JP Morgan Chase has announced more details of its new contactless card initiative.

7-Eleven announced this morning that it will be installing contactless card readers at all of its 5,300 US stores.

Leslie Walker writes in today's Washington Post about PayPal's expansion to serve more merchants off of parent company eBay's auction sites.

"No one at my company could get access to those credit card numbers'' " Schuler said. "It is a huge relief to be able to tell customers, 'Your information is secure.' "

While PayPal has its share of problems with fraud and is a huge target for phishers -- crooks who send fake e-mails enticing people to reveal their personal data -- security has turned out to be one of its selling points. Buyers like not having to reveal their credit card numbers to unfamiliar sellers; some also enjoy the convenience of not having to reenter credit card numbers at different Web sites.

The Daily Mail (UK) reports on new credit cards being introduced by some UK issuers that, in exchange for lower interest rates, charge interest on the value of purchases from the date of purchase.

In its quarterly earnings announcement on Tuesday morning, BJ's Wholesale Club announced it was increasing its reserve for claims against it by various credit card banks. The total amount BJ's has reserved is now $10 million.

The charge to increase the company's credit card reserve was driven primarily by an increase in the company's estimate of legal expenses to be incurred. BJ's is vigorously contesting all claims and will continue to explore all possible defenses and all possible claims against others.

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