Microchips in our Passports and Credit Cards: Are They Safe?
The tiny plastic chips embedded in credit cards and passports are primarily designed to thwart fraud and counterfeiting. But they also make many credit card users and travelers uneasy about the potential for someone with prying eyes trying to steal their personal data. [The Sacramento Bee]
Fed's Rate-Change System Up for a Revamp
Janet Yellen's first big task as Federal Reserve chairwoman is deciding how to raise interest rates. But first they need to resolve big questions with implications for $2.6 trillion that banks have parked at the Fed, trillions sitting in money-market mutual funds and trillions more at stake in derivatives contracts. [The Wall Street Journal]
Consumer Survey Shows Growing Concern over Security of Financial Information
According to the Unisys Security Index Report, an increasing number of Americans are "very" concerned about the security of their financial information. Only 28% of Americans said they were "very" concerned in 2013, but 35% reported the same level of worry in 2014. It seems that recent credit card breaches at Target, Michaels, Neiman Marcus and Sally Beauty have caused some Americans to question the safety of their financial information. [LowCards.com]
10 Mobile Credit Card Processing Myths Busted
Although mobile payment adoption has been slow, consumers are steadily shifting their preferences as an increasing number of merchants implement mobile payment technologies (made easier and more accessible by major mobile payment players such as Square and PayPal). If you're considering adopting mobile payments or are simply curious about the technology, here are 10 mobile payment myths that you may have heard, but are completely untrue. [Business News Daily]
Angling to be the MasterCard of Bitcoin
Bitcoin is the dominant player in the field, and the CEO of Coinbase thinks he has found a rich vein to mine. He wants to be the Visa and MasterCard of Bitcoin payment processing, taking those behemoths out of the picture as merchants and customers move to virtual transactions. [The Wall Street Journal]
U.S. Seeks Disclosure of All Fees Fliers Face
Under a proposal announced by the Transportation Department, airlines and travel agents will be required to list fees for services like checked bags, carry-ons and seat reservations so that travelers can compare fares more easily. The proposal would also broaden the definition of "ticket agent," so that travel websites like Kayak, which help consumers compare ticket prices but do not sell the tickets themselves, would be subject to the same disclosure rules. [The New York Times]
Student Debt is Slowing Down the U.S. Housing Recovery
Former White House adviser Lawrence Summers said that student debt is slowing the housing recovery and the broader economic recovery. Mr. Summers is the latest to weigh in on a debate about the economic effects of student debt, which has roughly doubled since 2007 to roughly $1.1 trillion, reflecting rising school enrollment during the weak job market along with higher tuitions. [The Wall Street Journal]
Sallie Mae Torments Faithful Student Borrowers After Co-Signers Die
Seven borrowers who had been paying their Sallie Mae student loans on time for years were unexpectedly threatened with asset seizures after a Sallie Mae contractor demanded they immediately repay tens of thousands of dollars simply because a family member had died. They argue borrowers should've known they could face auto defaults because it's detailed in their loan contracts. [The Huffington Post]
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 higher than last week's 14.45%. Six months ago, the average was 14.31%. One year ago, the average was 14.27%. [LowCards.com]
Provided by LowCards.com
