Home > Credit Cards > The Week in Credit Card News: Stolen Cards Site Shut Down & More

Comments 0 Comments

No matter how much you think you know about credit cards, there’s always more to learn. The credit card industry is constantly changing. Between hackers, a changing regulatory environment and a steady stream of new credit card features and offers, it pays to be informed.  Here’s a selection of the latest credit card news and information we think you should know.

Feds Shut Down Websites That Sold Stolen Credit Cards

The Justice Department shut down 36 websites that were trafficking in stolen credit card numbers. It was the result of an international investigation that even included a clever code name: Operation Wreaking hAVoC. AVC refers to automated vending carts, which is what the trafficking sites are called.

One of the sites that was shut down offered card numbers for $1 each. You know, it still amazes me that this “credit card underworld” exists online. @AP

FREE TOOL:
CHECK YOUR CREDIT

Credit.com’s Credit Report Card
Check your credit bureau profile for free with this great tool. See your detailed credit evaluation, expert advice on managing your credit, and unlimited free updates every 30 days.
Get Started Here »

[Free Resource: Check your credit for free before applying for a credit card]

When Your Credit Card Charge is Denied

Technically, this story ran last week, but it’s so relevant to the story I just summarized, I wanted to share it. This isn’t about having your card denied because you’ve missed credit card payments. This is about having your card denied because fraud was suspected. This recently happened to me and it’s very inconvenient. But on the flip side, it’s nice to know your card issuer is paying attention when a weird spending pattern emerges. Banks are especially sensitive right now because there’s been a recent increase in fraud.

This Reuters story suggests that if you’re traveling, call the bank before you leave and let them know. Another suggestion is to have several credit cards so you have one that works when you need it. @Reuters, @christaylor_nyc

[Article: The Best Cash Rewards Credit Card in America]

9 Things to Always Buy With a Credit Card

Yeah, I know some people think credit cards are evil, but there are some situations where you really ought to swipe your credit card. This story on Pittsburgh CBS does a good job covering the top nine. Among the items that should always be charged:

  • Big ticket items so you get an extended warranty and purchase protection if your card provides it. Bonus: If you use a rewards card you get points, cash back or miles.
  • Provider services, such as landscapers and home contractors. This makes it easy to stop payment if you have a dispute.
  • Online purchases, for sure. If there’s a security breach on the website, you don’t want your debit card account number at risk. Plus, if there’s a problem with the merchandise, you have purchase protections.
  • Recurring monthly payments, such as health club memberships. You can easily cancel it and block payments, if necessary.

@KDKA

[Credit Cards: Research and compare rewards credit cards at Credit.com]

HSBC Credit Card Sale to Capital One Yields $2.5 Billion Premium

Wow, that’s a pretty big price tag. HSBC’s CEO said that the sale gives the bank a chance to focus on the U.K. and on other markets. It’s too early to tell what will happen to the credit card portfolio Capital One has just acquired. Capital One has long been one of the few major banks that actively pursues consumers who don’t have perfect credit. In that regard, this isn’t a left-field move. I’ll be watching this story as it continues to develop and will report any updates that might affect consumers. @BloombergNews, @MustReadMustoe

Image: Kate Ter Haar, via Flickr

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team