This is an adaptation of my shortlisted entry to the 2013 Future of Money Design Award. The brief was to design a crime that would exist in a cashless economy. The judging took place at the Consult Hyperion Tomorrow's Transaction conference. I didn't win, but I enjoyed working on the idea and it was nice to make it to the final three, so I thought I'd share it here. Note that this is a work of fiction, although it contains many true elements. EDIT: Since writing this, a lawsuit has been filed against a Pennsylvania McDonald's restaurant that insisted on paying employees via a fee-laden debit card. You heard it here first... -- Hello, my name is Frank Swain and I’m here from Unity, a charity established in 1984 to defend rights of workers in Britain. We work to secure fair pay, tackle exploitation, and provide legal counsel and support services to those in need. I'm writing here to ask for your help in fighting one of the most pernicious threats facing working men … [Read more...] about Futurecrime: jailbreaking your credit card
Credit cards poor credit
Although credit card interest rates are rising, not all the news about plastic is bad. That's because some credit card fees are disappearing -- particularly foreign transaction fees. In 2015, 77 out of 100 cards charged these fees, 3 percent to 5 percent nicks that hit your account each time you use a card to buy something outside of the U.S. But just 52 cards still charge these fees today, said Ted Rossman, analyst with CreditCards.com, which conducts annual credit card fee research. "Credit card companies are competing for affluent travelers," said Rossman. "Not only are issuers eliminating these fees, more of the new cards coming out don't have them." However, credit card interest rates have risen sharply over the past year, jumping to 17.01 percent on average from 16.15 percent a year ago and from 15.2 percent in 2016. Still, consumers who play their cards right don't need to pay a cent to use plastic in this environment, Rossman said. Interest is assessed only on … [Read more...] about Credit cards are hiking rates, but cutting fees
Nerdwallet Published 12:02 AM EDT Sep 17, 2018 Credit cards that are affiliated with brands – such as American Airlines, Uber, L.L. Bean and Ikea – are suddenly amping up rewards for everyday purchases at restaurants, gas stations and grocery stores. These rewards cards, co-branded by the issuer and a retail brand, were formerly one-trick ponies that were best for purchases at a single merchant only. But with better rewards, the cards are now becoming more useful for consumers. Now, co-branded card issuers might offer double or triple points – or more – every time you swipe at the pump or hand your card to a waiter or store clerk. Ikea even offers bonus points for spending on utilities. Traditionally, co-branded credit cards offered a mundane 1 percent back on purchases made outside the brand. Now, Uber’s card, for example, offers a whopping 4 percent back on restaurant purchases. “This is a golden age of rewards for consumers,” said John … [Read more...] about Shoppers cash in with branded credit cards
Your Money Adviser Ann Carrns, New York Times 1:44 pm PDT, Friday, September 14, 2018 Now Playing: One year ago, Equifax announced a stunning data breach affecting 147 million people. Since then, the vast majority of Americans have taken some sort of action, and according to CompareCards. A new survey shows that 9 out of 10 people said they've don Media: Fox5 Consumers will soon be able to freeze their credit files without charge. So if you have not yet frozen your files — a recommended step to foil identity theft — now is a good time to take action, consumer advocates say. Security freezes, often called credit freezes, are “absolutely” the best way to prevent criminals from using your personal information to open new accounts in your name, said Paul Stephens, director of policy and advocacy with Privacy Rights Clearinghouse, a consumer advocacy nonprofit group. Free freezes, which will be available Sept. 21, were required as part of … [Read more...] about Freezing Credit Will Now Be Free. Here’s Why You Should Go for It.
John Raby Associated Press Published 1:10 p.m. UTC Aug 15, 2018 Charleston, W.Va. – A $42,000 antique desk. A $32,000 blue suede sectional sofa. A $7,500 inlaid wooden floor map of West Virginia’s 55 counties. A scandal involving lavish office renovations and other financial abuses by the highest court in one of the poorest states in America has triggered an extraordinary move by one branch of government to essentially fire another. The West Virginia House of Delegates on Monday impeached four justices of the state Supreme Court on charges of extravagant spending and other misconduct, setting the stage for a Senate trial that could lead to their removal. One of those impeached retired on Tuesday, averting the prospect of sitting through a proceeding that is sure to explore the justices’ fancy tastes in embarrassing detail. And the court’s fifth member retired under pressure last month. Some Democrats have decried the impeachment drive against the elected … [Read more...] about Lavish court spending in poor W.Va. triggers scandal