Settlement Allows Retailers to Surcharge for Credit Card Use; Will They?
News from Fox Business:

Consumers could expect to see more chances to save money by paying cash for merchandise, following a landmark settlement reached between credit card companies and retailers.

As part of the July 13 settlement — which must still be approved by a federal court — Visa, MasterCard and major banks agreed to drop requirements that retailers charge the same price for cash and credit purchases. Retailers have long complained that so-called “swipe fees,” which card processors charge every time a customer uses a credit card, are too high and are hidden by the prohibition on listing surcharges to pass along those higher costs. The agreement allows credit card surcharges and also calls for card issuers to reduce swipe fees for eight months.

Lawyers involved in the case say it is the largest antitrust settlement in U.S. history. The card companies agreed to pay more than $ 6 billion to settle lawsuits from retailers claiming that the card issuers engaged in anti-competitive practices.

If approved, the settlement would the second major victory by retailers over swipe fees in recent years. In 2011, the…………… continues on Fox Business

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Credit card thieves target park, beach visitors
News from San Jose Mercury News:

Police are looking for two suspects they say are responsible for a series of burglaries and illegal credit card use across the East Bay and South Bay dating as far back as December.

The two suspects, who have not been identified, have committed at least five burglaries at Tilden Regional Park and several more in the Half Moon Bay area, according to Sgt. Tyrone Davis of the East Bay Regional Parks Department. They break into cars while the owners are out in the park, hiking or picnicking, and quickly use the cards to buy expensive electronics equipment before the owners discover the theft and report them stolen, Davis said.

The pair have used stolen credit cards to purchase at least six iPads, three iPods and a MacBook Pro at Target and Apple stores in Emeryville and Albany, Davis said. The most recent burglary was June 30.

“They’re going and buying top-of-the-line items and then they probably turn around and sell them,” Davis said.

In the course of investigating the Tilden burglaries, Davis said, a detective with the San Mateo County Sheriff’s Office contacted him and reported similar incidents involving car burglaries at beaches in Half Moon Bay and purchases at stores in Redwood City and Palo Alto.

Police hope images from a surveillance video will help ID the suspects — an older man with glasses w…………… continues on San Jose Mercury News

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