credit card issues

- admin at 16:12

Hi folks just a quick post on the subject of credit cards…

Credit cards are an indispensable tool for making and particularly accepting payments conveniently either online, over the phone or on the high street - there are many advantages to this kind of transaction… Payment and fraud protection sure is a biggie as far as I am concerned and I would never go out without my credit card in my wallet because I always need it wherever I go - and cash is increasingly becoming something I keep in a leather bag! I almost never use it these days except for very small payments where using a card would be just silly. Of course, it’s great when you stay within your balance and don’t go into the red, you might say, after all that’s what they are for! The interest on some credit cards is very high and you could soon find your credit card minimum payments to be your single biggest monthly bill.

The culture we have been living in has been very much influenced by marketers, particularly of high ticket goods and banks and credit card companies. They have been deliberately encouraging us to spend more than we can afford, so they offer us benefits like payment protection and now they are offering balance transfers and zero interest periods which if you are an accountant, you can save a fortune on your interest payments by continually moving your overdraft from one company to another every 3 months or so. But seriously who has time to go through the rigmarole of signing up with another credit card company and jumping through all the hoops they require you to jump through before they allow you to transfer your (negative) balance over to them? Then you have to make sure you pay off the balance in the required amount of time before they start to charge you interest unless you transfer again. Sooner or later they wil all get wise to what you are doing and simply refuse, or you will run out of credit card companies! Plus the chance of fraud is greater, the more credit cards you have, the greater the possibility of accidentally misplacing or losing one.

It’s likely of course that in the next few years we will see the demise of credit cards entirely as the banks are rolling out their mobile phone apps that will allow us to check our balances, make and even receive payments all with just one PIN number. Of course phones may end up getting so slim you won’t be able to tell the difference… credit cards will get slimmer, more technology will be built into them and more security features like fingerprint ID, voice recognition cameras etc will all be helping to keep the fraudsters at bay.

I got my paypal card through not long ago and it disappointed me at how slowly any transactions I made on and off line were to process, a few even stalling completely, I hope that gets sorted real soon, I expect it’s more to do with the stores and banks not being used to it and possibly the risk of online fraud may ring a few digital alarm bells causing the payments to stall a bit, who knows? I still get very annoyed when paypal arbitrarily decide to freeze a transaction. Every time they do that it’s always to their benefit as they are always the ones holding the money so they make interest on it. I must say things have improved re paypal in the last year or so - it used to take up to 5 working days for a paypal balance, or part of it, to be transferred to my bank account and the minimum amount was £50 - any less and there were fees incurred. Not any more, no fees and the transfer (at least toi my bank, Natwest) is almost instantaneous, within minutes every time.