This Week In Credit Card News--Buying Pot With Your Card, Target Breach Could Now Affect 110 Million People

Jan 10 2014, 2:55pm CST | by

Target Breach Affected up to 110 Million Customers

Target extensively revised the estimated number of customers exposed by the widescale hack of its data during the holiday season, disclosing that 70 million to 110 million people had their personal information stolen. Target, which originally said on Dec. 19 that about 40 million in-store customers had debit and credit card data stolen between Nov. 27 and mid-December, also revealed that additional types of information–mailing and email addresses, names and phone numbers–were hacked. [New York Times]

Card Conundrum Develops in Colorado Over Marijuana Sales

Paying for marijuana with plastic is getting easier in Colorado. The official rules of Visa and MasterCard prohibit the use of their debit and credit cards for marijuana purchases, but some Colorado merchants are allowing customers to use them anyway. That is because the card giants, owners of the processing networks that handle electronic payments, have quietly decided not to enforce their rules, according to people familiar with their strategies. [The Wall Street Journal]

How Hack Attacks Can Cost You Money

In hack attacks like the one at Target, consumers are not likely to suffer too much. Individuals will have to cancel their accounts and wait for replacement cards, but banks will take the financial hit. It’s a much bigger problem when criminals make off with lists of usernames and passwords, as they did by hacking Adobe in October. Cybersecurity experts say that makes it easier to break into your email–and after that, everything else. [CNN Money]

Consumer Debt Grows at Slowest Pace in Six Months

Americans’ nonmortgage debt grew in November at the slowest pace in six months. The weaker growth largely reflected consumers pulling back on their credit card borrowing. So-called revolving credit grew at a 0.6% rate in November, down from a sharp 5.6% rise in October. [The Wall Street Journal]

Top Ten Signs of Identity Theft

Recent security breaches at Target show that personal information, email, credit cards and bank accounts are not as private and protected as we think. It is important for consumers to recognize suspicious activity and take steps to protect themselves. Here are the top 10 signs of identity theft. []

Credit Card Swipe Fee Set to Enter Next Round

The eight-year-long fight between retailers and MasterCard and Visa over credit card swipe fees is expected to last another year or longer. The National Retail Federation is appealing a controversial settlement of a swipe fee lawsuit that was approved December 13 by U.S. District Judge John Gleeson in federal court in Brooklyn. []

Steep Penalties Taken in Stride by JPMorgan Chase

To settle a barrage of government legal actions over the last year, JPMorgan Chase has agreed to penalties that now total $20 billion, a sum that could cover the annual education budget of New York City or finance the Yankees’ payroll for 10 years. But since the financial crisis, JPMorgan has become so large and profitable that it has been able to weather the government’s legal blitz. [New York Times]

Target Breach Won’t be the Last Identity Theft

Consumers still will feel the aftershock of one of the largest retailer data breaches ever, which took place between Nov. 27 and Dec. 15. Identity theft is bound to be an even hotter topic in 2014. [Detroit Free Press]

NY Transit Agency Plans to Turn Smartphones Into Subway Passes

The New York City MetroCard turned 20 years old this week, it will soon be a souvenir of the city’s past. The plastic and paper MetroCards are expected be replaced with near-field communication or radio frequency technology that allows riders to use key chains, credit cards or their smartphones to tap rather than slide through subway turnstiles or dip into bus buckets. [NBC News] Weekly Credit Card Rate Report

Based on the 1,000+ cards in the Complete Credit Card Index, the average advertised APR for credit cards is 14.48%, slightly higher than last week’s 14.46% average. Six months ago, the average was 14.34%. One year ago, the average was 14.34%. []

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Source: Forbes Business


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