New Features Make Credit Cards More User-Friendly
Tuesday, December 8th, 2009 at 6:19 am
Who could have thought cell phones could one day be a point of sales system? The 21st century is indeed making things we only once dreamed a reality.
As newer and newer concepts and inventions come out, we may someday live in a cashless world where everything is processed electronically just by passing our hand over a reader. That may be a nightmare for some, but nevertheless a very potential reality of the future.
Mobile Cashier Terminals
The credit card services by year 2010 are set to bring automated payments to a new level. Twitter co-founder Jack Dorsey and his friend John Mckelvey designed a new ingenious device that can take payments using your ordinary iPhone. Interestingly, they came out with this idea after figuring out they can sell more of his their glass work if they accept credit card payments.
This new concept is called “Square”. It uses a small accessory that connects to the iPhone audio jack. An application also called Square has to be installed on the iPhone to process the payments. Then the buyer simply signs the credit card receipt using a stylus or his finger.
The application of this system will allow hotdog vendors and even girl scouts selling their cookies to accept credit card payments. Even sellers in a flea market or garage sales would be able to accept credit card payments.
The New Credit Card Act
While Square allows your iPhone to take credit card payments, the Bank of America (BofA) is improving its credit card services through a simplified credit card statement which is meant to be easier to understand. The new statements are in preparation for the new credit card act requiring card issuers to clearly specify the interest rate, fees, and effective dates of changes.
It is so easy to pay for your shopping via a credit card but every card holder will surely appreciate if their monthly statements clearly define and summarize their charges. BofA launched this initiative last December 1, although it does not make BofA fully compliant to the new act just yet.
The new credit card act requires issuers to clearly present the cumulative interest rates and the trending if they only pay the minimum monthly payment. The new monthly credit card statements are meant to make your important personal financial data easier to understand and provide the number of payments you still have to make to clear your credit card debt. The credit card act is set to be implemented by February 22, 2010.
Tags: bank of america, credit card act, credit card statements, credit cards, iPhone credit card, square credit application