By  Mon Dec 16, 2013

New Credit Card Scam Is Easy to Foil: 5 Things to Know for the Week

reynermedia / Flickr | http://www.flickr.com/photos/89228431@N06/11322991934/

reynermedia / Flickr source

With a plethora of credit card scams that consumers can fall victim to, consumers have to always stay vigilant with their card information. A new scam is making its way around town, but this one is easy for your to avoid.

  • Citi has unveiled the 5% cash back categories for the Citi Dividend cash back credit card. From Jan. 1, 2014 to March 31, 2014, Citi Dividend cardmembers will earn 5% cash back at Macy’s, drugstores and fitness clubs. Cardmembers must enroll to activate the bonus cash back program for the next quarter (enrollment begins this week).
  • Bank of America CEO Brian Moynihan said that the viability of basic checking accounts, under new financial regulations, depends on the relationship with the customer. “If you bring us your primary checking relationship, we’re probably okay, because anything beyond that we get to provide profitably and with great service,” Moynihan told the Charlotte Business Journal.
  • On Tuesday, the Federal Reserve will hold its next board meeting to discuss monetary policy. The rapid decline in the unemployment rate in the past month is likely to be a major topic of discussion since job market performance plays a major role in the central bank’s decision to raise interest rates.
  • A new credit card scam may be taking advantage of unsuspecting customers. A caller will tell you that there is an issue with your card account and ask if your card number begins with a certain set of digits. Then, the caller asks you for the rest. The trick lies in the fact that the major card issuers (i.e., Visa , MasterCard, American Express and Discover) use the same numbers in the first four to five digits of a card number — making it easy for a scammer to guess those numbers. Tip: just hang up and call the number on the back of your card to speak to a real customer agent.
  • Fifth Third Bank is prepared to shift as much as one-third of its 1,326 branches to branches that only provide self-service features. In 2014, roughly 20 branches will make the conversion. The self-service branches will not have traditional teller windows. Instead, there will be personal bankers that can help customers, if needed, while most transactions can be completed at ATMs. Fifth Third began testing the self-service branch concept in September.

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