters reports: Retailer Hudson’s Bay Co on Sunday disclosed that it was the victim of a security breach that compromised data on payment cards used at Saks and Lord & Taylor stores in North America. One cyber security firm said that it has evidence that millions of cards may have been compromised, which would make the breach one of the …

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Top Execs “Retire” At Equifax After Data Breach

TechCrunch reports: Top executives at Equifax are retiring effective immediately, according to the WSJ. Susan Mauldin was the company’s chief security officer and David Webb was the chief information officer. The report says the executives are retiring, though, in the wake of the company’s major security breach, “retire” feels like an euphemism for “fired.” The company says the personnel changes …

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Another Credit Card Hacking

The recent spate of credit card hacking has expanded to major hotel chains. White Lodging — a company that maintains Hilton, Marriott, Sheraton and Westin hotel franchises — has apparently suffered a data breach that exposed guests’ credit and debit card information in 2013, independent security researcher Brian Krebs said. Banking industry sources noticed fraud among hundreds of cards that …

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