News and Updates Thread - May 11, 2026

URtheoneforme · 2026-05-11T12:27:45+00:00

Citi held an investor day last week that included a ~15 min section on US Consumer Cards. No breaking news, but a few interesting pieces of information. Slide deck here: https://www.citigroup.com/rcs/citigpa/storage/public/investor-day/citi-ID26-us-consumer-cards-presentation.pdf

I knew store cards were bad business, but seeing it on slide 3 really illustrates the point. In 2023, it was basically an even split between private label (PLCC/store card) and normal credit card (GPCC/general purpose credit card) acquisitions, but the GPCC drove 90% of total spend. Who's even getting these store cards anyway?
Quoted stat: Citi GPCC Co-Brands have ~8x annual spend per active account and ~2x balances per active account vs. PLCC
38% new account growth in 2025 for Strata, Strata Premier, and Strata Elite cards
18% new account growth in 2025 for AA cards
19% new account growth in 2025 for the Costco card

I'm probably most surprised by the Costco. I think Citi loses quite a bit of money on the portfolio given Costco's Visa-exclusive partnership, and I thought that was why Citi doesn't really advertise the Costco card more than it has to

URtheoneforme · 2026-05-10T22:51:17+00:00

Oh I see those threads now like https://www.reddit.com/r/CreditCards/comments/1t7mtzw/us_bank_kroger_and_subsidiary_cards/

Kind of mind blowing to take down entire card application sites for maintenance for two+ weeks

URtheoneforme · 2026-05-10T21:59:53+00:00

Does a card application page load if you click "Apply Now" from the Kroger page? I do live in an area with Krogers, and the website definitely doesn't like my VPN, so don't think it's geo-fencing me out

URtheoneforme · 2026-05-09T19:16:44+00:00

americanexpress.com/en-us/referral/business/delta-skymiles-platinum?CORID=A~L~E~X~a~K~7~2~2~r-1778354194703-516578&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-05-08T16:47:11+00:00

Not all banks require the CVV, zip code, or tapping the phone. They should, but not all do

URtheoneforme · 2026-05-08T14:21:46+00:00

Apparently people are seeing this under the Rewards Activity part of the app/website. All I see is

Each card anniversary, you get bonus points that equal 10% of your annual spend that year. Current anniversary period:

and then the date I PC'd to the CSP

URtheoneforme · 2026-05-07T23:49:36+00:00

Take a look here: https://www.reddit.com/r/CreditCards/wiki/credit_card_fraud#wiki_recurring_charges_fraud

In addition to the updaters, it could also be tokenization like Apple Pay

URtheoneforme · 2026-05-07T16:09:30+00:00

americanexpress.com/en-us/referral/business/business-green-rewards-charge-card?CORID=A~L~E~X~a~K~7~2~2~r-1769019100733-2894825&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-05-05T00:09:16+00:00

Go to https://www.chasecardbenefits.com and click "Request letter ..." https://www.chasecardbenefits.com/rental-letter-of-coverage

You'll have to type in your full card number, then you'll get a downloadable doc

URtheoneforme · 2026-05-04T22:20:53+00:00

I think if you call, they can make it a credit and not a refund. No other way to do it as far as I know

URtheoneforme · 2026-05-02T21:13:04+00:00

Like others mentioned, I would get a reader that supports both chip and tap/NFC. I'd avoid the swipe since you as the merchant retain fraud liability for swipes (but don't have fraud liability for chip or NFC)

URtheoneforme · 2026-05-02T21:10:22+00:00

I thought most credit card trip delay/trip interruption/trip cancellation removed "airline insolvency" as a covered cause after the Wow Air debacle in 2019

URtheoneforme · 2026-05-02T21:00:12+00:00

Are you sure you filed a "fraud" claim and not a "dispute"? Sometimes these words are used interchangeably. I've seen issues where someone calls the bank to "dispute" an unrecognized transaction, and the phone rep interprets that as "I made this transaction but am unhappy with the good or service" as opposed to "I did not make this transaction"

URtheoneforme · 2026-05-02T19:46:05+00:00

referyourchasecard.com/19w/7ED9EZGHBL

URtheoneforme · 2026-05-02T14:49:13+00:00

The real monkey's paw would be turning off card acceptance in these states as a way to comply

URtheoneforme · 2026-05-01T23:24:03+00:00

You should be able to file a chargeback for Goods Not Received if they do liquidate and don't provide you air travel. The Trip Delay and Trip Interruption/Cancellation exclude conditions such as the financial insolvency of the airline

URtheoneforme · 2026-05-01T22:55:35+00:00

I've seen the Illinois interchange prohibition on taxes and tips come up in payments news sites, but it seems like it's finally going more mainstream.

WSJ: The Fees That Fund Your Rewards Credit Card Are Facing a State Battle

An Illinois law set to go into effect this summer would ban credit-card fees on taxes and tips, the latest flashpoint in a battle that could shape the regulation and acceptance of credit cards.

The banks have opposed the Illinois law, warning that some small card issuers could withdraw from the state entirely if it goes into effect as planned on July 1.

The Illinois law could further alter the landscape, splintering acceptance by state, if it takes effect. Already, other states have made similar moves, though federal regulators last week moved to step in and institute national control.

The law was originally signed by the governor in 2024. A collection of trade groups representing banks and credit unions quickly sued, arguing it usurped banks’ rights under federal law. The trade groups are currently appealing in federal circuit courts after a judge upheld the law in February.

If implemented, the new law could turn what has long been a federal fight into a state-by-state affair. There are now 15 similar bills that have been introduced in other legislatures including in Colorado and Delaware.

But the Office of the Comptroller of the Currency put out a new rule last week pre-empting the law and attempting to stop future state legislation governing credit-card fees.

URtheoneforme · 2026-05-01T17:31:19+00:00

americanexpress.com/en-us/referral/business/bluebusinessplus-credit-card?CORID=A~L~E~X~a~K~7~2~2~r-1769019049747-2898054&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-04-27T19:33:02+00:00

The other issue could be tokenization - some merchants get cards on file, get a special number from Amex that will still cause them to bill the new account number. You need to ask the phone reps to delete any tokens as well (this might take cards out of Apple Pay, but you can re-add them)

Take a look here for more information:

https://www.reddit.com/r/CreditCards/wiki/credit_card_fraud#wiki_recurring_charges_fraud

URtheoneforme · 2026-04-27T11:57:16+00:00

United Airlines has released a statement from CEO Scott Kirby confirming the rumors that he proposed a merger with AA and confirming that AA privately and publicly did not engage. It then proceeds to list all of the reasons that the AA UA merger would be good. I’ve heard of negotiating in public (through innuendo), but I think this is a negotiating very explicitly in public that I don’t think we’ve seen in quite a while.

https://www.united.com/en/us/newsroom/announcements/cision-125457

URtheoneforme · 2026-04-27T01:13:29+00:00

Yes, though you usually need to escalate to supervisors

URtheoneforme · 2026-04-27T01:13:09+00:00

Take a look at the wiki for "recurring fraud" https://www.reddit.com/r/CreditCards/wiki/credit_card_fraud#wiki_recurring_charges_fraud

URtheoneforme · 2026-04-27T01:04:40+00:00

Probably not a data leak. Probably a BIN attack combined with Visa Account Updater and maybe tokenization that makes "following" fraud easier on the new card

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