Unsecured lending is probably more popular than it ever has been, and now that owning your own home has become a distant dream for many, being able to borrow money which doesn’t require property as security is very handy indeed. One of the most popular methods of unsecured lending is the credit card. If you don’t have one, you’re very likely to know someone who does.
The idea behind credit cards is that you have a certain spending allowance and this is loaded onto the card for you to spend how you like. You get a bill each month with a minimum repayment amount and interest is added to what you’ve spent. You can choose how much you want to pay off the card each month, but it has to be at least the minimum amount asked for. Credit cards are hugely popular and many people use them as a safe way to pay online, to buy more expensive goods without the risk of being out of pocket, and for the numerous perks that can come with them (cashback, air miles etc.). The future of credit cards is looking very exciting. Here are a few theories about what they’ll become in the coming years.
How cards might look
Credit and debit cards are all horizontally orientated at the moment, but there is a card out there which has the number and details printed at a different angle. This mean that when you hold the card vertically (as you would when inserting it into a chip and pin machine) the details like the card number and your name would be the right way up. More snazzy modifications could be having a moving hologram printed on the card or having the card made out of a different material other than plastic. The possibilities are endless.
How you might pay
Contactless payments are already being rolled out across the country as a way to pay for smaller items. You simply wave your card close to the chip and pin terminal and you’ve automatically paid. This acts a bit like the London Oyster travel card does, but the technology is still relatively new. Some have predicted a touchscreen display being added to credit cards, where you can scan your face or fingerprint in order to authorise payments rather than putting in a pin.
How security could change
Credit card fraud is a real problem, and as a thief only really needs your card number and a few other details in order to buy things online with your card, the security could really do with something extra. Some ideas for the future include cards with invisible details, so the card number can only be read when you press your thumb or finger against a scanner on the card so it knows it’s you. Other cards will have a voice activated payment confirmation, so only you are able to authorise payments on the card. Security features like these would drastically reduce the amount of credit fraud.
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