Today marks the official deadline when chip-enabled credit cards are to become the industry standard. Yet, according to a new survey from ACI Worldwide, 59% of consumers have not received their new, chip-enabled credit cards and 67% of credit card users have yet to receive information about the new chip based credit cards. Almost as concerning is that only a third (32%) of those who have received their EMV cards are aware that the US is moving to EMV, with the majority not knowing the real reason they received a new card.
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Wondering what your credit score is but don’t want to pay for it? If the Consumer Financial Protection Bureau (CFPB) has its way, in the future, every credit card company will provide this information for free on your monthly statement.
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The market seems to be as healthy as ever for credit card issuers. Continuing a nearly year-long trend, credit card users are paying off their debts at a historic rate. According to data released separately by Fitch Ratings and the American Bankers Assocation, delinquencies and charge-offs continue to fall to all-time lows, while the number of people who pay off their balance in full every month rose to an all-time high. At the same time, however, the latest Federal Reserve data suggests that credit card debt is increasing.
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