credit card

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Apple Pay and CurrentC

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        Filling us in on some important facts, Jim Hamm writes, "You are probably aware that a few major retailers are blocking the use of Apple Pay and plan, perhaps next year, to use a program called CurrentC. Here is an interesting article, from the TidBITS Newsletter, that explains both these topics very thoroughly, I think."

       Here's the big point to notice:  "One thing to notice is that CurrentC is a direct link to your bank account, which is a big no-no for me. Also, the author thinks retailers really don't like bank credit cards, for a variety of reasons, and has the following to say: "It’s no exaggeration to say that most merchants hate the credit card brands and the banks that support them.."

        Jim concludes with, "It will be interesting to see how all this plays out. Also, by next October, If I recall correctly, our magnetic-stripe credit cards are to be replaced by cards with an imbedded chip. Now, who will pay for the new cards and equipment to use them? The banks will try to push this on the retailers, who will want to push the cost on to us, the consumer."

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Pay by Credit Card?

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        The eagle eye of Jim Hamm found this and he says, "By October 2015 all of our magnetic-stripe credit cards should be replaced by EMV-enabled cards, also referred to as "chip and PIN" cards. Here is an article with details about how these new cards work, and some possible vulnerabilities. One aspect of the new cards is that banks are now shifting the onus to us -- the customer -- for any fraudulent use of  a credit card. Now, most banks limit our responsibility to $50.

        "Another aspect the author mentions about the use of these new credit cards is the following statement, which I find...what's the right word -- amazing, disheartening?"
        "Preventing card fraud is a good thing, in theory. But researchers at the UK’s Cambridge University warn that EMV has not reduced fraud in countries that have implemented it. Instead, they say, banks have used EMV to shift liability for fraud losses onto consumers."