New technology often brings with it bugs and security gaps.
No swipe cards are no exception with Senator Charles Schumer saying that they are a “double edged sword”. Schumer went on to say that the new technology is highly convenient but more risky for identity theft.
Approximately 20 million of the new no swipe credit cards, which are being marketed heavily toward New Yorkers, have already been issued.
(Via Postchronicle)
Over stretching of debt is becoming a ubiquitous problem in the UK. This precarious situation has been given further credence by recent figures suggesting that 4.2m people in the UK are still paying credit card bills from Christmas last year.
That’s a very worrying statistic if you consider what a pricey form of debt credit cards are.
According to Moneyexpert.com further data reveals that the average UK resident was unable to wipe off their Christmas debts until March 2006.
Sean Gardner - Chief Exec of Moneyexpert said:
“Getting into debt is fine as long as you have the means to get out of it.” Stating the obvious, but how many of us are still falling into this trap.
Shopping at ASDA (the UK supermarket) with an ASDA credit card just got a whole lot cheaper with the introduction of a whole raft of new benefits which include:
• Customers will get 2p off every litre of fuel at Asda petrol stations if they use their card to pay.
• 5% off all purchases at standalone Asda Living and George stores.
• 0.5% cashback on every purchase made wherever the card is used and redeemed in the form of Asda vouchers
• There is also free delivery on all online purchases over the value of £50 made at asda.com.
The Christmas cheer is that all existing cardholders will have the new benefits automatically applied. New cardholders are also being offered a balance transfer offer of six months’ interest-free credit, but there is a 2%c charge on the amount transferred.
Purchase rates vary from 14.8% to 19.7% depending on your credit rating, with the typical rate standing at 16.8%.
(Via This is Money)
According to Newsnet5 Local authorities in Ohio are looking for a man accused of stealing credit cards and using them in a spending spree amounting to more than $100,000.
Apparently, surveillance video captured the man leaving a Target store in Streetsboro. In understatement of the year Police said “he has expensive tastes when he shops with the stolen credit and debit cards.”
“He’s going big ticket, plasma screen TVs, electronic equipment, and then he goes to the banks to get cash advances upwards to $14,000,” said Twinsburg police Lt. Jeffrey Nash.
In a statement of common sense the Association of British Credit Unions (ABCUL) has recommended that “consumers worried about debt problems and issues could be far better off taking out a personal loan rather than a credit card if they are looking to raise finance.”
The Association claimed that the “set repayments associated with personal loans made debt management and repayment far easier and more manageable for those worried about effective budgeting in relation to their debts.”
I guess the issue here is that everybody needs to tailor their personal credit to their own situation. Contrary to some of the negative press, using a credit card can be a very effective form of borrowing if used correctly.
(Via UK Personal Loan Store)
