Op ed argument seems a little strange to me. What consumers choose their credit card [network] based on the security of transactions/information? I guess I wouldn’t sign up for the Wells Fargo Bilt card for many reasons, one of them is the propensity of the card numbers to be hacked, but I couldn’t tell you whether it is a Visa or a MC. I can’t distinguish between the security levels of AMEX, Discover, MC, and Visa networks at all.
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It’s not just strange, it’s full of bullshit:
What choice? Consumers don’t choose the network, it’s chosen for them by their card issuer. I doubt anyone actually knows or cares about the details of how the transaction is handled.
Bullshit – all cards have the EMV chip and all transactions are handled the same way now. The mag strip is the only thing that’s insecure, and that’s supposed to be going away with or without the new law (and the mag strip is more expensive, not cheaper to process due to higher liability).
More BS and scaremongering.
LOL. All three “statements” have got to be completely made up – eighty-six percent, consumers feeling that their information is secure from data breach (it isn’t), and the tie-in “because”.
And I just want to be clear that I don’t have a strong opinion either for or against this proposal at this time. I only have strong opinions about the obvious bullshit that TPG, the lobbyist group, and this opinion piece is spreading.
Sure it will likely benefit the retailers more than it benefits consumers, and maybe it will create some pressure on the rewards. Or maybe it won’t. The rewards come from the issuing bank, and the issuing bank will still gets a cut of the transaction, no? I can only see the argument that it may have an effect on the card benefits provided by the network (like purchase protection, CDW, etc), but those benefits have already been getting worse over the last few years. Things like Return Protection and Extended Warranty were better and much more available a few years ago. Maybe the benefits will have to shift from the network to the issuing bank.
Chase came out with a new bonus today that has possibilities. Open a new savings account $15,000 or more in new money. Maintain balance for 90 days from coupon enrollment. Receive $600 bonus.
This bonus is not as good as the $1000 we received from Citi a few years back, but not too shabby… I’m thinking 
maybe I’ll go for it…
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The $900 bonus is better.
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That isnt what it says. It says consumers will be harmed by the lack of security of lesser networks, when retailers chose to use those lesser networks because of the lower cost.
You (and apparently others) are thinking about Visa, Discover, Amex. But instead you should be thinking of the laundry list of debit processing networks that you find printed on the back of debit/ATM cards. Those are the type of lower-cost networks they are expecting to become prevailant.
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I’d bet that statement is completely accurate. Because today, all credit transactions are made via Visa, Mastercard, Amex, and Discover, who are all well known and generally respected processors. Can you recall the last data breech from one of those processing networks?
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I couldn’t recall, but google did for me – there was one last month!
If memory serves, the worst breaches by number of compromised accounts happened at retailers (Target, Home Depot, etc) point of sale, and a few at merchant processors (like this one). But this was all before EMV was finally adopted (shoved down our throats? 
).
To be fair, I don’t recall any breaches at the “lesser” networks (AllPoint, Pulse, STAR) either. And they all use EMV and require PCI DSS compliance, so I really don’t see any validity in the “less secure” argument.
Do you have a link or is this a targeted offer? I can’t find it anywhere.
A Chase card came in the mail a couple days ago. Addressed to “Our Neighbor”. I’m considering it.
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Yikes! I’m in the wrong time zone. I read that as “A Chinese card came in the mail a couple days ago” 
I suspect your card may be zip code targeted. For a near grand, I’d almost be willing to deal with Chase for a few months.
Let me know if you decide on the $600 Chase Bonus? I was just reading about that Wells Fargo $2500 bonus. Very complicated and requires $250k working money…
The Chase bonus is simple, open a Savings with $15k and hold 90 days. Any other bonus options available at this time?
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I would do it if I received that offer. If you got it in the mail it was probably targeted for your area.
I keep a Chase checking account so I can’t do the combo, but I churn the savings offers when they’re good.
There are a few other high and easy churnable bonus offers available that I’ve done recently or will do soon – Chase business checking ($750), Wells Fargo checking ($325) and savings ($525), USBank checking ($500) and business checking ($800). The info is out there on DoC and similar sites.
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I refuse to use any of those big banks as my primary bill-paying bank simply because they are always offering bonuses…! lol
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I pay bills mostly with Alliant Visa (2.5%) and the ones that don’t take credit cards (two) from Primis Savings (5.16%).
Why did you choose Primis Savings over Primis Checking?
Higher interest.
Do you keep a sizable balance there? OnPath FCU has rewards checking at 7% on up to 10K.
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OnPath’s 7% checking requires 15 debit card purchases settle during the monthly cycle.
I don’t use a debit card. I use a 2.5% back credit card.
“Earn 7% APY* on average daily balances up to $10,000 and .50% on balances above $10,000”
They get you on the non-existent interest above $10K. I would lose money if I kept savings there.
Primis Savings at 5.16% on $30K is $1548 annually. OnPath checking on $30K is $800.
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It’s nice that you can pay bills from savings. I think for all my banks the bill pay option is only enabled on checking and money market accounts.
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