The Future of Credit Cards

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The Future of Credit Cards
By: DC, Editor

I read recently about a ‘World of Warcraft” credit card. No joke. Graphics from the popular video game adorned this card. But it was more than just a visual look. This card allowed users to earn virtual dollars that can be used in the game, and vice versa: You can earn dollars in the game that can be transferred to the card. The article where I read this said that this represents the future for credit cards, where virtual money and real money intersect, with the line between the two quite blurred.

That got me to thinking: What other innovations might we expect for the credit cards of the future? To the Web I went.

According to research reported on the CNN website in 2005, one innovation then being developed is now growing in usage. It’s called “blink technology.” With a “blink” card, a customer no longer needs to slide the card through a reader. He can just pull it up and wave it in front of the cashier, and the special reader will read it at a distance. And just like traditional scanners, Blink readers do not require a customer signature. Although some privacy advocates have suggested that people might be able to steal the card’s information through such a system, Blink advocates deny this. They point out that the specially-designed credit cards come equipped with encryption software that prevents this from happen. Furthermore, they argue, you have less chance of losing your card if you don’t have to physically hand it of a clerk or cashier. Already, some movie theaters and 7-Eleven stores are equipped with the readers that will work with the cards.

The new cards are embedded with encryption software to prevent duplication and data theft, the bank said, noting there was less chance of losing a card if you don’t have to hand it to a store employee.

Another interesting development in the future of credit cards is a card that actually has a screen on it. USING RFID technology, the card will allow you keep up with transactions, receipts, and your current available balance. Proponents of this system say that, in time, one card could contain your driver’s license as well as multiple credit cards. But once again, privacy experts have raised the fears that, if lost, this newfangled card would give a thief valuable information about you. One hopes, however, that card makers will consider this and implement a system that disables the screen if the card is lost.

To learn more about credit or to compare college student credit card issuers visit www.studentcreditcards.com

Student credit cards.com @ March 12, 2008