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News Summary: MasterCard 2Q profit rises

BIG SPENDERS: MasterCard, the payments processing company, reported a 19 percent increase in its second-quarter profit as more people worldwide used its debit and credit cards to make payments. Full story

Financial advice that is popular - and wrong

WASHINGTON (Reuters) - Some financial advice is so oft-repeated that everyone takes it for granted: You shouldn't bring debt into retirement. Debit cards are safer than credit cards. Older folks should invest more conservatively. As they used to say on Seinfeld, yadda yadda yadda. Full story

Alliance Data's 2nd-qtr profit jumps 19 percent

Alliance Data Systems Corp., which manages loyalty and rewards programs for retailers and others, posted a 19 percent increase in second-quarter earnings, led by growth in its private label business. Full story

Sneaky credit card charges raking in billions

Ever signed up for "free of charge" services only to have it turn into a costly monthly subscription? That surprise charge is known as a “grey fee," an unwanted charges that occurs from misleading sales practices. Full story

Pre-Paid Debit Cards Becoming More Popular

(NBC News)  More and more consumers are skipping the traditional checking account or paying with a credit or debit card and are using prepaid debit cards instead.Experts say there's good reason to do so."The prepaid debit card really puts some boundaries around their spending, so they can only spend Full story

7-year hacking scheme the ‘cutting edge’ of financial fraud

   In New Jersey, prosecutors brought the largest hacking and data breach case prosecuted so far involving a sophisticated scheme to steal credit and debit card numbers used at 17 big companies. NBC’s Lisa Myers reports.

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Video

  Could Detroit bankruptcy lead to a new beginning?

Detroit Free Press Columnist Rochelle Riley and Mark Binelli, author of "The Last Days of Detroit" and "Detroit City is the Place to Be" join MSNBC’s Alex Witt. Rochelle explains that the financial crisis has been “a long time coming.” Binelli talks about some of the positive changes in Detroit such

  Power Rundown: EU vs. corporate America

The European Union wants credit card transaction fees to be capped, and customers in Finland can now pay for their purchases using face recognition. CNBC's Bob Pisani and Simon Hobbs, discuss.

  How does closing a credit card affect credit scores?

From the dos and don’ts of college loans to the lowdown on closing credit cards, TODAY financial editor Jean Chatzky answers viewers’ pressing financial questions.

  New IRS embarrassment: employee credit abuse

After the IRS found itself at the center of scandal for targeting conservative groups and spending $50 million on fancy conferences, the latest report from the inspector general reveals that IRS employees have used agency credit cards to buy expensive wine, pornography, romance novels and diet pills

  As student loan interest rates  rise, one nation under debt

Time is running out for Congress to prevent a massive increase in student loan interest rates.  Stella Adams from the National Fair Housing Training Academy, Chris Hicks from “Jobs with Justice,” personal finance expert Lynnette Khalfani-Cox, and MercBloc’s Dan Dicke discuss whether Congress will ta

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Related Photos

An employee stands behind a MasterCard logo during the launch of the international credit card issuer's first ATM transaction in Myanmar, in Yangon
An employee stands behind a MasterCard logo during the launch of the international credit card issuer's first ATM transaction in Myanmar, in Yangon

An employee stands behind a MasterCard logo during the launch of the international credit card issuer's first ATM transaction in Myanmar, in Yangon November 15, 2012.REUTERS/Soe Zeya Tun

Visa credit cards are displayed in Washington
Visa credit cards are displayed in Washington

Visa credit cards are displayed in Washington October 27, 2009. REUTERS/Jason Reed

A vendor selling plastic flowers wait for customers in Ankara
A vendor selling plastic flowers wait for customers in Ankara

A vendor selling plastic flowers wait for customers in Ankara July 23, 2013. Turkey's central bank raised interest rates on Tuesday and said it would, if necessary, take further steps to stop the lira from falling. The move - a rise in the overnight lending rate to 7.25 percent from 6.5 percent - wa