The Credit Card Just Got a Makeover
How Technology Will Change Your Credit Card
When you apply for a credit card, many companies offer a wide array of choices of pretty patterns and designs. Credit card use just got more exciting, though, and it has nothing to do with attractive designs or sporting your favorite team’s logo every time you make a purchase. The new trend in credit cards is going very high tech.
Hot New Technology
New technology to include a password-generating chip into a credit card is emerging after years in development. This technology is promising and can provide added peace of mind for consumers who like to make online purchases.
The new technology will provide added security by requiring a password when a consumer makes an online purchase. The technology could also be used to secure online transactions such as checking bank account information. In the long run, it may actually increase the number of consumers who are willing to bank online and could decrease the occurrence of identity theft because thieves would need additional information above and beyond a sixteen-digit credit card account number.
Many people are reluctant to trust the security of online transactions and either or avoid or limit their frequency of online banking or online purchases. It is not uncommon for consumers to be uneasy about providing their credit card information via the internet, and the added peace of mind this new technology can provide will impact that, possibly increasing online sales significantly.
Credit cards equipped with the ability to generate unique passwords won’t be available just yet. Cost is one prohibiting factor. Once this issue is addressed, this type of credit card should become widely available.
Comments
DON'T ever think your safe from identity theft!You are not--I had always been very sceptical about using online banking. Or to pay my bills online. After my daughter had been doing it for nearly 5yrs and had never had a problem, she had convinced me that it was so much faster and look long she had been using it . She had not had any proglems. So I stupidly thought I'd give it a try. Guess what I justfound a charge on my credit card for over $300.00 made from Texas-I live in Il. Have not been in Texas since I was 4yr old. I have only one card to the account. No one----except myself has access to the card. I still have it in my posesion. Even though on the statement it shows that the card was shown at the time of the charge.-------THERFORE MY ADVICE TO ANY ONE USING THIS METHOD TO THINK NOT TWICE BUT AS MANY TIMES AS IT TAKES TO LET YOUR BETTER JUDGMENT TAKE EFFECT!!! DON'T LET IT HAPPEN TO YOU. OH YEA-- I KNOW IT WON'T HAPPEN TO YOU! HOW MUCH ARE YOU WILLING TO PAY TO FIND OUT???????
Posted by: Karen McGlasson | September 27, 2006 9:15 AM
New technology to include a password-generating chip into a credit card is emerging after years in development. This technology is promising and can provide added.....
I beieve that this technology has been used on bank/credit cars in Europe for years, vernon
Posted by: vernon | September 27, 2006 9:42 AM