This Week In Credit Card News: Average Holiday Card Debt Skyrockets; New York Okays Card Surcharges
(Source: forbes.com)

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(Original link: forbes.com)

Credit Card Surcharges OK'ed In New York New York has banned the ban. In the wake of court filings this week that effectively ended a challenge to surcharges on credit card transactions in New York, merchants in the Empire State can indeed embrace those fees, contingent upon stating those costs to consumers up front. Now, merchants must disclose those surcharges as part of "total" prices in dollars and cents. [ PYMNTS ]
Holiday shopping added over $1,200 in credit card debt for the average consumer (Getty) Getty
Shoppers Added Average of $1,200 in Credit Card Debt Over Holidays
Shoppers who used credit cards to fund their holidays piled on an average $1,230 in debt over the last couple months. That's nearly $200 more than the $1,054 in 2017 and $1,003 in 2016, according to a study from Magnify Money. More than 62% of those surveyed said they feel stressed about the debt they are now trying to pay back. About 64% of the borrowers said they didn't originally plan to use credit to pay for gifts and other holiday essentials. [ My Daily Dayton News ]
45% of Online Shoppers Complete Purchases Via Mobile
More than 45% of consumers who shop online complete their purchases via mobile smartphone, compared to just under 34% who use computers, thereby showing how big a role mobile devices have come to play in shopping and payments, according to PYMNTS.com's new Remote Payments study . Also, 63.8% of consumers who paid for purchases remotely with their mobile devices discovered the products while browsing online. Approximately 22% admitted to using mobile devices to pay for their latest purchases, and 25% said they usually used their mobile devices to pay. [ Retail Dive ]
Visa, SiriusXM Unveil Plans for In-Vehicle Payments Platform
Visa announced a deal with SiriusXM to allow vehicle-based mobile payments using a connected e-wallet from SiriusXM. The service would be available in future SiriusXM-enabled vehicles manufactured by car companies that opt to participate in the program. The companies said the connected payment service will allow drivers to pay for everything from coffee to highway and bridge tolls, as well as to locate and pay for parking. The service will use biometric authentication of Visa account holders through voice and touchscreen commands in order to avoid distractions that could endanger drivers or others. [ Mobile Payments Today ]
Square Adds Mobile Pay as Part of Move Upmarket
Square got its start by enabling small businesses to accept credit cards in their stores, but the payment processor is now expanding its presence in e-commerce and mobile transactions. The company announced it had created a software development kit that will allow businesses to take in-app payments using Square's technology. The move is part of Square's efforts to become a player in omnichannel commerce, a hot trend among retailers and payments companies. Financial technology firms see growing value in providing all-in-one solutions to businesses, so that users can stick with the same provider for in-store payments as for online and mobile payments. [ MarketWatch ]
Top 10 Most Embarrassing Data Breaches
Data is one of today's most important commodities. With today's interconnectivity , many companies, sometimes without our knowledge, are storing important personal data. One affordable solution to this is the use of virtual private networks (VPNs). For a small fee, this software allows surfing with privacy and anonymity. VPNs help protect your devices, but what about the companies that collect and store your information? It would surely be very embarrassing if they were not able to hold your information securely. Here is a list of the top 10 most embarrassing data breaches. [ Innovation & Tech Today ]
Mastercard Ditches Letters for its New Logo in Iconic Brand Move
No more words. That's the strategy credit card company Mastercard is taking with its logo. In a move to make the Mastercard trademarked red and yellow circles even more iconic, the symbol will be used without the word "Mastercard" inserted or accompanying it. Wordless versions of the Mastercard symbol will now be used on credit cards, at retail and in other sponsorship uses. [ USA Today ]
Resy and Capital One Want to Create a Newer, Better Restaurant Week
Resy, the restaurant reservation company, has joined with Capital One to create Off Menu Week. For the Off Menu program, about a dozen restaurants in six major food cities nationwide will offer customers the chance for unconventional, behind-the-scenes experiences. An elegant seafood restaurant might let diners see experiments with sushi; a Michelin-starred place could offer the chance to order the staff meal. While Restaurant Week is price-focused, Resy's pilot program highlights access. [ Bloomberg ]
Citi's New Credit Card Lets You Round Up Points on Small Purchases
Citi is rolling out a new credit card that will round up the number of rewards points that consumers earn in an effort to get them to use their credi...

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