Will Credit Cards Replace Cash Altogether
for the first time ever, plastic purchases capped cash purchases. Are we heading for a cashless society where credit cards replace cash altogether
Whether it’s up to the card companies, the answer is an unqualified yes. As consumers get more savvy about handling credit cards and interest, the giving companies for credit cards find their profits from lending money shrinking. In defense, they’re trying to take advantage by encouraging consumers to use their credit cards for more and more transactions. The current campaign among most of the major the creditors is encouraging ‘small change’ transactions, which is merchants end up paying 1-2% processing fees to the company. These ‘micropayments’ are expected to top £20bn globally.
What does it mean for consumers? It means that it is becoming easier and easier to pay for even the purchases with plastic. 핸드폰 소액결제 현금화 So that you can woo great britain credit consumers, many cards now offer cashback rewards for every bit of cash that you dedicate to your plastic. Paying for everything with a charge card is convenient, easy, allows you to track your expenses and will be offering you cash rewards for your patronage.
Where does that leave great britain consumer who has no credit cards — or struggles to qualify for one of the major rewards cards? There are many options open to even people that have damaged credit to take advantage of the convenience and safety of plastic payments. Here are just some of your options accessible to you even if your credit score is below par.
Bad credit credit cards
Most major credit card enterprises offer so-called ‘bad credit credit cards’. In general, they carry a higher interest rates than those issued to ‘typical’ customers with good credit, but as the push to gain more and more market share continues among the card companies, those limits are increasingly being relaxed. You’ll find bad credit credit cards with APRs just 12%, though they may carry an annual fee.
Secured Credit cards
Another option available to consumers with adverse credit scoring is a secured credit card. When you apply for one of these cards, you place an amount of money on deposit in the giving company’s choice of bank. That amount stays there to secure any purchases that you make. As long as you pay your accounts on time, it isn’t handled — in fact, it will earn interest. You can increase your credit limit by adding more to the account, and eventually as you build a good payment history, you may receive an offer for an unsecured card at a lower interest rates.
Stored value cards
If you prefer not to deal in credit, but still want the convenience of paying with plastic — for online payments, for instance — a stored value card could be the answer that you need. Stored value cards are like bank debit cards with a charge card logo — except that they’re not tied to many bank accounts. You can ‘load’ the card at a merchant’s shop, by mail, via your bank account or another credit card. You’ll pay a ‘loading fee’ to put money on the card, but beneath the thick pay any interest since you are not actually borrowing money — just putting your own money on plastic.
You can find credit card offers and compare them with each other online at comparison websites, which list dozens of the latest credit card offers from all the major companies. You can also find information to help you make a decision on the best credit card for your uses.
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