In 2005 for the very 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 solution can be an unqualified yes. As consumers have 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 money in by encouraging consumers to make use of their credit cards for more and more transactions. The current campaign among a lot of the major bank card companies is encouraging’small change’transactions, which is why merchants find yourself paying 1-2% processing fees to the company. These’micropayments’are anticipated to top £20bn globally.
What does it mean for consumers? This means that it’s becoming easier and easier to pay for even the smallest purchases with plastic. In an endeavor to woo the UK credit consumers, many cards now offer cashback rewards for each and every little bit of cash that you may spend on your plastic. Paying for everything with a bank card is convenient, easy, enables you to track your expenses and offers you cash rewards for the patronage.
Where does that leave the UK consumer who has no credit cards – or is not able to qualify for one of the major rewards cards? There are lots of options available to even people that have damaged credit to make the most of the convenience and safety of plastic payments. Here are just a some of the options open to you even if your credit score is below par.
Bad credit credit cards
Most major bank card issuers offer so-called’bad credit credit cards ‘. Generally, they carry an increased rate of interest than those issued to’typical’customers with good credit, but because the push to get more and more market share continues one of the card companies, those limits are increasingly being relaxed. You will discover bad credit credit cards with APRs as low as 12%, though they may carry an annual fee.
Secured Credit Cards
Another option open to consumers with adverse credit ratings is just a secured credit card. Once you apply for one of these cards, you place an sum of money 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 promptly, it isn’t touched – actually, it’ll earn interest. You can boost your credit limit by the addition of more to the account, and eventually as you build a good payment history, you could receive an offer for an unsecured card at a diminished rate of interest.
Stored value cards
If you want to not deal in credit, but still want the convenience of paying with plastic – for online payments, for instance – a stored value card could possibly be the solution that you need. Stored value cards are like bank debit cards with a bank card logo – except that they’re not linked with any of your 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 might never pay any interest since you’re not actually borrowing money – just putting your own money on plastic.