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How Long Will the 'Card' in Credit Card be Here

Frequent Contributor

How Long Will the 'Card' in Credit Card be Here

With all the new technology we have today, Im wondering how much longer the CCC will be issuing cards.  My guess is that many of the prime cards may already be experimenting. Have any of you holders of prime cards ever been given the option to have something besides a card issued to you?

5/2009 EQ-504(FICO), TU98-567(FICO), EX- 503 (FAKO)
10/17/11 EQ-633, TU04-652, EX-681 All lender Pulls
10/17/11 TU98-678
12/21/2012 TU98-677 (39% Util)
01/21/2012 EQ - 661 (37% Util) SW Alert
Message 1 of 19
18 REPLIES
Valued Contributor

Re: How Long Will the 'Card' in Credit Card be Here

said what ???


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 2 of 19
Regular Contributor

Re: How Long Will the 'Card' in Credit Card be Here

what do you mean by the "card" ???

Message 3 of 19
Established Contributor

Re: How Long Will the 'Card' in Credit Card be Here

He means that our cell phones will eventually become our cards and our cash.  Different companies are launching different products that are going to move us this way over the next few years.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 4 of 19
Frequent Contributor

Re: How Long Will the 'Card' in Credit Card be Here

Pretty sure the op is talking about virtual payment methods (eg google wallet)and if/when they will completely replace physical credit cards 

EQ 778 | TU 776
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Message 5 of 19
Frequent Contributor

Re: How Long Will the 'Card' in Credit Card be Here

Full displacement of cards will not happen but they could coexist.  Good luck telling my Mom she has to have a cell phone if she wants to pay using credit.  Maybe the CCC will pay cell her bill as a way to buy her business.

 

I can hear it now... Oh man, I really wanted to buy dinner but my phone is dead... I could be wrong, cars will fly in the year 2000Smiley Surprised Oops!


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Message 6 of 19
Frequent Contributor

Re: How Long Will the 'Card' in Credit Card be Here

I doubt this would happen completely anytime soon. One has to account for inertia in moving from what people were used to. I still often see people paying in grocery stores with personal checks. For me as a person born in late 80s it already seems to be at least strange as I can't find any particular reason for doing so (if someone doesn't like credit cards or can't get them for some reason, there are still debit cards that are much more convenient than checks).
Another example might be with toll transponders - I don't own a car, but I still have my account with EZPass and use my transponder every time I rent or borrow a car. No doubt it is more convenient (and even cheaper in NYC) than using cash for tolls, but according to the stats there are still ~30% of motorists paying cash...
In my wallet now: Amex PRG NPSL, Amex BCE $15k $17k (thanks to recent CLI), Chase Freedom 11k, CSP $6k, Chase United ME $5k, Citi Dividend $5.6k, Discover It $4.5k and a handful of other cards...
TU Dec 2013 - 752Sep 2013 - 764 - new all time maximum

Obsolete data &colonSmiley Wink Current TU - probably around ~750. I am now applying only for cards I can have fat sign-up bonuses on, repay them right away and close before next year. That's why BKLSBNKDELAWARE probably blacklisted me long ago, LOL...
Message 7 of 19
Senior Contributor

Re: How Long Will the 'Card' in Credit Card be Here

Citi and other banks offer key fobs.


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Message 8 of 19
Valued Contributor

Re: How Long Will the 'Card' in Credit Card be Here


jake619 wrote:

Full displacement of cards will not happen but they could coexist.  Good luck telling my Mom she has to have a cell phone if she wants to pay using credit.  Maybe the CCC will pay cell her bill as a way to buy her business.

 

I can hear it now... Oh man, I really wanted to buy dinner but my phone is dead... I could be wrong, cars will fly in the year 2000Smiley Surprised Oops!


Might not be full displacement but I can imagine old-style cards becoming almost a niche, and issuers focussing on other technologies.  One huge win for the cell phone-based solutions is that it incorporates GPS, allowing merchants to present special offers on various cards when the user is in the vicinity, increasing use for the credit supplier.  And then for the user there are apps which can advise you which card to use to get the best reward etc, so users will prefer this, as well as being one less thing to carry.

 

Yes, it's hard to know if we are in flying-cars-by-2000 land, but many people never predicted the rise of cell phones over the last two decades.  In mid 2012, 34% of households had wireless phones only.  As time passes, this will become much greater.  (Imagine trying to sell the concept of a landline phone now.  "When people call, it may not be for you, but someone else in the house.  And if no-one is there, well, you can find the message when you get back home.")

 

Or some other new technology might take over, transmitting devices planted into the eyes at birth for example!  (People might want to minimise the number of "cards" they apply for in that case).

Message 9 of 19
Frequent Contributor

Re: How Long Will the 'Card' in Credit Card be Here

Sorry I wasn't all that clear...

 

 

I agree that any new technology will coexist with the cards that are currently issued.  For a while now, I have seen the occasional article showcasing the alternatives to actual cards.  Im just wondering when or if one of the big CCC will start  using alternatives to cards.  Im even more curious to know if we as consumers would prefer the alternative or do we like the prestige of presenting certain cards.

 

 

5/2009 EQ-504(FICO), TU98-567(FICO), EX- 503 (FAKO)
10/17/11 EQ-633, TU04-652, EX-681 All lender Pulls
10/17/11 TU98-678
12/21/2012 TU98-677 (39% Util)
01/21/2012 EQ - 661 (37% Util) SW Alert
Message 10 of 19