Mobile Banking Become Much More Popular

Thanks to a new application or program, smart phones are also on the role of hand-held terminals for banks, it is good news to credit card users.






The number of mobile phone payment users increased to 734,000 in 2009 - more than 70% in 2008, according to consulting firm Gartner. By 2012, the number of mobile phone payment users is expected to 190 million yuan, more than 3% of the total mobile users. Asia-Pacific region and Japan is expected to capture the largest market share is expected to command in 2012 when in use, the use of 3.8% expected in North America rose to 3 percent.



Sandy Chen Shouhong, research director, Gartner believes it will take a few years ago into the mainstream of mobile payment, she was defined as at least 20% of bank customers.



Though is very large, multi-art design is really for the arts is indeed habit of people who do online banking at a time and place - the weekend at home (or lunch time in their desks), so they do not see the value of a strong the use of mobile banking services. Therefore, banks need to provide more, not just to extend their online banking, mobile phone users.



It believes that banks and credit card issuer shall provide different products to meet the specific needs of their consumers. Some cardholders may choose to apply only for the text warning, while others can download the program on the changes to allow them to manage all their financial transactions Benjamin from their phone.



Festival should be carrier-agnostic so that all customers can use their mobile banking offerings, whether they are with the carrier.
 
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The National Average Interest Rate on New Credit Card Offers Fell Steeper

Interest rates pulled back from record levels this week.



The national average of new credit card interest rates fell by 25 basis points, providing almost fell to14.39 percent, according to Taocredit.com weekly reports of credit card interest rates in , from the highest level since the beginning of the track in 2007. This is the second time in 2010, interest rates (APRs) decreased, and this is because the decision of the credit card market, one of secondary, eliminating the card offers compared to nearly 60%.



First, customers with poor credit goals, decided to make it the following to try the gold MasterCard. "We use it as a test, our long-term viability of the product test," said a spokesman for the First Prime Minister Amidebin. Since that card has such a high rate - 59.9 - it is only to promote the national average removal of lower interest rates credit card.



Though the rates fallen would have been even steeper, it is somewhat offset by the rate of increase in the number of other card issuers.

The Different Facts Caused the reducing credit card purchase

With10.8% users of e-commerce growth in 2009, consumer of online shopping, always avoid to the credit card payments, while debit card or other payment methods, become more and more frequently used to buy online. The results of the survey is based on February 2010, "online retail revenue and expenditure for 2010-2014," Javelin study.

According to Javelin research, there are many reasons to explain of reducing credit card purchase, and said they would continue to do so. Poor economic growth hold back of consumers to carry large amounts of Balance Transfer Cards may be the most important reason. Nearly half of consumers (48%) said they have begun to use debit cards to help control the procurement, and reduce the use of credit cards in 2009. This merchant locations, continuing diversity of payment methods to meet the needs of value added purchase online. Consumers often want to leave a credit card or debit card, or change the basis of the options - thick black checking account balance is too low or they reach an available credit limit. Online credit services to enable consumers to delay in payment, this is our advantage, letters of credit provided the terms of the credit card. 11% of consumers choose this trend in online payment "option. In order to improve the user's security information or the identity of individuals may choose to avoid the payment of a credit card purchases. Some banks and other trusted providers to choose online payment option to a number of recommendations.

Choose alternative payment method will account for 19% of the total retail payment, online credit card usage declined in online purchasing by 2014. Through on-line purchase of a major credit card is expected to decline from 2008's 54.8 percent to 39% in 2014. Debit cards will include 26% of online sales by 2014.

Javelin reports, compare the volume of online shopping and credit cards and debit cards from 2008 to the present, it is expected that through the major credit card will fall from 54.8% in 2008 in 2014, from 39% of online purchases, while only 26% of the online sales will be prepaid credit cards in 2014.

New Law to Credit Card

Under the new law’s credit card issuers must warn consumers of the danger, what is the lowest monthly payment and details of how long it takes to repay the debt, as well as how much interest they are actually paid. This is essential, especially in the education of consumers of information, especially the impact on young people, or lack of, selecting the minimum amount so that to avoid the true potential of their debt. In many cases, like my son, only the minimum amount may not even cover the monthly interest rate, which means that your balance will continue to grow. Specific to the consumer under 21 years of age, credit card companies will no longer be able to solicit a person under the age of 21 who can not prove they have the financial stability to repay debt. If you are 21 years of age, with your name to the credit card, and now you have to prove you can repay your bill. If you can not, you must have a co-signer who is over 21 years of age. This new rule will not only encouraged, but required, many young people learn to spend the way they have to rely on cash or debit card back in cash. For the current economic crisis and more and more outrageous the new policy and credit businesses, the country is slowly embracing back to nature concept, if you do not have it, you should not have to spend. Many of today’s young people have begun credit-only families in the purchase of any cash is non-existent, but stolen. Prepaid debit cards will serve as a great solution to help manage the funds without getting into debt. Many financial institutions, bank card is designed for students with low costs. My organization, to pay the family the first place, offers a Visa debit card, known as the upper part, I have seen first-hand what a positive experience, can create for adolescents and their parents in fund management and education.
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Different Options for Paying Off the Debt

Many people may not know how to pay off credit card debt in a certain period of time. This really is a complex matter. We have taken a specific figure. That 11 thousand U.S. dollars of debt to be paid off within three years, there are different debts in different account: First: 7500 U.S. dollars; second: $ 3200; three cards: five hundred, 400 yuan, four cards:.

First, we should have the confidence, which is a reimbursable target goal. Followed by analysis of the plan in many ways. One is you have quite a decent interest rate on your account. Such as 12% or so, and then pay your credit card balance of 11 thousand U.S. dollars within three years, only requires you to apply for about 370 U.S. dollars a month, if all your debts in a single account.

But you have four different accounts with different balances and also with different interest rates. So, this may be a painful experience of the decision to pay off the debt accounts. High interest charges each month is indeed a thing for many people, the hated, you can make a credit card interest rate comparison then choose to pay the balance with the highest interest rates. At the same time, at least the minimum amount on all your other accounts, and use all your monthly debt reduction from the budget account for the highest interest rate until paid. There is another option is to pay off the minimum account balance, if you want to see progress as soon as you pay off the debt. Of course, you can also choose to pay off the highest settlement accounts. In any case, pay off the arrears of individual behavior, is so different, there is no set method and calculation formula, or it can be said, but not the best way, only better.


Another situation is that you have horrible interest rates, such as 30%, and then if possible, you can move to a low interest credit cards difference between the cards or add additional accounts and emergency reserves of at least a small amount of money. This account will help you to avoid adding to your balance the cost of accidents. You should not stop the manufacture, reduce your monthly debt payments of additional accounts, even if you pay off your balance, until you reach at least 6 months of living expenses.

One more thing, you should keep in mind is that when you focus on a particular account to pay faster, while in all other accounts, you may need to do more than the minimum payment, otherwise you may not meet your satisfaction time frame of three years.

College Credit Card Parties Are Over

The new bill requires that all contracts between universities and credit companies to be disclose, so the people can see the real rebate that campus get from selling students’ alumni names and information to creditors.

This is an important step and go into the right direction, so that our colleges and universities to stop at the expense of the student financial futures made a fortune today. This will enable School of Business Administration to seriously consider doing a deal could hurt their students.

This really is a milestone. Since my son's experience since 1992, I have been a task to get the credit card companies and university campuses. The law is the first step, and now our parents and grandparents still needs to continue its efforts to do a better job on the education of our children about money knowledge.

Credit card companies are no longer allowed to use free food, pizza provided by the recruitment of other gifts, show which attracted more students to apply for credit cards within 1,000 feet of university and college activities.

Most university students in a tight budget, they often embrace any chance to the impact of free or small gifts do not realize that it can be harm to their financial future. Credit companies have taken advantage of our college students for too long, to lure them to log on for the new cards with free food, backpacks, logo Institute for Race and gear and even free air tickets to return home. This new policy, the protection of our children from being unwittingly hungry credit card companies’ target.

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New Federal Rules For Credit Cards Offer Great Protection

Federal Reserve System, a set of new rules proposed in the Wednesday can control the credit card for business the ability to charge a series of fees and the imposition of higher interest rates. This change will be a series of consumer’s protection at the end of February the implementation of the duties and responsibilities of credit card information disclosure act, also known as the card acts and may continue to change the credit card from a simple source of income for banks.


To prevent the credit card issuer obtain large penalties consumers charges, forcing the issuer to re-rate increase since the beginning of last year.

The new rules, thus affecting in August, prohibiting certain tactics, and credit card companies have achieved from the card law and bipartisan support in May 2009. In those that have caused the largest consumer contempt: Charging 'activities, the cost of the account holder was unable to use a card, so that the annual cost of the new purchase is different from the cost of inactivity, usually at 50 dollars and 100 U.S. dollars a barrel mark for the same time, regardless of how often accused of using a card.

The Fed's new rules also bar the credit card companies  customer penalty costs were higher than U.S. dollars obtained from the amount of over-committed customers. For example, a customer is late-payment, the minimum payment of 20 dollars will be charged for any fees may be no more than 20 billion U.S. dollars. Many credit card companies charge 39 U.S. dollars in fines, regardless of the actual amount of the transaction, resulting in a penalty.

However, credit card issuers will find new ways to make up for lost income, even these rules take effect, these changes in August in a new cost increases.


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