We will be saying goodbye to 2017 soon, but credit card holders can look towards 2018 with eagerness. The market has spoken, and your call has been answered. If you are one of the many credit card holders that were looking for convenient, efficient and up to date banking that keeps you the consumer in the centre, you will be pleased to find out what lies in store for you with these four credit card trends that will ease your swiping woes.
Before we lay out the good news, lets deal with the not so good news. Economists predict that there could be a drop in the Australian dollar which is to fall 70 US cents in 2018. How this will affect you is that it could push the Reserve Bank (RBA) to put a rate hike of 0.25% sometime next year. But before you bellow a big sigh of why here is the good news:
Prepare yourself for big bonus opportunities
It’s the new year and you know that businesses are still hungry to sign up new customers. This means that they will be offering competitive rates for credit cards just to have you. The reward points will probably blow your socks off. Spoilt much? You can shop around and compare for deals that offer a 0% interest rate for a period of time that will make you pay back your debt with ease in those few months. However, don’t be lured in by deceptive credit card marketing. Speak to a financial advisor who will help look for and compare the best deal to suit your needs. There is no need to feel left out if you are an old customer as you will also be given a more solid loyalty programme that will keep you feeling at home.
No more signatures
Although it will be missed in terms of making you feel official, major card issuers such as Mastercard are looking towards ditching the signature to allow for a more faster transaction. We will wait and see if the wave hits Australia. If you are a swiper who always found the signature signing a bit pedantic, or if your hand suffers from embarrassing onsets of the shake then this will put a smile on your face.
Face recognition will replace your card
You are trying to make a payment and as you reach into your wallet to pay you realise that you left your beloved card at home, and that taunts you are a few copper coins that sit comfortably at the bottom that won’t do any justice. In 2018 you can see such problems resolved as credit card producers are looking towards creating face recognition payments. In some places in China customers are enjoying the luxury of making payments with their face, and it could soon catch up with the rest of the globe.
An introduction of a debt-clearing card
Did you say a debt-clearing card? Australians have an accruing debt in interest rates on their credit cards that are sitting at $31,441,804,737. That’s approximately $1278,42 in interest for every Australian, even the little baby in your lap. An introduction of a new credit card by Orange One card can help you clear your credit card faster, and in the process, help you save thousands of dollars in interest. It is designed with a mandatory autopay, higher minimum repayments and a fairer interest schedule. Customers who have this card can take a $250 payment and break it down into paying it with an instalment plan that has a lower rate of 9.99%. This is different from the average 14.99% that cardholders have to fork out.