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‘Contactless’ credit cards
If you are one of those who like to use their credit cards regularly, you’ve probably felt the irritation that most of us feel when we have to swipe the cards and sign receipts for purchases. Of course, it is only a minor hassle but a hassle nevertheless. So what do the credit card issuing companies do to ease our problems? They devise means that will allow us to use our card without this slight snag. Did I hear you say wow? Well, this is how it works. Very soon, JPMorgan Chase and American Express will begin issuing millions of new credit cards that are embedded with computer chips. This means you will no longer have to swipe your card and sign receipts.
This new technology allows consumers to just wave their credit card over the reader and the transaction will be complete. And guess what’s the best thing about the new credit card? The issuing companies claim that the sensors on the cards will prevent thieves from retrieving confidential information about you from the card. So, if your card is stolen, the thief may be able to use the card but will not be able to get any other information about you or your financial status.
The new credit cards have been tested in major cities and will be available sooner than you think. And consumers are not the only ones who will benefit from this new technology. Merchants who install the new card readers will not have to worry about lengthy queues at the checkout counters. Neither will they need to get the customer’s signature. All they now need to do is issue a receipt.
But, as with all good things, there is a slight problem associated with using the card. Researchers have found that in the cities where this new technology has been tested, consumers were found to be spending more than usual. The frequency of use had also increased when compared with traditional credit cards. Well, I’d say that all you need is a little self-restraint to solve that problem.
Read more about contactless credit cards at FindCreditCards.org.
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