In 2005 for the first time ever, plastic purchases topped cash purchases. Are we heading for a cashless society where credit cards replace cash altogether?
If it’s as much as the card companies, the clear answer is an unqualified yes. As consumers get more savvy about handling credit cards and interest, the issuing companies for credit cards are finding their profits from lending money shrinking. In defense, they’re attempting to profit by encouraging consumers to make use of their credit cards for more and more transactions. The existing campaign among the majority of the major bank card companies is encouraging’small change’transactions, for which merchants find yourself paying 1-2% processing fees to the company. These’micropayments’are likely to top £20bn globally.
What does it mean for consumers? This means it is becoming easier and easier to cover even the smallest purchases with plastic. In an endeavor to woo the UK credit consumers, many cards now offer cashback rewards for every little bit of cash that you may spend on your own plastic. Spending money on everything with a bank card is convenient, easy, lets you track your expenses and offers you cash rewards for your patronage.
Where does that leave the UK consumer who has no credit cards – or is not able to qualify for among the major rewards cards? There are many options available to even those with damaged credit to take advantage of the convenience and safety of plastic payments. Here are just a few of the options open for your requirements even if your credit score is below par.
Bad credit credit cards
Most major bank card issuers offer so-called’bad credit credit cards ‘. In general, they carry a higher rate of interest than those issued to’typical’customers with good credit, but because the push to achieve more and more market share continues on the list of card companies, those limits are being relaxed. You will find bad credit credit cards with APRs as low as 12%, though they may carry an annual fee.
Secured Credit Cards
Another choice offered to consumers with adverse credit ratings is just a secured credit card. Whenever you apply for one of these brilliant cards, you place an amount of cash on deposit in the issuing company’s range of bank 소액결제 현금화.That amount stays there to secure any purchases that you make. Provided that you pay your accounts on time, it isn’t touched – actually, it’ll earn interest. You can boost your credit limit with the addition of more to the account, and eventually as you build a good payment history, you could receive a supply for an unsecured card at a lesser rate of interest.
Stored value cards
If you prefer never to deal in credit, but nevertheless want the ease of paying with plastic – for online payments, for instance – a stored value card could possibly be the clear answer that you need. Stored value cards are like bank debit cards with a bank card logo – except that they’re not linked with 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 place money on the card, but you’ll never pay any interest since you’re not actually borrowing money – just putting your own personal money on plastic.