Even the U.S. President has embarrassing moments with credit cards. Barack Obama had one last month in an expensive restaurant in New York. The cashier couldn't accept his credit card. The President said: "I went to a restaurant during the U.N. General Assembly, and my credit card was rejected….I guess, I don't use it enough." He said the cashier thought his card was being used for illegal reasons. He explained that he did not have enough cash to pay for the restaurant bill. Luckily, his wife paid using her credit card, so they could leave the restaurant.
Mr Obama was signing a new law to protect consumers. It will tighten the controls on credit cards and help stop identity theft. Identity theft is a growing problem all over the world. Up to 100 million Americans have been affected in the past year because someone stole their private information. The new law is called "BuySecure". It wants credit cards to change from cards with magnetic strips to ones with microchips and PIN numbers. Magnetic strips are old technology. It is easy for hackers to read them. Hackers then put the information on other cards.