Credit Cards Web

Industry experts have been slating a credit card that is linked to the High Street store Argos, describing it as ‘wicked’ because of the terrifying rate of interest that is charged on the card. Dubbed Britain’s most expensive credit card the Easy Shop card carried an interest rate of a whopping 227%, and touts itself as a viable solution for those looking for a way to fund the cost of Christmas and buy gifts for loved ones and friends.

According to recent reports the fees charges on balance transfer credit cards could be set to fall in the future, as lenders try and battle it out to increase custom by using a new form of incentive. In the past the incentives have included the headline interest rate and freebies for new customers. However, with balance transfer credit card transfer fees having soared over the past couple of years lenders have found that cutting the fees is a good way to attract increased custom.

According to a recent report technological advancements in making payments in the future could see the use of credit cards wane or even end in as little as five years. Some officials have predicted that many people will start paying for purchases in other way such as by phone, fingerprint, or key fob, which will make credit cards unnecessary. Experts have said in the same way that CDs replaced records and DVDs replaced VHS, other payment forms could soon replace plastic cards.

Barclaycard, which brought out the first credit card in 1966, said recently that it was ploughing millions of pounds into developing contactless payment technology. Barclaycard has already developed a credit card that can be read without it even being taken out of the wallet. It now wants to look at inserting payment chips into mobile phones and this would enable consumers to use their phones to make payment for purchases. With this technology consumers would not even need to go to checkout, as they can put their PIN into the phone using their keypads.

One official from Barclaycard said: ‘The chips on credit cards now have incredible untapped capability but the plastic around the chip limits its potential. Take the plastic away and the possibilities are endless, allowing the customer to pay by using something that they are already carrying, be it a mobile, key fob or even via biometrics. In time you won’t have to carry a plastic credit card around with you if you don’t want to, although some people will choose to for nostalgic reasons.’

However, one security official said: ‘There are going to be flaws and we need to ensure contactless payment technology is secure before it is rolled out to everyone.’

Barclays has already launched a contactless plastic card, where cards can be used to make payments on purchases of up to £10 without any PIN or signature required through the use of a special reader.

Over recent months there has been a change in the trend of shoppers in the UK. Many households have been faced with a surge in the cost of bills, borrowing costs, and other living costs. One of the living costs that has gone up hugely over the past year is the price of food, and the average household has seen the weekly or monthly grocery bill go up by a huge amount, which has simply added to the financial strain that most households are already facing.

Anyone that has ever been a student full time will know that it can be a very financially demanding time, and that there are many periods where you can find yourself with very little or no money available. Despite things like student loans and help from parents – and even part time jobs to bring more money in – many students find that they need to have some form of financial backup to ensure that they are not left high and dry, particularly if they live away from home and have to rely more on themselves rather than on family.