Browsing "Credit Cards"
The UK’s second biggest supermarket, Asda, is the latest retailer to announce new personal finance products as customers flock away from malfunctioning and scandal-struck high-street banks towards alternative providers.
The launch comes with a rename of the supermarket’s personal finance arm to Asda Money, and follows in the footsteps of high-street favourite, Marks & Spencer, which begins its banking operation this summer.
What’s on offer? How does it compare?
The supermarket’s force majeure is a credit card that will offer unlimited cashback of 1% on all Asda shopping (including petrol) and 0.5% on all other spending.
Asda entered the market for utilities recently, and it’s also offering a range of insurance products as part of its brand relaunch.
The appeal of the credit card has to be its rare combination of cashback together with a 0% offer on balance transfers for 12 months. However, does it really compete as the collective sum of its parts?
Read More »
Just when you thought that the smartphone payment revolution couldn’t produce any more surprises, new technology has been unveiled that will enable people to withdraw money from ATMs using only their phones.
For those using either the Royal Bank of Scotland (RBS) or NatWest mobile banking apps, this new service allows withdrawals of up to £100 to be made via smartphone.
The customer is given a six-digit code to enter into an ATM, and will then be able to retrieve cash from their account.
Access to the app requires a password, and the withdrawal code will not be revealed until the user taps the screen. These precautions are to prevent thieves from reading the code and using it to access the account.
Simple and Secure
In a statement, RBS have said that their system would be primarily aimed at those customers that had forgotten their bank cards, or those who wished to send cash to friends and family members in a hurry.
Should this take off, customers will be able to leave their wallets at home, in favour of paying for items and services via their smartphone.
Ben Green, head of the mobile division at RBS and NatWest, described the service as “a really simple and secure way to help our customers get cash whenever and wherever they need it.”
This service is open to any customers that have downloaded the bank’s free application and is available from any of the 8,000 RBS, NatWest or Tesco branded ATMs across the UK.
Initially, the withdrawal limit on the smartphone service will be a third of that which can be accessed via a card, at only £100 per transaction.
So far, the bank has suggested that 2.6 million of their customers already have the app installed on their smartphones, meaning that all of those people can start using this service straight away to access money from their bank accounts.
This new system is seen as an extension of the existing ’emergency cash’ service that RBS provides, which allows people whose card is lost or stolen to access money from an ATM.
The Future is Bright…
This is not the only attempt at a smartphone bridge when it comes to handling money.
A similar system has been developed by the cash machine operator NCR, which requires users to scan a barcode – rather than enter a code – to withdraw money. However, this is still only in the development stage, with NCR looking for banks and building societies to adopt the software.
However, it’s not only RBS and NCR in this game. In the last year we’ve seen releases from O2, Barclays and Google that all claim to be the next stage in digital wallets.
With these advances being made all the time, it looks like we could be seeing a lot more of our financial services being handled through our mobile devices. From paying bills, to paying for a meal out, it looks like smartphone payments are here to stay.
- Save £100s by switching your credit card.
- In 3 easy steps, the new Beat My Card calculator compares your card against the market and lists up to 3 better cards.
- Win an iPad just by trying out the new feature!
As banks brace themselves for a fall-out from the crisis in Greece, the impact has been visible on personal finance products. Mortgage rates have hiked, while savings accounts and ISAs have plummeted. Hardly promising for a nation already in the grip of recession.
Credit cards stand out as the sole category of products that isn’t currently in meltdown. Which4U has come up with an ideal device that could help you make substantial savings on your credit card: the ‘Beat My Card’ credit card savings calculator.
Read More »
Security for credit card payments is becoming ever more important as organised fraud continues to grow, both in the UK and across the world.
And yet, the exponential growth of e-commerce means that online businesses cannot expect to compete without a competent, all-encompassing and secure online payment processing system, such as Failsafe Payments, which allows payments to be made with local and international cards.
Last month, 36 sites selling credit card and bank account details were taken down as part of a major worldwide operation across three continents – the result of two years of investigative work, the UK’s Serious Organised Crime Agency said.
The Financial Services Authority also announced recently that it would be contacting over 76,000 people by email or letter to inform them that they were vulnerable to fraud after their names were found on lists recovered from companies suspected to be dealing in fraudulent shares. Read More »
Even in the 1800s the form of credit was used, coins and plates were credited with a fixed amount of money as payment, this then grew into a form of credit card early in the 1900s.
The beginning of the credit card
In the early 1900s large corporations and some other smaller companies started issuing their own cards, these cards could only be used at the place where they were sold or they had very limited amount of locations were they could be used. Early credit cards where used to create customer loyalty and better customer service, however they are today used for convenience as well.
The first bank released card was called ‘Charge it’ it was introduced in 1946 by John Biggins, a banker for Flatbush national bank of Brooklyn. This new card meant merchants could deposit sales slip into the bank and then the bank would bill the customer who used the card. Soon after the first bank credit card appeared in New York’s Franklin National Bank for loan customers, however this card could also only be used by the bank account holder’s.
Read More »
Settling the bill could soon be as easy as sending a text.
As of March, anyone with a UK bank account from Barclays will be able to download a new application to their smartphone called Pingit.
Pingit is a new system which allows anyone who has downloaded the app to link it to their phone number and send cash – transfers up to £300 – to another person who has done the same with their account and see it transferred instantly.
This seems to be a big step forwards, but this kind of system has been seen in other countries – such as Kenya – for a few years now. In actuality, the UK and much of Europe are a long way behind in the use of this technology.
Read More »