Credit Card News

Credit Card News

The Consumer Financial Protection Bureau (CFPB), which aims to protect consumers from unfair, deceptive, or abusive practices in the financial markets, released newly proposed rules for debt collectors on July 27th, 2016. If the proposed reforms are adopted, debt collectors would soon be required to not only tell you if a debt is too old to be collected in court, but they would also be required to stop calling you after six attempts in a week. A lot of consumer advocates are saying "It's about time!"

It's been public knowledge for quite some time that Citigroup would buy Costco's entire credit card portfolio in 2016. But while we knew that Costco's 16-year relationship with AMEX would come to a screeching halt at some point this year, we didn't know exactly when that would take place.

American Express recently announced that it expects to close on a deal with Citigroup to sell its entire Costco US-based credit card portfolio by June 2016.  Estimates are that Amex's gain on sale could be in excess of $1 billion.

But what does this all mean for current Costco credit cardholders?

"Pharma Bro" Martin Shkreli has made a lot of enemies since it was announced last year that he raised the price of the AIDS drug Daraprim from $13.50 to $750 overnight.  One of these enemies was apparently sly enough to rip off Shkreli's credit card information and then proceeded to post it online via Twitter.

In response, Shkreli tweeted on Sunday night that "Anyone using my leaked credit card is being backtraced and prosecuted."  

If you used your credit cards to make a purchase at any Hyatt Hotel between August 13, 2015 and December 8, 2015, it's time to dig out your old credit card statements and doublecheck for fraudulent purchases.  

No need to wait four more months for Black Friday, the biggest day in shopping. Amazon announced earlier this week that they are declaring a new online shopping day, “Prime Day,” that will occur on July 15. According to Amazon, you’ll be able to “find deals starting at midnight, with new deals starting as often as every ten minutes.” In addition, Prime Day is expected to have even more specials than Black Friday with unlimited free shipping on everything.

On Monday, Costco announced a new partnership with Citi and Visa. Starting on April 1, 2016, Costco will begin accepting Visa at its US stores. And Citi, the world’s largest issuer of consumer credit cards, will be the exclusive issuer of Costco’s credit cards. 
Citibank announced Tuesday the launch of its new Access Account. This account will be a checkless banking account that doesn’t allow customers to overdraw their accounts or incur fees. According to Head of U.S. Retail Banking at Citibank Will Howle, “The new Citibank Access Account provides customers with a simple way to manage their finances.” As a checkless account, the Access Account uses online or mobile payment tools instead. The account will simply deny a transaction if you try to make a purchase without enough money. This will make sure you do not incur any overdraft fees.

Millennials aren’t like the average consumer when it comes to saving money. But according to a recent survey by, Americans between 18 and 29 years old (commonly known as the millennial generation) are three times more likely to keep their long term investments in the form of cash. Unlike other generations, who have been investing in the stock market, millennials seem hesitant to place their money in any other hands, especially risky investments. The survey showed that 39% of millennials chose cash as the best way to invest money that they don’t need for at least 10 years.

Capital One, the fifth biggest U.S. credit card lender, has announced that it will be limiting customer screen databases that had previously barred many low income consumers from getting bank accounts. Capital One will no longer be using ChexSystems, a computer program that is currently used to screen applicants opening checking or savings accounts to determine whether they pose credit risks. The changes to Capital One’s policies are expected to take effect by the end of 2014, and they will be implemented nationwide.