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Home / Credit Cards / Will Future Credit Cards Protect Your Data Better?


There have been a few highly publicized data breeches recently. The breech at Target alone has cost banks an estimate $240 million. For every improvement in security, there is at least one hack invented, so is it possible that the credit cards of the future will be any safer than those we carry today? Issuers think so.

Phone Apps

Recently, both Visa and MasterCard announced the ability to make payments without an actual card in hand. Users will be able to use a phone (app required) to make purchases. Visa will store card information on its servers, but will farm out the app development. MasterCard’s service will be similar. Aptly named Host Card Emulation, the service is a joint venture with Capital One. Both services will be based on the Android operating system and are projected to offer more security for card users.

All-in-one Card

Coin offers a new type of credit card. The card saves the data for all of your cards in one place and allows you to choose which card you want to use as you are making a purchase. In addition to a lighter wallet, the company claims that there are added security benefits to an all-in-one card. As with many young technologies, the added security benefits claimed are yet to be seen. Coin is the first company to offer the technology, but if they are successful, you can bet that other companies will jump on the bandwagon. Who knows, there may soon be an app for it.

Is This Good For Consumers?

Innovation is usually good for the general public, but making it more convenient to use credit cards may not be. Credit cards can be an addiction for some people. The chance to buy something without seeing a real time loss of cash often creates more debt than a consumer can easily handle. For some people the ideal credit card is tied to a brick that they have chucked down a well. You can combat credit card debt in three steps:

The best way to avoid high debt is to depend on cash for every purchase possible. If it is too tempting to use your plastic, leave it at home. In extreme instances, you may just want to destroy the card.

Often buying is the addiction and credit cards are the enabler. Try thinking about why you want to buy things. Are you depressed about low income, a divorce, etc. After evaluating your mindset you can try to re-focus your behavior. Even if you have to seek help from a professional, changing your attitude toward money will lead to less debt.

After tackling the reasons you are in debt, it is time to plan to get out of it. You need to track your expenses, form a budget, and create a debt reduction plan. Please follow the links provided to see several helpful tips.


About the author: Jerry Coffey


Jerry Coffey spent many years in a debt-riddled gray area somewhere between broke and desperately broke. His seemingly endless need for more and more cash led him to payday loans, repossessions, bankruptcy, and depression. After years of the same financial style, he heard a piece of advice that inspired him to find a way to change. The advice: ''The very definition of a fool is someone who continues to do the same things, but expects different results.'' This led him to a much more frugal lifestyle that sees all of his bills paid on time and a growing savings account. Even the seed of a retirement account has begun to sprout.


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