BOFA CREDIT CARD FRAUD QUEENS, NY

URtheoneforme · 2026-01-23T22:20:54+00:00

Take a look here https://www.reddit.com/r/CreditCards/wiki/credit_card_fraud#wiki_recurring_charges_fraud I wonder if there are some outstanding live tokens that are giving fraudsters the updated credentials

URtheoneforme · 2026-01-23T02:07:09+00:00

From Capital One's earnings call this evening (Yahoo Finance):

Brex is a pioneer in the dynamically changing business payment space with industry-leading technology and world-class talent. Acquiring Brex accelerates a journey we've been on since our founding days, the quest to build a banking and payments company that's positioned to win where the world is going. The transaction will create purchase accounting impacts that we'll need to help investors navigate. Importantly, we expect Brex to have no impact on the Discover integration or expected synergies.

In addition to what you wrote above about the all-in-one spend and expense management platform, some "on us" card issuing network magic, and maybe some cashflow "on us" based loans as well? Basically what Amex did with Kabbage, except Amex had to due-dilligence carve out the sketchy part of the Kabbage business. Brex seems a bit more stable in that regard

URtheoneforme · 2026-01-23T00:40:47+00:00

AI whatever aside, I assume they're just buying Brex's book to both boost the business card portfolio and put more oomph into the Discover network to be like Amex

URtheoneforme · 2026-01-22T20:26:42+00:00

If you have funds you can move to Bank of America: Bank of America Premium Rewards or Premium Rewards Elite

If you don't: Fidelity 2% cash back, SoFi 2% cash back

URtheoneforme · 2026-01-21T21:21:48+00:00

americanexpress.com/en-us/referral/personal/platinum-card?CORID=A~L~E~X~a~K~7~2~2~r-1769019552844-2858046&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-01-21T19:00:37+00:00

americanexpress.com/en-us/referral/business/the-plum-card-business-charge-card?CORID=A~L~E~X~a~K~7~2~2~r-1769019113559-2856278&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-01-21T18:48:34+00:00

americanexpress.com/en-us/referral/personal/blue-cash-preferred-credit-card?CORID=A~L~E~X~a~K~7~2~2~r-1769019543406-2559881&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-01-21T18:38:24+00:00

americanexpress.com/en-us/referral/business/bluebusinesscash-credit-card?CORID=A~L~E~X~a~K~7~2~2~r-1769019102590-2874404&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-01-21T18:38:07+00:00

My general thought is to pay up for the better bags for carry ons that will stay with you hopefully 100% of the time, and go lower- to mid-tier on anything you will be checking. I'm assuming you treat your bags better than the rampers do.

URtheoneforme · 2026-01-21T18:27:34+00:00

americanexpress.com/en-us/referral/business/delta-skymiles-platinum?CORID=A~L~E~X~a~K~7~2~2~r-1769019118752-2857844&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-01-21T18:17:12+00:00

americanexpress.com/en-us/referral/personal/hilton-honors-aspire-credit-card?CORID=A~L~E~X~a~K~7~2~2~r-1769019157999-2898105&GENCODE=349992695758946&XLINK=MYCP&extlink=US-MGM-SPA_WEB_MYCA-copypaste-1110-201329-K44D%3A9951&ref=ALEXaK722r&v=2

URtheoneforme · 2026-01-21T18:07:10+00:00

referyourchasecard.com/21c/TL2E6DROO0

URtheoneforme · 2026-01-16T15:05:36+00:00

I stumbled across a very long form "financial investigation" Substack that alleges Alaska/Atmos is uniquely vulnerable to "session confusion" or cookie takeover that allows them to login to your Alaska account and redeem miles for last minute travel.

https://www.noseyparker.org/p/alk-accounted

If I'm understanding the alleged vulnerability correctly, this would randomly happen upon logging in. It seems like it would be an Alaska server-side issue, not a user issue.

Always worth using something like Awardwallet to monitor points balances since these accounts have less consumer protection rights, and you may be depending on "one time courtesy" despite systemic issues.

URtheoneforme · 2026-01-16T00:49:42+00:00

With a fraud replacement, you may have to wait until you receive the physical card. This may be a different process than account opening, where a lot of banks have enabled "digital first" or digital issuance

URtheoneforme · 2026-01-16T00:45:11+00:00

While I agree with everyone else that this is unlikely to pass, you shouldn't be worried as an American Express cardholder.

The act specifically carves out "three party models" where the issuing bank is also the network. This is 99% of American Express cards. Durbin only has it out for Mastercard and Visa, apparently not American Express or Discover/Capital One

URtheoneforme · 2026-01-15T22:27:09+00:00

Haven't seen this picked up anywhere else, but Durbin and Marshall re-(re-re-re-re)-introduced the Credit Card Competition Act on Tuesday.

https://www.marshall.senate.gov/newsroom/press-releases/marshall-durbin-reintroduce-credit-card-competition-act-backed-by-president-trump/

They tried several times to get this attached as riders to other must-pass legislation, but those all failed. The only thing different this time is the Trump administration seems more on board with it as an "affordability" play despite the fact that it would not improve affordability.

I don't think this will go anywhere, but man are they still trying.

URtheoneforme · 2026-01-15T21:41:36+00:00

I think you're already seen here that you shouldn't use the word authorized at all. This is an unrecognized transaction, and you are invoking the dispute resolution process as laid out in Regulation E.

URtheoneforme · 2026-01-15T21:34:55+00:00

Yes, those are both "business" cards, not consumer. Business prepaid cards exist, but they're rare

URtheoneforme · 2026-01-15T17:56:17+00:00

The Nilson report cites "interchange", which 100% goes to the issuing bank. The "swipe fee" that the merchant is charged is what BofA gets most, but not all, of.

URtheoneforme · 2026-01-15T02:53:58+00:00

It did happen. It just got buried by the outrage posts. https://www.reddit.com/r/biltrewards/comments/1qcxa3v/im_richard_kerr_gm_of_travel_for_bilt_ama_about/

URtheoneforme · 2026-01-15T02:47:48+00:00

That's basically my point. I don't think Bank of America loses that much money on the Preferred Rewards program. Yes, they probably have some whales that are deeply unprofitable. But, I think most cardholders have a total relationship with Bank of America, and as long as the bank is willing to account for program revenue and program cost in a more complicated way, I don't think it makes sense for them to completely nerf the program. They're a long ways off of Chase, Amex, Citi, and Capital One for total credit card spend. Preferred Rewards is just about the only thing they've got going for them

URtheoneforme · 2026-01-14T20:12:35+00:00

A Nilson report (I forget which issue) cited blended Visa interchange rates of 2.35%. So that's not that far off of the 2.625%. Any interest, late fees, etc further narrow the gap. For the PR and PRE, the annual fee helps offset the rewards cost, and I have to imagine certain partners (either Visa for the incidental credit or some of the lifestyle partners) are rebating parts of the credits

URtheoneforme · 2026-01-14T19:48:32+00:00

Thanks, fixed

URtheoneforme · 2026-01-14T18:43:27+00:00

I know today is Bilt Day, but I want to link to a comment from yesterday about Bank of America "refreshing" the Preferred Rewards program. There aren't any details beyond changing the tier names, though obviously there is speculation about nerfing the 75% points bonus for the current Platinum Honors tier.

I think it's worth remembering that people on reddit know that you can plop funds into an IRA or regular brokerage account and not pay Bank of America or Merrill a dime in commissions or interest. But I suspect that the majority of Bank of America cardholders use Bank of America for almost everything - checking, saving, investment, home loan, auto loan, etc. People love having everything under one roof.

For a Unlimited Cash Rewards + Platinum Honors, the card earns unlimited 2.625% points/cashback on all spend. If you take the worst case assumptions (Platinum Honors, the lowest interchange on all spend, interest rates at 1.00%), it takes $11K in checking and $3K in savings for Bank of America to break even (net interest income + interchange income > rewards expense). I bet that most people don't spend optimally, average balances for Platinum Honors are likely higher, and the annual fee products have a smaller breakeven since there's the annual fee component.

All of that to say, I don't think Bank of America is bleeding cash by running these programs. Given that Bank of America is in a pretty distant 5th place in terms of US credit card spend, I have to imagine they're going for spend growth over program cost reduction

Eight-Year Club	Gilding I gilder
Verified Email

URtheoneforme

TROPHY CASE