Credit Card News

Credit Card News

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.

Chase will still allow, as most card companies do, a card holder to add an authorized user to their account, but the difference is unlike a joint account where both parties are on the hook for all debts accrued, an authorized user is not responsible for anything they charge onto the card, only the primary user is. 

According to an Experian analysis of bank card trends, brand new credit card accounts sprung up 21 percent in Quarter 2 over last year's Quarter 2 numbers. This has also led to a $12 billion increase in credit limits handed out.

Just last May it was discovered that thieves had gained access to a Pennsylvania county government credit card and racked up $31,000 dollars worth of gasoline over the last calendar year. How that much dough slips under the radar, I don't know.

My first thought was since card holders aren't responsible for fraudulent charges, the county won't have anything to worry about. But while these luxuries exist for personal accounts, businesses aren't so lucky.

I recently took a trip to Boston and, despite my efforts to avoid cabs at all costs and stick with the cheaper (and more...adventurous?) strategy of public transportation, still found myself in at least three different taxis. Of these three cabs, two of them accepted credit cards. One driver was happy to do so, while another driver looked like he would have preferred I pay him my $12 fare in change.