Credit Cards Heading Toward a Midlife Crisis?
Credit Cards might be kicked toward the door as mobile payments continue to grow in scope and popularity, according to a report by PricewaterhouseCoopers.
Related: Credit's Mid-Life Crisis - Time to Get a Corvette?
The report, Precious Plastic, suggested that banking institutions focus on creating mobile payment options as future potential lies primarily with NFC technology – not credit cards.
However, the report acknowledged the challenges that the mobile payments market faces and that it be some time until they are utilized across-the-board.
Click here to read the complete article via Think Money.
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Posted by cheap beats by dre, 11/05/2012 4:03am (6 days ago)
This article is hiding something. When convenience users pay with a debit card rather than credit card which they pay off in full each month, when consumers that need credit go to a very expensive pay-day lender because no bank will provide them a credit card, why is this a sign of a midlife crisis for credit cards?
Are credit card issuers so mismanaging the huge income stream from lending that they need interchange fees from convenience transactions?
Are credit card issuers so geared up for volume that they need to lend to non-creditworthy individuals?
This article recommends strategies for coping with these insignificant changes but does not address the need for card issuing banks to organize operations around a reasonable return for lending.
Posted by Scott Harrison, 08/02/2012 9:49am (3 months ago)
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