RFID credit cards are taking 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 type in a pin number, swipe your card through a reader, or even sign for the sale. Instead, a coil radio transmitter insider your card–imagine how small it must be!–sends out a tagged radio signature, that then gets transformed by the way you move your finger over the card.
In essence, your personal way of “swiping” your card with your finger gives the signal a distinct “shape” that acts like an electronic fingerprint. In theory, no one else could have this electronic fingerprint. It’s not so much theory anymore. Some credit card companies are already experimenting with RFID technology. You can use them at gas stations, convenience stores, maybe even vending machines.
But is this technology as secure as all the experts say it is? It may be, but the thought of not signing for your purchase may make you have the heebie-jeebies. Also, usually with regular credit cards, the cashier is supposed to look at your card and compare signatures, to make sure you are you, each and every time you make a purchase. With RFID cards, you forgo this extra step of security.
Another issue with RFID cards, and one you won’t hear the credit card companies make, is that RFID cards make it possible to too easily to spend and drive up your debt. If all a person has to do is wave their card at the fast food restaurant, to get gas, to buy that expensive new flat-screen televisions set, then chances are they may start waving their card more and more. In the long run, that will make a ton more money for the credit card companies. But for the buyer, that could mean a long lifetime of living in debt.
Another potential issue with RFID technology is that it could be the next wave of the future for everything from passports to security to get into buildings. It could be used possibly to even track your movements throughout the day, the week, and the year. Just imagine–your car, every building that you enter into, your house, your work–all of them have RFID security technology. That makes for a chance for Big Brother to keep an eye on you. A scary thought, and pretty far-fetched, yes, but a possible reality none the less thanks to RFID.
Posts Tagged ‘ Gas Stations ’
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Feeling down about your rising gas bills? Gas rewards credit cards can help! These cards offer you a chance to earn money back on your fuel purchases. There are plenty of reward plans to choose from. Before you apply, here’s what you need to know about gas rewards credit cards.
How Gas Rewards Credit Cards Work
Gas rewards credit cards are similar to cash back cards. Most operate on a percentage system. Every time you purchase fuel, a certain percentage of cash is returned to you. This usually ranges from 1 to 6%. So if you spend $200 on fuel each month and have a card that offers 5% cash back, you will receive a reward of $10 each month. How’s that for pumping fuel?
Some gas rewards credit cards operate on a point system. You earn points based on your fuel purchases. These points can then be redeemed for dollars. Your cash is returned to you either through a check in the mail or as a credit to your card statement.
Plenty of Options
Gas rewards credit cards come in many varieties. Some card companies offer gas cards that earn rewards only at certain gas stations. If you regularly fill up at one place, this may be a good choice for you. Other companies allow you to earn cash back at any gas station. If you tend to vary where you purchase gas, this type of card will work better for you.
Some gas rewards credit cards also allow you to earn points or cash back on purchases besides gas. These may include a 5% cash back offer on gas purchases and 1% cash back on others. Or they could include a higher percentage back on both gas and auto maintenance purchases. If you want to use your card at a variety of stores and gas stations, one of these plans may benefit you the most.
Most gas rewards credit cards offer an initial introductory period with extra benefits. This might include a 0% or low APR for the first few months. Also, your card may offer extra points or a higher percentage of cash back on purchases for the initial period. This gives you a way to earn extra cash right from the start. If you are traveling more than usual or are already putting in plenty of miles on the road, the gas reward credit card can give your wallet an added boost at the beginning.
What’s Right for you
Keep in mind that most gas rewards credit cards require you to have good or excellent credit. Also, many of them include a higher interest rate than other credit cards. So if you pay off your credit card bills each month, you can reap the rewards. However, if you usually carry a balance from month to month, a different credit card may work better for you.
Evaluate your spending habits and travel budget. If your fuel bill is usually high, gas rewards credit cards are an excellent option for you Look through the different gas rewards credit cards available and find one that will benefit you the most. Then apply online for a gas reward credit card. It is a great way to get some money back for a needed expense.
Only three things are certain in life – death, taxes, and rising gas prices. Reducing household expenses can be easy enough. Just make do without certain things that you do not need. Reducing gas expenses, on the other hand, can be a little more complicated. Your car will always require the same amount of gas to run and you can’t change that, unless you walk, commute, or ride a bike. Inviting as these alternatives might be, it defeats the purpose of having a car in the first place.
Because of stiff competition, credit card companies have collaborated with gas stations to come up with the best gas reward credit card. The best gas reward credit cards on the market today are forever competing to come up with the best incentives for consumers. By choosing the best gas reward credit card most suited to your lifestyle, you can reduce the costs of your gas expenses considerably.
Match Made in Heaven
The best gas reward credit cards allow consumers to accumulate points for every gas purchase they charge in certain gas stations. This is a partnership that is beneficial to both the credit card and gas companies. Affiliate gas companies pay credit card providers what we call merchant charges for the use of credit card facilities. And since the best gas reward credit cards are specific to certain gas brands, gas companies gain the advantage of being set apart from the competition.
As a consumer, you benefit every time you use the best gas reward credit cards. You earn points simply by frequently charging your gas purchases in affiliate gas. Once you have reached a certain point threshold, you are rewarded with free gas.
Make Your Credit Card Work for You
Many credit cards claim to be the best gas reward credit card. Before settling on a specific credit card, however, research your options and find the best gas reward credit card that fits your needs. Remember that the best gas reward credit cards only award points for gas purchases made in affiliate gas stations. If you have a specific gas brand of choice, it is best to apply for the best gas reward credit card it is affiliated to. If sticking to one gas brand does not appeal to you, however, there are also gas credit cards that allow you to earn points from any station, like the Chase PerfectCard Mastercard and the Discover Gas Card.
Apart from earning points for gas purchases, the best gas reward credit cards also offer other perks to consumers. Some of the best gas reward credit cards offer a 0% annual percentage rate, or APR, on purchases and balance transfers for an introductory first year. Cards of this type include the Chase Freedom Cash Visa Card and Chase BP Visa Rewards Card.
Another feature common among the best gas reward credit cards is the ability to earn rebates when used in restaurants, retailers, drugstores, and supermarkets. Cards like the Citibank Drivers Edge Platinum Select Card and Blue Cash from American Express let you do this. There are even gas credit cards that earn points not only with gas companies, but also with most leading car manufacturers throughout the world. Examples of these cards are Volkswagen Platinum Visa, Chase Subaru Mastercard, and GM Flexible Earnings Card.
With the variety of privileges offered by credit card companies, no credit card can singularly lay claim to being the best gas reward credit card. Compare and find out which one can save you the most money. Finally, choose not only the best gas reward credit, but the one that gives you the best value for the long gas-ups ahead.