Skimming the summer headlines to keep you up-to-date with the latest developments in the credit card industry:

• When it comes to credit card statements, most still prefer paper (USA Today):

When it comes to credit cards, many Americans are doggedly attached to their paper statements. A new survey from CreditCards.com found that 93 million credit card holders are still receiving their statements on paper instead of online, and 43 million of them actually prefer it that way. “I guess old habits are hard to break,’’ says Matt Schulz , senior industry analyst at CreditCards.com. Nearly 50% of those who are receiving paper financial statements say they would be willing to pay to get those mailings if they had to.

• Millenials spooked about credit cards (NY Times):

“Kids these days: They just aren’t pulling out the plastic like they did in the past. Data from the Federal Reserve indicates that the percentage of Americans under 35 who hold credit card debt has fallen to its lowest level since 1989, when the Fed began collecting data in a standardized way, according to an analysis by The New York Times.”

• Consumer Reports releases new credit card comparison tool (Consumer Reports):

Our credit card comparison tool lets you take the guesswork out of choosing a cash-back credit card and find one that rewards you the most based on your actual spending. It’s easy to use Consumer Reports’ credit card comparison tool: Just enter your monthly spending in the categories below, and the comparison tool shows you which cards will give you the most cash back after 1 year and 3 years. Making a smart choice can put hundreds – even thousands – of dollars in your pocket!

• Should college students have their own credit cards (Wall Street Journal)?:

Many people argue that having a credit card allows students to learn to manage a debt load and the responsibility of paying bills on time. And, for some parents, credit cards provide a convenient way for their children to buy things while they are away at school without having to reach out every time they need funds for a purchase.

But others say giving a credit card to a college student with little personal-finance know-how is a recipe for a debt disaster. That’s especially true since many graduates already are leaving college over-burdened by student loans, the critics say.

• More subprime borrowers taking on credit card debt (Business Insider):

The study has a bunch of interesting information, but there is one key takeaway: Subprime borrowers are gaining access to credit cards at an accelerating rate. “New card issuance … has been expanding since 2009, and especially so for those with lower credit scores,” the researchers wrote.

• Costco’s switch from AMEX to Costco Citi Card hasn’t gone well (Patch.com):

Costco dropped American Express as its credit card partner this week, and judging by commenters on social media, a lot of people aren’t happy about it. Costco began accepting all Visa credit cards on June 20, both in the warehouse locations and at Costco gas stations in the U.S. and Puerto Rico, including New Jersey’s 17 stores. The company said the switch would provide a boost to customers who more commonly use Visa for their purchases…Now complaints have come pouring in on Costco’s social pages, with people saying they’re especially having trouble with the new Costco Citi Card.

• Most credit cards have chips, but most retailers still swipe (NBC News):

MasterCard says 80 percent of its consumer credit cards in the U.S. are now chip enabled. But despite a deadline to retailers to have them installed and running by last October, less than half of stores are using the chip card readers. Credit card companies are issuing more chip-enabled cards because they’re harder to counterfeit.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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