Big Print Blog

Why are we calling this blog "Big Print"?

Because we want to shed some light on the small print you see in financial documents. By pulling back the curtain on how a credit card company really works, we can work together to be better.

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The Future of Credit Cards
Barclays Ring Public Blog

This week’s blog in our Financial Planter series, is written by Deacon Hayes, Guest Blogger, who is a Personal Finance Expert*


With technology advancing at unprecedented speeds, it’s no wonder that products we thought would be around forever are innovating in order to keep up with the times. Drones, self-driving cars and other types of groundbreaking inventions are changing the way we do just about everything, and the credit card industry is following suit.  From credit cards with chips, to all-in-one-cards, to mobile apps that store our information, the credit card industry is improving the security and convenience of how we pay for things. Here’s a look at a few disruptive technologies that are changing the way we use credit.


Chip Cards

With the number of data breaches and the rising numbers of counterfeit card fraud, card issuers are increasingly using chip cards to protect consumers. EMV (Europay, MasterCard and Visa) is the global standard for chip cards and the technology used to authenticate this type of transaction. With chip cards, the chip creates a unique transaction code for every single purchase. Because that unique transaction code cannot be used again, hackers are blocked from using that information to defraud your account. Since magnetic stripes contain unchanging information, the risk for fraud when swiping your card is much higher.


Multi-Account Cards

Multi-account cards can be beneficial as they allow users access to several different credit, debit and gift cards without having to carry the cards with them. Multi-account cards store information for each of your cards and then allow you to choose which card you wish to pay with at checkout.



Plastc sells for $180 for an 18-month subscriptionWith renewals costing $50 annually. The app can hold an unlimited amount of cards, that you rotate to use on the device, while the device itself can hold up to twenty cards. Plastc functions with a touchscreen that allows users to unlock the device via security code, review information and rotate cards for use at stores. Plastc comes with a charger and has a battery life of 30 days.



The Swyp card costs $79 and has no annual renewal fee. Like other cards, it can hold an unlimited number of credit cards but the device itself is “limited” to twenty-five cards; giving users the highest number of card options on a multi-account card.


Swyp also comes with a charger, and the company maintains that with normal use the card should only have to be charged around once annually. Although you need a phone to add cards to your Swyp account, you don’t need your phone to use the device once it has been loaded.



Stratos costs about the same as other cards ($95 per year or $145 for two years), and the app can hold an unlimited number of cards, but the device itself can only hold three different cards at one time.


While it doesn’t come with a charger, the company says that the device should last around two years with normal use. Unlike others, Stratos automatically sends you a new device when it detects that your current device’s battery is getting low.


Mobile Payment Apps

Mobile payment apps, such as Apple Pay, Google Pay, Samsung Pay and the new Walmart Pay, avoid having the consumer take out a physical card but rather use their smartphones and smartwatches to pay.


With mobile payment apps, you enter your credit card information into your smartphone app (either by entering it manually or taking a photo of the card), the app then encrypts and stores the information. When you pay with your mobile app (most mobile apps require either fingerprint verification or a PIN code), the app sends the information to the merchant, which then records the information on the coordinating card.


This security method is touted as putting one extra step of protection between your accounts and would-be credit card thieves, which is always a welcome technological advancement.


Company-Stored Credit Information

Many companies today simply store your credit card information, making it easier for you to make future purchases. How often do you charge for an Uber, an Amazon purchase or Facebook ad? You might have made purchases there multiple times in just one month, and you only took out your credit card once initially to store the information. Many companies are storing customers’ credit card information via a third party payment gateway such as Stripe, PayPal or Apple Pay.  Like Uber, employees (or drivers) are not able to access the credit card data and instead the company stores it securely outside their network. If you’re not familiar with a company’s transaction policies, you can visit  a company’s terms & conditions page online or contact them to ask if that’s the case when deciding whether or not to allow a company to keep your credit card information on file. 


What does the future hold for credit cards? Technology won’t change us from paying with credit. However, technology may change the need of us paying with physical credit cards. Only time will tell.


About the Guest Blogger: Deacon Hayes is a Personal Finance Expert who has helped thousands of people develop a financial game plan so that they can achieve their financial goals in life. He started out as a Financial Planner for an investment advisory firm assisting high net worth individuals. After realizing that his passion was to serve the average person, he quit his job to start his own financial coaching and curriculum company called Well Kept Wallet in order to help average people get from where they are to where they want to be with their career, money and lifestyle. He has been featured in the US News & World Report, MSN Money, Yahoo Finance and more.


*All content provided in this blog is supplied by Deacon Hayes and is for informational purposes only. Barclaycard makes no representations as to the accuracy or completeness of any information contained in the blog or found by following any link within this blog.



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