Due to launches of Apple Pay many subscribers have broken the rules and found themselves at the verge. Due to this, U.S. news discussed the matter with several experts to get a picture for the next year 2015 regarding credit cards.
At the time of recession financial organizations which lend credit card had made it very tough to get credit card and different kinds of loan easily. But the opposite side was quite different, as they want to expand the business, had relaxed the credit standard and made it available even for the customers who are under prime. Nick Clements, a co-founder of magnifymoney.com has said that this procedure becomes easier for next year and would help people to get the credit card very easily. Another expert, Andrew Davidson has also said that the financial organizations are issuing more credit cards even to the low score people due to decrease of criminal activity and increase of economical strength.
At the time of recession the credit card offering financial institutions had stopped the transmission of money from one account to another. Now a days the scenario has changed and the institutions are offering no percentage on APR. After watching this scenario closely Bill Hardekopf, CEO of Lowcards.com is wondering that the process will be re launched in near future. He also added that the customers will use this facility as long as the economy remains strong. Another expert Davidson wonders that this zero percent lucrative offer will turn into short and this may run it for 13 to 17 months.
To capture maximum market share, the card issuing companies are offering cash back facility to the consumers and this has become a rat race among the companies. Clements has observed this phenomenon and has stated that this extra facility is a lucrative one and more are waiting to come when a consumer come in touch with the institutions. The inner picture is a different one as this card bonus is attached with high rate of interest.
As the competition is increasing, the credit offering financial institutions are offering more facilities to their consumers. It has been seen that consumers carrying credit card from a long time, were getting statement according to the plans of the institution, but now a day these institutions are giving this facility for free of cost even if this facility is not within the plans which consumers have subscribed. According to Davidson this will become a norm in future. There are various credit card models available and every organizations are using different one, the consequences varies from one to one.
In every aspect it is very much necessary to keep the data safely. This has become the most critical issue for banks, consumers, merchants and more. Within the next October it is expecting that the fraudulent activities will move from card issuer to the subscriber if the updation is not yet submitted to the institution to collect the new version of chip based credit card. According to updated information the card issuing financial organizations send the pin card and chip. This is considered as a standard at other parts of world. This chip based card helps the issuer to find out the forgery cases through the other ways according to Davidson. He also told that the security has become the most favorable marketing message and research will be continued to gear up the technological part of security.
