This Week In Credit Card News--Millions Get New Cards After Target Hack, More Offers Hitting Mailboxes

Jan 17 2014, 4:32pm CST | by

Millions Getting New Debit, Credit Cards After Target Hack

Millions of consumers are being sent new debit and credit cards after the security breach that hit as many as 110 million Target customers. JPMorgan Chase is replacing 2 million credit and debit cards due to the hack. Bank of America and Wells Fargo both said they are reissuing cards that they believe are “at risk of” fraud. [CNN Money]

Get Ready For A Flood Of Credit Card Offers From Your Bank

The recession years had one pleasant side effect–a drop in the number of credit card offers filling consumers’ mailboxes. Banks are once again ramping up the credit card offers, but banks are now focusing these offers on existing customers rather than blasting out applications to every person with a mailing address. [Consumerist]

Hackers Steal Credit Card Data from Neiman Marcus Customers

Luxury retailer Neiman Marcus announced that customers’ credit card data may have been stolen in a hack similar to the Target security breach that affected millions. On Jan. 1 the company found evidence that hackers had breached its cyber-security. [ABC News]

The Credit Card Shuffle

If you want to know just how much money credit card companies make from their typical customer, look at their bonus offers to sign up. These credit card bonuses–reward points, frequent-flier miles and even cash–are generally far more lucrative than the continuing rewards for established customers. [The Wall Street Journal]

JPMorgan 4Q Profit Falls 7 Percent on Legal Costs

JPMorgan Chase reports that its profits dropped 7% in the fourth quarter, held back by more legal woes and a decline in the bank’s investment banking business. The bank reported net income of $5.28 billion in the last three months of 2013, down from $5.69 billion in the same period a year earlier. [Associated Press]

Protecting Your Financial Accounts From Hackers

Consumers are getting bombarded with news of cyber security attacks at well-known retail stores such as Target and Neiman Marcus. They are concerned about their personal information and are left to wonder what can be done to protect themselves. Here are some steps consumers should take to protect their financial accounts. [LowCards.com]

What CFPB Mortgage Rules Mean for You

New rules to prevent irresponsible mortgage loan practices that led to foreclosures during the housing crash may slow the process for consumers as lenders become more cautious vetting a potential borrower. The Consumer Financial Protection Bureau will hold mortgage lenders legally responsible for ensuring that consumers can pay back their loans and create a new qualified mortgage category with better protections for borrowers. Approximately 1 in 10 homeowners with a mortgage still owes more than their home is worth. [U.S. News and World Report]

Borrowers are the Winners in the Low-Rates Era

Loose monetary policy has delivered substantial benefits to borrowers of all kinds, from corporations and households to the most indebted entity of them all, the U.S. government. Here are the winners and losers in the real economy. [The Wall Street Journal]

LowCards.com Weekly Credit Card Rate Report

Based on the 1,000+ cards in the LowCards.com Complete Credit Card Index, the average advertised APR for credit cards is 14.47%, slightly lower than last week’s average of 14.48%. Six months ago, the average was 14.43%. One year ago, the average was 14.32%. [LowCards.com]

Provided by LowCards.com

Source: Forbes Business

 
 

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