credit cards

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Huge Credit Card Late Fees May Be Going Away

New regulation capping late charges at $8 goes into effect in spring, but banks will likely push back

(Newser) - Back in October, the White House announced an ambitious initiative to get rid of rampant junk fees, including in the banking industry. On Tuesday, the Consumer Financial Protection Bureau announced a big move toward that end, with a new regulation that will significantly reduce the late fees that customers have...

Capital One-Discover Deal Faces 'Gale-Force Headwinds'
Capital One-Discover Deal
Seen as 'Dangerous'
THE RUNDOWN
Feb 21, 2024 9:03 AM CST

Capital One-Discover Deal Seen as 'Dangerous'

Sen. Elizabeth Warren leads charge against $35B merger, saying it will hurt 'working people'

(Newser) - Capital One announced on Monday that it was buying Discover Financial Services, in a $35 billion deal to combine two of the nation's largest credit-card firms. But experts say it will take at least a year for the merger to be completed, and there's already pushback from advocacy...

Deal Would Combine Two Credit Card Giants
One Credit Card Giant
Is Buying Another
UPDATED
Feb 19, 2024 8:54 PM CST

One Credit Card Giant Is Buying Another

Capital One will take over Discover in all-stock transaction

(Newser) - Capital One and Discover Financial Services announced Monday that, as expected, the former is buying the latter for $35 billion. Discover's shareholders will receive shares of Capital One valued at almost $140, per the news release cited by the AP . Discover shares were trading at $110.49 when trading...

Americans' Credit Card Debt Is at Record Levels

'Significant stress' is emerging for lower-income people

(Newser) - While the US economy is broadly healthy, pockets of Americans have run through their savings and run up their credit card balances after battling inflation for more than two years. Experts worry that members of these groups—mostly lower- and middle-income Americans, who tend to be renters—are falling behind...

By Returning What He Stole in 1999, Thief Revealed Himself

He used his credit card to pay to ship the gold-painted weathervane back

(Newser) - A thief returned what he stole more than two decades ago anonymously—but he didn't remain anonymous for long. AFP reports a gold-painted weathervane that sat atop a Catholic cross in southwestern France was taken from its perch in April 1999. Over the years, historian Michel Sabatery wrote about...

Macy's Says Consumers Are Having Financial Problems

There's been a steep rise in failures to make credit card payments

(Newser) - In what could be a warning sign for the wider US economy, Macy's says it's dealing with a steep rise in the number of customers who are failing to make credit card payments. Macy's CFO/COO Adrian Mitchell told Wall Street analysts Tuesday that the company was surprised...

An Ex-Roommate of Santos Emerges With New Allegation

Gustavo Ribeiro Trelha says congressman was the one behind his 2017 ATM fraud scheme

(Newser) - A man convicted of fraud in a 2017 credit card skimming scheme in Seattle is now blaming a familiar name for setting the entire operation up. "I am coming forward today to declare that the person in charge of the crime of credit card fraud when I was arrested...

Household Debt Just Had Its Biggest Increase Since 2007

Researchers say credit card, mortgage balances are rising sharply

(Newser) - During the early days of the pandemic, consumers weren't breaking out their credit cards. Those days are behind us. Household debt is now surging, with credit card balances seeing their biggest rise in more than 20 years in the third quarter of this year, researchers say. The Federal Reserve...

Visa Delivers Big Win to Gun Control Advocates

Payment processor will start categorizing gun shop sales

(Newser) - Payment processor Visa Inc. said Saturday that it plans to start separately categorizing sales at gun shops, a major win for gun control advocates who say it will help better track suspicious surges of gun sales that could be a prelude to a mass shooting. But the decision by Visa,...

Mastercard Users, Say Goodbye to the Magnetic Stripe

Card issuer is doing away with them entirely by 2033

(Newser) - The magnetic strip will soon be a thing of the past for Mastercard users. The card company plans to do away with the strips on all of the credit and debit cards it issues by 2029, and the cards will have been completely phased out by 2033. New cards will...

Kevin Hart's Personal Shopper Charged With Stealing From Star

Dylan Jason Syer accused of spending $1M on himself

(Newser) - Kevin Hart's former personal shopper apparently thought "personal" applied to himself. Dylan Jason Syer of Long Island City, NY, is facing up to 25 years in prison after allegedly stealing more than $1 million from the actor, the BBC reports. Syer, who ran the personal shopper business Sire...

This Nation May Soon Run Out of Credit Card Numbers

So many people are shopping at home during pandemic that it's facing a dearth of digits

(Newser) - In one sense, the extra credit cards that nearly 300 companies in Japan are issuing during the pandemic due to more people doing their shopping at home is a boon. In another sense, it's causing quite the headache. The Mainichi reports that, because so many people are requesting new...

This State Needs to Put Its Credit Cards in the Freezer

Alaska has the most credit card debt in America

(Newser) - Many people are struggling with money as the pandemic continues, and resorting to plastic has become even more of a crutch. WalletHub looked at all 50 states and the District of Columbia, using TransUnion credit data to review each state's median credit-card balance and monthly credit-card payment, assuming a...

Authorities Couldn't Find This Guy—Until He Lost His Temper

Marcus Catalin Rosu is accused of 'skimming' from ATMs

(Newser) - If only Marcus Catalin Rosu had kept his cool. The California man's blow-up at an airport car rental eventually led to his arrest for alleged "skimming"—a fraud issue that plagues the ATM industry, the New York Times reports. Authorities say Rosu, 39, had been riding his...

Visa Issues Warning About Buying Your Gas Like This

Using cards at gas pumps can be risky, Visa says

(Newser) - Ever wonder about the safety of using credit cards at gas pumps? Well, Visa has issued two recent security alerts ( here and here ) about cybercrime groups that have hacked North American fuel dispensers, installed malware, and culled out what appears to be unencrypted card data, ZDNet reports. Seems...

His Profane Tweets About the Apple Card Went Viral
His Profane Tweets About
the Apple Card Went Viral
the rundown
Nov 11, 2019 12:10 PM CST

His Profane Tweets About the Apple Card Went Viral

And are leading to a probe of Goldman Sachs' credit card practices

(Newser) - David Heinemeier Hansson says his wife has the superior credit score. They file their taxes jointly. And while the tech entrepreneur didn't provide any other personal financial information, he did disclose an alleged financial injustice on Thursday. In a series of tweets that have continued through Monday, the Ruby...

A Customer's Card Got Declined. Then, 'One of the Kindest Acts'
Cashier Didn't
Think Anyone
Noticed His Good
Deed. They Did
in case you missed it
Oct 12, 2019 7:00 AM CDT

Cashier Didn't Think Anyone Noticed His Good Deed. They Did

David Vance quietly paid for elderly man's groceries out of his own pocket after the customer's credit card kept getting declined

(Newser) - David Vance tried to pull off a subtle act of kindness for someone in financial straits last month, but someone noticed, posted about it online, and now the grocery store cashier in Northern Ireland is being hailed around the world. Vance, who works at a Lidl in Belfast, was working...

His Alleged Method of Stealing 1.3K Credit Cards Is Incredible

Yusuke Taniguchi memorized names, numbers on cards that passed through his register

(Newser) - While the rest of us struggle to remember what we had for lunch yesterday, Yusuke Taniguchi apparently has a much easier time with recall. Gizmodo reports that the 34-year-old part-time mall clerk in Koto City, Japan, was allegedly able to steal more than 1,300 credit cards from his customers—...

Cops: He Stole Her Credit Card, Picked Wrong Place to Use It
Cops: He Stole Her Credit Card,
Picked Wrong Place to Use It
in case you missed it
Jun 30, 2018 12:50 PM CDT

Cops: He Stole Her Credit Card, Picked Wrong Place to Use It

Shamon West allegedly tried to pay his bill using his waitress' own card

(Newser) - The Arkansas waitress ended up getting a good tip from the table, but one of a different sort. Flora Lunsford, 58, was working a Tuesday morning shift at Shannon's Restaurant in Pine Bluff when she went to process a customer's payment, reports KATV . Thing is, the credit card...

The Airport Lounge Has Turned (Gasp!) Pedestrian
The Posh Airport Lounge
Has Turned So, So Sad
in case you missed it
May 5, 2018 9:35 AM CDT

The Posh Airport Lounge Has Turned So, So Sad

Say people who remember the glory days of lots of seats and entrees

(Newser) - If you view an airport lounge restroom as a place to shield yourself from unkempt public bathrooms strewn with toilet paper on the floor, steel yourself for the horror: There is toilet paper on the floor of posh airport lounge restrooms. So reports the Wall Street Journal in a dive...

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