This Week in Credit Card News: May 28 – June 3
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New welcome bonuses for Southwest credit cards; Visa and American Express boost anti-fraud protections; Apple Card suffers outage on Wednesday; New EMVCo guidelines aim to make contactless payments smoother.
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The information related to Southwest Rapid Rewards® Priority Credit Card, Southwest Rapid Rewards® Premier Credit Card, and Southwest Rapid Rewards® Plus Credit Card have been collected by Credit Card Insider and have not been reviewed or provided by the issuer or provider of these products.
New Welcome Bonuses for Southwest Credit Cards (Expired)
- The following three Southwest credit cards are offering a new welcome bonus: 65,000 bonus points for spending $2,000 in the first 3 months.
- These offers are available for a limited time only; select a card above to see its current welcome bonus.
Visa and American Express Boost Anti-Fraud Protections
- Visa and American Express have announced (separately) that they are improving their fraud detection and prevention services.
- Visa has invested in LoginID, a biometric authentication startup. LoginID allows companies to set up biometric authentication, like facial recognition, for online payment systems and apps.
- American Express is partnering with three anti-fraud platforms: Microsoft, Accertify, and Riskified. Amex will be linking its own fraud prevention service, Enhanced Authorization, with these companies, to give merchants better tools for detecting online point-of-sale fraud.
- Learn how to deal with fraud and identity theft when it comes to credit cards.
- Sources: American Banker, Finextra
Apple Card Suffers 6-Hour Outage On Wednesday Morning (June 2)
- Cardholders of the Apple Card found themselves unable to use their cards or see card activity on Wednesday morning.
- According to Apple’s System Status page the day after, the outage lasted from 9:17 a.m. to 3:19 p.m. EST, and: “All users were affected … Users may not have been able to manage their Apple Card, make payments, and may not have seen recent transactions.”
- The outage may be an unfortunate consequence of Apple’s tech-forward credit card ethos. The Apple Card is managed primarily through the Apple Wallet app.
- Source: The Verge
New Guidelines Aim to Make Contactless Payments Quicker and Easier
- EMVCo, an organization that designs standards for EMV chip card technology, has announced new guidelines for contactless payment terminals.
- The new guidelines specify the addition of “IQ demodulation requirements.” These requirements will allow greater transaction speed and more flexibility in where the payment device can be positioned.
- These guidelines are a response to an increase in contactless payments, especially via smartphones and wearables. They should speed up the payment process, especially for high-throughput areas like turnstiles for mass transit.
- Source: EMVCo
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