source Matt Cardy/Getty Images For years, credit cards from JPMorgan Chase, Citigroup, and others have offered price protection, a benefit that refunds customers up to $500 if they buy an item and subsequently spot it cheaper somewhere else. Filing a claim was a laborious task, so few people ever did. Apps like Earny have emerged that use bots to automate the price-protection process, connecting with users’ email accounts to monitor purchases and hunt down refunds. Insiders say the rise of these tools and services has led to exponential growth in price-protection claims: “Nobody foresaw the onslaught of claims right now.” Citi recently revealed it would cut back on its price-protection offering, while Chase is planning to eliminate it entirely. Discover, which doesn’t work with apps like Earny, has cut other benefits but is keeping price … [Read more...] about For years, Chase and Citi credit cards offered a generous, under-the-radar benefit that protected customers. And then the bots arrived.
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MANILA - Police on Monday raided a company in North Fairview, Quezon City after its officers and employees allegedly used fake identities and documents to apply for credit cards, and then maxing them out. Chief Inspector Artemio Cinco Jnr, spokesperson of the Philippine National Police - Anti-Cybercrime Group, said the employees used fictitious names and addresses in applying for the credit cards. The banks would then call the company, who would then vouch for the employees. Some of the documents used to apply for the credit cards include fake financial statements, employment certificates, payslips, employment contract and personnel data. “Kapag vinalidate dito sa kumpanya ang mga impormasyon na ibinigay nila sa bangko, sinasabi nila, 'Oo, empleyado namin 'yan. At 'yan 'yung kanyang impormasyon at meron talagang ganitong mga tao,'" Cinco said. (When the information given to the bank is validated with the company, they would say 'Yes, that person is our … [Read more...] about News PH company using fake IDs, documents in credit card fraud raided
When you are shopping overseas or buying things from a foreign website, they may ask you what currency you would prefer to pay in - Singapore dollars (SGD) or the country's local currency (e.g. USD and Euros). Which do you choose? SGD? Wrong answer. You should always pay in the local currency of the place you're in or the website you are buying from. Why? The answer is in your credit card's terms and conditions document. Too lazy to read? We've summarised it for you. SGD OR LOCAL CURRENCY. THE ANSWER IS ALWAYS LOCAL CURRENCY! Overseas credit card transaction fees When you're making a transaction overseas, you have to pay some fees whether or not you make it in SGD or local currency. This may include charges applied by the payment network, bank administration, and/or merchant. 1. Transactions in foreign currency - Bank administrative charges, as well as charges put forth by card associations (such as Visa, Mastercard, American Express) The combined fees from most card issuers in … [Read more...] about Why you should always pay in local currency when shopping with your credit card overseas
By Ellen Roseman Personal Finance Columnist Mon., Feb. 26, 2018 Rosie Schwartz and her husband subscribe to Sirius satellite radio. Their subscriptions were set to expire this month. Schwartz assumed Sirius would contact them before renewal since their credit card information was out of date. She received a new card last July and her husband had a new expiry date. Instead, they were charged for new subscriptions at a cost of $228 for her and $230 for him – or $60 more than last year. How did that happen? She embarked on a quest to find out. Sirius said it had her new card number and her husband’s new expiry date. The information came from her credit card issuer (Capital One Platinum MasterCard for Costco members). Article Continued Below Capital One told her that MasterCard gives updated credit card numbers to certain merchants who pay for the service. “I am very surprised that my credit card information can be given out to a … [Read more...] about Your credit card may be giving out your data without you knowing. Here’s why
Coinbase users reported seeing thousands of dollars in repeat ghost charges after buying cryptocurrencies from the popular exchange. One person reported having 50 repeat charges – totalling $67,000 – hit their credit card at once. Coinbase confirmed that it had an issue with its credit card processor and would “ensure” that its customers got their money back. The response from Coinbase shows that the $1.6 billion startup’s customer service might be improving. Some bitcoin investors are up in arms, after a glitch with Coinbase’s credit card processor sparked reports on Reddit that the cryptocurrency exchange had hit them with multiple erroneous charges worth many thousands of dollars. “Welp officially broke, charged 17×1000$ on my account,” says one recent post to the Coinbase Subreddit community. Coinbase, a $1.6 billion startup, is one of the … [Read more...] about Cryptocurrency investors on Coinbase got hit with thousands of dollars in ‘ghost’ charges after a credit card systems glitch