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Even the U.S. President has embarrassing credit card moments. Barack Obama was in an expensive New York restaurant. The cashier said no to his credit card. The President said: "I went to a restaurant…and my credit card was rejected….I guess, I don't use it enough." He said the cashier thought his card was being used illegally. He did not have enough cash to pay the bill. Luckily, his wife used her credit card, so they could leave the restaurant.
Mr Obama signed a new law to protect credit-card users. It will also help stop identity theft. This is a big problem all over the world. Hackers stole the private information of around 100 million Americans last year. The new law is called "BuySecure". Credit cards will stop using magnetic strips. Hackers can read them easily. Hackers put the information on other cards. New credit cards will have microchips and PIN numbers.
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