Credit Card Trends and What’s Changed!!

The trends in credit card use are completely changing the way that consumers access their funds and purchase goods. These trends make it more convenient for customers to access their funds and make it easier for merchants to receive their payments. When consumers find that it is easier to access funds, they are more likely to spend more money on goods and services. This activity spurs the economy and helps businesses of all sizes to grow.

Multi-Function Cards

Multi-functional cards allow cardholders to have only one card for multiple accounts. From this type of card, consumers can access their line of credit, funds in their bank account, and funds in their saving cards. This new type of card gives consumers a number of ways to purchase goods and services without having to carry cash. This is a particularly good thing if the consumer should find himself in an emergency situation. Multi-functional cards also eliminate the confusion of having to carry multiple cards by the same bank.

Fraud Protection

Because merchants now accept credit cards Online and in store, there is a higher risk of fraud for many cardholders. Some cardholders who have never shopped online have been victims of fraud. It is therefore, essential that credit card companies continue to implement practices and policies that prevent fraud. One of the main issues that card companies face is that their customers are not following safety practices. These safety practices include only using a safe network, not providing anyone with card information, and being careful of unknown merchants. As the credit card companies continue to develop better protection against fraud activity, it is important that you research and follow safe credit card practices.

Mobile Payments

One of the biggest trends in credit card use comes in the form of mobile payments. Mobile payments are done through a customer’s handheld device that can access wireless networks. These devices are equipped to support retailer applications or websites while they are on the go. Once these applications or websites are accessed, they allow customers to search through inventory and make payments through the device. When the customer first begins to use the mobile application, he or she sets up an account that stores their credit card information. When a customer reaches the check out screen on their hand held device, they do not have to even look at their credit card to make a payment. The simply press “submit”, and off it goes. This makes shopping easier for the customer and allows merchants to receive their payment almost immediately.

The trends that credit cards are experiencing today prove that the current generation has a need for speed and convenience. Consumers want to be able to make purchases any time, at any place. This demand has encouraged merchants and card companies to develop easier forms of payment. With the easier forms of payment, however, comes the need for increased protection against fraud. This factor has many different card companies scrambling to develop new methods of protection without restricting the cardholders purchasing abilities.