Credit Card News

Credit Card News

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 Bankrate.com, 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.
 
In light of the recent Target hacking where millions of consumers had their information compromised, Target has come under a lot of scrutiny. As a result, Target CEO Gregg Steinhafel resigned from his position, and the company has been scrambling to update business protocol and replace executive leaders. The hacking certainly hurt Target’s business, as well as the millions of consumers who shopped there late last year.
 
For years, the U.S. has been paying with plastic, while other countries have moved forward with electronic chip technology. But it looks like the U.S. may now be catching up. With all the recent security breaches, Americans have realized how important it is to have protective measures in place. And one of the easiest ways to do this is through technology.
 
According to a new study by the Bureau of Labor Statistics, about 260,000 people with a college or professional degree made at or below the minimum wage of $7.25 per hour last year. Although this number may seem large, this is the smallest number since 2008. However, the number of workers with college degrees is more than double what it was in 2005.
 
So, what does this mean for people with degrees?
 

The Better Business Bureau issued a fraud alert on Friday regarding a new scamming scandal. Some consumers have identified an unexplained charge of $9.84 on their account that showed up sometime during the holiday season. The charge is listed on the bill as an unfamiliar website or a landing page that offers customer support. It may look legitimate with a phone number and email that customers can call; however, this website is a scam.

According to Experian’s annual state of credit report, adults in their 20s are struggling to manage their debt.  Although they have low debt compared to the rest of the US population, they have the lowest credit scores and a very high incidence of late payments.

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