July 26th, 2010 by achi
RFID credit cards are leading the nation. Also known as Radio Frequency Identification, RFID for short, these cards allow you to make purchases with your credit card without even having to enter a PIN, swipe your card through a reader, or even sign for sale.
In theory, no one else could have this electronic fingerprint. Theory is not so much more. Some credit cards companies are already experimenting with RFID technology. It can be used at gas stations, convenience stores, maybe even in vending machines.
But this technology is as safe as all the experts say it is? Perhaps, but the idea of not signing for your purchase can cause you to have the Heebie-Jeebies. Moreover, usually with normal credit cards, the cashier is supposed to look at your card and compare signatures, to ensure that you are, whenever you make a purchase. With RFID tags, there is no extra step of security.
Another problem with RFID tags, and that you will not hear the credit card companies do, is that RFID tags can too easily to spend and raise its debt. If all a person has to do is wave your card at the fast food restaurant, to get gas so expensive to buy new flat-screen TVs, then chances are you start waving your card even more. In the long term, they will gain a ton more money for the Credit card companies. But for the buyer, which could mean a long life of living in debt.
Another potential problem with RFID is that it could be the next wave of the future for everything from passports to the security to enter the buildings. It could possibly be used to track their movements, even during the day, week and year. Imagine – the car, all buildings to be held, your house, your job – they all have RFID technology security. That makes for a chance of Big Brother to keep an eye on you. A thought of fear, and quite unlikely, “yes, but in reality it is not possible, because at least the RFID.
July 16th, 2010 by achi
The loan is to allow people to buy now and pay later. How to determine creditworthiness? I have good credit? How are my credit limit determined? How I can increase my credit limit? All these questions will be answered in the following sections.
How to determine creditworthiness?
Normally your FICO score is used as the main variable in determining creditworthiness. The higher your FICO score, the higher your credit limit. Other companies take into account variables is the number of lines of credit you have open, the limits of other companies have given many years has had a record with the credit bureau, your current income, etc.
I have good credit?
Solvency is correlated with the FICO score. The higher your FICO, the better your credit. A rule of thumb is: a person who continues to make payments on credit cards, loans and bills (seldom or never pays late fees) and has both a checking and savings have good credit, a person I sing/do not always make your payments on time and have a checking or savings account is mediocre, usually a person making payments late or not paying their bills, does not have a checking or savings account or have had a bankruptcy, a lien or foreclosure can be classified as not so good credit.
How are my credit limit determined?
Businesses mainly use their FICO score, income and credit history to determine the limits of credit (Your credit history is shown in FICO scores). Income is used because companies do not want to give more credit than they can pay in place. For example, a person making minimum wage would probably not be able to pay a debt of $ 200,000.
How I can increase my credit limit?
Initially, when a company has no credit history, credit limit is a factor in FICO and income. If your income has increased, you can call your credit card company to reconsider your line of credit. Or by request, will allow companies credit limits will increase after its reliability has been established (approximately 6-12 months after account opening).
January 15th, 2010 by admin
Don’t like the idea of carrying lots of cash around with you? Even less comfortable with a standard credit card in your pocket due to the risk that you’ll get carried away spending more than you can afford? If you answered yes to either of those questions, then a type of prepay credit card – called a prepaid card – may be of interest to you.
Staying in control of your spending
It doesn’t matter how disciplined a person you are, it is can often be easy to slip into debt.
Typically the conventional credit card is one of the major sources of such debt because they are so easy to use and much of modern life demands a piece of plastic for payment rather than cash or credit etc.
So, it may be nice to have the convenience of plastic but without the risk of running up debts that you subsequently struggle to deal with.
The prepay card approach:
On the internet there are now specialist providers of these prepaid cards. Their cards offer the convenience and additional security that comes with plastic but without the risk of you getting drawn into runaway spending.
Despite often being referred to as a prepay credit card, these are not credit cards at all. They work on a very simple principle:
• You put money onto the card through any one of several methods such as direct bank transfer or via a PayPoint available in many shops and other outlets;
• You use the card as normal – but you cannot spend more than the maximum amount you have preloaded onto the card.
This puts you firmly in control. It may even prove an ideal way of giving children spending cash if they’re on a trip or just going out.
If the card is stolen or lost, it is PIN protected. You can typically cancel the card immediately with a single phone call. Even if the PIN had been discovered and the card used, you could not lose more than the maximum amount you had loaded onto it.
A managed debt-avoidance structure
Some specialist providers of prepay credit cards may also be able to offer e-banking accounts that link to the card, giving you flexibility in managing and dealing with your finances on a day-to-day basis and potentially helping you stay firmly in the driving seat in terms of your monthly budget.
RFID credit cards are leading the nation. Also known as Radio Frequency Identification, RFID for short, these cards allow you to make purchases with your credit card without even having to enter a PIN, swipe your card through a reader, or even sign for sale.