URGENT: The End of Traditional Credit Cards is Coming…
ฝัง
- เผยแพร่เมื่อ 15 พ.ค. 2024
- Credit cards will NEVER be the same if Visa does THIS! Are you (and your wallet) ready for the future of credit cards? Learn all the details here! Click “Show More” to see Ad Disclosure.
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🔗 HELPFUL LINKS
1. AP NEWS - Changes from Visa mean Americans will carry fewer physical credit, debit cards in their wallets: apnews.com/article/visa-maste...
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Visa announced on May 15, 2024 that major changes to how credit and debit cards will operate in the U.S. in the coming months and years are on their way. The new features could mean Americans will be carrying fewer physical cards in their wallets, and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant. They will be some of the biggest changes to how payments operate in the U.S. since the U.S. rolled out chip-embedded cards several years ago. They also come as Americans have many more options to pay for purchases beyond “credit or debit,” including buy now, pay later companies, peer-to-peer payment options, paying directly with a bank, or digital payment systems like Apple Pay.
The biggest change coming for Americans will be the ability for banks to issue one physical payment card that will be connected to multiple bank accounts. That means no more carrying, for example, a Bank of America or Chase debit card as well as their respective credit cards in a physical wallet. Americans will be able to set criteria with their bank - such as having all purchases below $100 or with a certain merchant applied to the debit card, while other purchases go on the credit card.
Other new elements are also in response to features that non-payments companies have rolled out in recent years. The Apple Card, which uses Mastercard as its payment network, does not come with a printed 16-digit account number and Apple Card users can request a fresh credit card number at any time without having to dispose of the physical card. Visa executives see a future where banks will issue cards where the 16-digit account number, if the new cards come with them, is largely symbolic.
Among the other updates unveiled by Visa are changes to tap-to-pay features. Americans will be able to tap their credit or debit cards to their smartphones to add the card to mobile wallets, instead of using a smartphone’s camera to scan in a card’s information, or tap the card to their smartphones to approve a transaction online. Visa will also start implementing biometrics to approve transactions, similar to how Apple devices use a fingerprint or face scan to approve transactions.
Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, Biltrewards.com and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcards #creditcard #creditcardprocessing - แนวปฏิบัติและการใช้ชีวิต
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you are a fool.
I have a question, how are you able to apply and have so many credit cards with high limits and get approved each time, but for me after I have 5 credit cards and there was around 5-10 hard inquiries under my transunion, even though I had a 829 credit score, I started to get denied from every bank for multiple cards
@@NoahTheodoris-yp4rp - I got my cards over 10+ years. What's your timeframe?
@@MarkReese On Credit Karma (transunion) it says 100% payment history, 3% credit utilization, 0 derogatory marks, 18 hard inquiries, and my credit history is 17 years and 10 months. It says I have 8 open accounts and 27 closed. The closed accounts have all been in the past 6 months. Current score is 829, but all of the cards credit karma suggests are saying poor chance of approval, not only that but it said to avoid new applications for 3-6 months
@@MarkReese On credit karma it says my credit age is 17 years and 10 months, credit score is 829, credit utilization is 3 percent out of 100, 100 percent payment history (no missed payments), 0 derogatory marks, and 20 hard inquiries.
All computer hackers around the world are smiling and rubbing their hands together, because VISA is gonna be a hacker’s paradise!
I bet they are 😬
"rubbing their hands together"
OyVey!!! LOL!
We will be alright. Only handful of them will be able to keep up with new technology inbound and most of them will have to do something else.
That's the point. And, that can be what evil wants to do.
Remember when they killed the coin card in 2017?
The moment corporations and gov say its for our safety... RUN!
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This new card is safe and effective.
So instead of one bank card getting hacked, all my accounts get drained. No thanks.
Crazy 😬
Yeah but having a credit card stolen isn't a huge deal compared with a bank account.
I am absolutely sick of all the manipulation.
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I'd prefer not to. I don't want all of my banking info available on one card. All that info put into one point of possible failure? No thanks.
Great point about 1 point of failure 👌
And you know they going to try financial coercion for compliance.. “oh, you have views that oppose the current regime? Lol Let’s just shut your accounts down.. maybe we’ll even confiscate it.. “
The biggest frauds come FROM the banks themselves.
And that’s different from a wallet? If anything it seems way easier to revoke credentials now since numbers are fully changeable
@@brettdomenick the problem is that it now means you have one big point of failure that's out of your control, if that single bank gets got, now all your accounts are at risk instead of just your credit card, imo it's better to have a few small points of failure rather than one big point of failure, think of it like this:Let's say you have four cars, and one key will get into all of them, that one key now becomes one big point of failure, as if it gets stolen, now all of your cars are at risk.
lol how asinine.. and preaking sheeples lol
This is a horrible idea
Entire savings will be wiped
Time to store it under the mattress 😆
That is the goal. Wake up.
Older adults don’t have the smart phones or know how to use all the features. Plus, I don’t use my phone to pay bills or shop.
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Perfect! So now if I lose this one card, someone will have access to all of my Chase accounts? All 3 credit cards, both savings and checking? Instead of just the one card that I lost? I don’t see how this is better…..
It's better for the new anointed do no wrong criminals.
im going to end up killing myself in this country if this world keeps going in this directions
Hopefully Amex stays far away from Visa's new bs.
You don't see how it's better, because it's worse.
Security better be the best in the world 😬 Good point.
Entering in your credit card number, exp. date, code - is a hassle?? How LAZY have we gotten??
Very 😬
Hate everything this is heading towards
Convergence 😬
@@MarkReese Remeber when senergy was used a lot... 🤣
yeah, No Thanks, this is terrible
no one cares
@@nevets4190 lot of people care more than people who care if you are alive.
@@nevets4190 bot
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Hey what's up?@@nevets4190
Not interested in all of the "Technology" on the phone. Lose phone lose it all. Lose a card... lose a card. I'll stay with using the card...
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While you can
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You won’t have a choice except to close your account
Well it can all be restored to a new device BUT still represents a single point of failure - for me ( especially now ) best to diversify your access to funds across as many different banks and access points as possible each separate from the other ! -
All this is leading to the mark of the beast chip in our hands
The Devil isin’t reeaal
@@plum4620 Yes he iiiiiiis
Biology + technology get a little closer to merging 👌
Oh yay one credit or debit card linked to all accounts. Great way for scammers to take every single penny you have.
Scary 😬👍
Who do you think are scamming you? Problem the scammers hired to keep you from being scammed.
If I have to open an app to select which card I want and then have to swipe my card I'm going to be annoyed.
Not even just that. What if your phone gets broken or stolen and you're not close to a place actually has a store for your phone but then again how you going to pay for your phone? Use that one car but then if you use that one card but you'll want to use a specific card on it. And how do you change that payment?
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All the complaints and why. You're not going to do anything but go along with it.
Oh joy, Visa can tell me I purchased too much beef and beer last month. Purchase Denied.
Social credit 😬
I’ll never submit to any of it.
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If i have to do all these, I will have no choice but to cancel every single visa cards I have.
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5/31/24...WHEN YOU CANCEL A CREDIT 💳 CARD , IT LOWERS YOUR WHOLE CREDIT SCORE!
@eileeneclark9011 not necessarily tho, my oldest account was BofA custom cash master card.
Decided last year to go back to cash. Using 3 different credit protection agencies now and still can't keep up with the dark side. These agencies are great at selling personal data. Done.
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I've been paying with cash more and more. Started with always using cash at the gas pump and branched out from there. No one can drain any of my accounts when I use cash!
Tap to send to someone else's phone? Tap to load my entire card onto a phone? So now all a pickpocket has to do is brush past me with an extra app on his phone that amplifies whatever signal the mobile wallet is using to load the cards/transactions?
Crazy thought isn't it?
Not crazy at all. What is crazy is this crazy idea of making no redundancy, Forcing 1one's financial currency into all in one place - everything available on one app in 1 place To be stolen. And as we all know, companies are terrible guardians of privacy and security. Worse yet forcing people to do it or give up their Visa credit card, which people have been using for years for all sorts of different rewards points and accounting purposes. Ick.@@MarkReese
You should be using an RFID protected wallet anyway.
Have no interest in using my smartphone with any banking/financial apps.
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The one location feature negates the barrier a credit card creates between your cash in your checking account and the outside world. That was the best thing about paying with a credit card, the zero fraud liability it offers and the fact if someone grifts your credit card info, no big deal to shut it down, but if they get into you checking account and the fraud dept has to freeze that, nightmare.
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No good!!! Not for me!!!
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This sounds like a nightmare from data repository perspective. Smh
Could be ✌
Sound's like a nightmare just watching this video.
Sounds like a nice transition to the CBDC, centrally back digital currency aka FED COIN
Bingo
One step at a time 👌
Exactly!
I'd rather just carry the cards. Keep things simple!
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I don't want all my cards on my phone. I'm cool with my wallet holding my cards
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4:51 so now instead of pulling out your card and entering the info. Now you click here, then here, then here, oh then here and now paste here and click here. Now you achieved the same process as before with so much more ease! 🤦🏼♂️
😂
It sounds like rules you would set up in advance, and it then works as normal for the card. You don’t open the app every time you pay for something.
I wonder what will happen with the few businesses who need the 16-digit numbers from cards for verification. After purchasing my home two months ago, furniture store RC Willey needed my exact credit card present at the time of delivery to verify the purchase. Also, when I paid for my daughter's driver's test at DMV, they could not use any cards that did not have the numbers printed on them. Furthermore, this seems like a credit card hackers wet dream lol.
Why not show the 16-digit account number on your phone?
@@MarkReese That would work if I still had an iPhone, switched to android lol. Also, both required a physical card with numbers printed so nothing on a device would have worked.
@@steve_rogers_usmc1990 Pretty sure iPhone and Android tech is pretty interchangeable. But what do I know, I've only been an IT guy for 26 years.
Geez, don't do this BS... Don't let them put everything into phones! Those are basically wide open to everything on the Internet and there are very few pieces of security software... And what about that BS with cards with no numbers?! There are still places, that use the old EMBOS system out there! Hell, I live in Europe, even I used magnetic stripe and signature not too many years ago! This would make the card virtually useless as travel card in some jurisdictions!
A hackers paradise... 🙄
All in 1 = 1 central point of weakness.
I just feel like that is a security risk if everyone knew every penny you own, and every account was accessible on one app on your iPhone. Not necessarily just for hackers, but also for any in person physical hold ups or theft.
Not a pleasant thought 😬
the second i get into anything they take it all away from me
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Ummm no. convenience is the antithesis of security. Too much digital, too lazy, too easy to track...hate it. Glad I generally do not use VISA.
I hear ya on that.
Here's the thing, the vendor can make up rules, too.
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Although I am for conveniences I like having different options using credit/debit cards. Especially traveling outside of US, sometimes it's necessary to have physical card. Some countries still prefer cash payment. That's why I even have Charles Schwab Debit card which works great overseas.
Fantastic debit card right there 💳
I would never carry a card that had access to my other accounts that is a disturbing concept. I'm fine with carrying around the credit card because who cares if it is stolen but my debit card? Oh no never, I hope this dies in dev it has no place here.
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I can only imagine the plethora of additional fees that could come from the wrong card being used for the wrong thing. As an example, attempting to withdraw cash ends up as a credit card cash advance instead of a withdrawal from your checking account balance.
Gotta make sure to choose the right product!
The problem is, this only works well if all your cards are Visa. How smart are the rules we can apply to our card set? For instance, can we set Dining to the Freedom Flex until total dining spend between 4/1/2024 and 6/30/2024 is greater than $1500, or change what card we use for dining manually?
I'll use what's in my wallet right now as a use case. Gas is on my Discover It card, Dining I'm using my Ford Pass Visa until I hit the annual bonus ($200 for spending $6,000 every calendar year), Grocery my Amex Gold, Catch all is my SoFi Mastercard, and I need to swing by Lowes, so I have my Lowes card in there. With this example these features don't really help me at all.
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2:46 Actually @Mark these features have all been available in the UK for quite some time not just the EMV chips... Curve Card over here has had (amongst other features) numberless cards, as well as a GBiT feature (Go Back In Time) to select what card to move a transaction to, a few days after the fact, as well as a feature to select which card to use for each spending category, they literally call it 'Smart Rules' as well so it'll be interesting to see what happens with that. It will also be interesting to see if VISA can manage the product better than the shit show Curve has turned out to be.
Yep 👍 The Curve Card ended their rewards program & stopped taking new applications in Jan. 2024, right?
I will move everything over to Amex happily, I already have most of my spend going through Amex I will have no issues going exclusive. I see card cancellations in the future if this happens I like everything separate and spread out this sounds like a horrible transition!
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I hope this doesn't ruin credit card rewards in the future
Hope not!
@@MarkReese do you think it will?
@@jwil4286 - No.
All about control period!
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@@MarkReese lol Where is "i dont think so" 😢😢😢 lol
Have to see how this will actually work in practice first. A lot of these features I won't use, but as long as it doesn't interfere with points and cash back I don't care.
Definitely gotta wait to see how the real thing works after launch.
This is an awful change while I'm traveling And I'm visiting a country that doesn't have much English. So how am I supposed to have access? And how is the payments work? So what if I want to use different cards at different locations so I have to go to an app or something to change it? I barely use my wallet as it is but even then if I lose my phone then I'm screwed or my phone gets broken and I like having multiple cards. I like collecting them in a sense
This is Is not good. So if I lose my phone and I need to buy a new phone I can't. How do I determine where I want to do my purchase on? What if I want to use, for example, a sapphire preferred over the freedom flex at this time when I'm making a purchase by how do I change that if I don't have my phone if my phone's broken, or dead or stole?
Hopefully this whole thing is thought out _really well_ prior to launch 😬
That is easy They will allow you to press the keypad after swiping or tapping your card to select what card you want to use. Then hit the # key to confirm card number choice so that card info is used for the payment. ## I do not like this at all when it gets hacked all of your banking and credit info will get stolen.## Let alone the way the government has been able to seize people bank account and get their credit cards canceled Now they will just have to call or email on place to get that done instead of having to go to each bank and credit card company.##!!
5/31/24...."THEY" ARE JUST SO DAMNED DETERMINED TO "WATCH EVERYBODY" + "CONTROL EVERY TRANSACTION" + "KNOW EVERY TIME YOU FART OR BREATHE OR SCRATCH YOUR BUTT ".....
I dont use any banking or any credit card transaction via cell phone!
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No thanks!!!
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Why not put a mark or microchip on everyone's hand or forehead? That seems a lot simpler!
One step at a time 😬
You mean like an invisible quantum dot tattoo that uses a patented ink called Luciferase? Like that?
@@twinklefire7241 Yes Ameen!
Not worried about it. They also announced decades ago that they would start to roll out „Pin First“ credit cards .. and I’m still signing 😂😂
Life is really tough when one has to key in 16 digits!!!! JHC!
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This sounds like a nightmare. I don’t use my phone for any banking!😢
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I read that this morning at 0'dark thirty...I was waiting on the card gurus to address this......
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Cool. I’m ready for it
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How will this work with all the co-banded credit cards? It seems like that will push out co-barnded cards to me. Sad day if so
Not sure at this point.
Hello cash!
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Thanks for confirming we are one step closer to a social credit score.
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When Fed Now was introduced, that was my clue to stop using VISA etc.
Why is it that some businesses are now deciding NOT to Accept CHASE credit cards…
I’ll keep my cash
I'm guessing it's the one(s) with higher annual fees with a Visa Infinite designation? Those likely have higher interchange fees charged to the businesses than lower-tier cards.
No way!! I'm going back to cash. NOT ONCE was it mentioned who is responsible if you get hacked-you can bet it's NOT the bank or visa. Which means that YOU have to get an attorney to get everything straight-no responsibility from banks or visa!!
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Other titles which may have been more appropriate for this video is "New Credit Cards allow Steal by Convenience" or maybe "New Credit Card Allows Central Control" instead of "Pay by Convenience".
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This is a bad idea, i have several credit cards but only carry 1 at a time. If i lose it im not screwed its just 1 card i can freeze it and move on.
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Seems like the Curve card, but with a massive update.
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This is stupid would like to keep my account separate
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So when your account gets hacked they have access to all your accounts. How convenient for the hackers.
What’s this all about. I haven’t been carrying physical cards or entering card numbers for many many years. Who does that these days? All done through the digital wallet.
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passkeys are pretty cool though
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This is good for credit card company makes maximum your line of credit more money for them but also high risk on getting hack
There will definitely be winners & losers with this.
do a video on the new trend, the 8 dollar late fee backlash is coming, synchrony raised the rate of some cards to 34.99, Usaa just jacked the balance transfer fee from 3 percent to 5 percent and my amazon gift card minimum went to 5.00 per transaction. All of this in 30 days from an 8 dollar late fee rule.
Thanks for the suggestion, but I don't plan to cover those topics at this time.
I barely know how use my phone, they can take their credit idea and stuff it.
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Seniors as a rising population, have a problem using computers and cellphones already,
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God, what a mess. I have a headache just thinking about how something like this can f**k up your life.
Will they work on how long it takes for things being stuck in the pending stage. Is it not just one computer talking to another? And with AI and Quantim computing, why so long with pending
LOL Its people
like you that
Will be the reason the gov can Control everything here sir .... let the GOV
monitor and control our spending activity
surprise! yours
driven, traveled, eaten too much .... big brother has frozen your account 😢
Pending for 1-3 days is awful 😞
So Visa's version of a more sophisticated Curve?
Yep 😄
How will this affect different types of cards? For example, will this single card be able to hold a visa signature and visa infinite and keep their protections separate?
We'll have to see once it rolls out.
What about paying pure cash..at some place...
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I like paying with credit cards and then pay off monthly statements in full. Never debit, cuz that is directly connected to my bank account. Gonna pass on this hackers’ one stop shop.
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So like what if our -hone has low battery or is dead we are just screwed then? Then is such a bad idea
Caos 😬
As a person who definitely isn't a hacker I can say that I like what I hear. Tap tap, music to my ears.
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I already do this don't understand what's the big deal I have all my cards with Google wallet best thing ever
The difference is that you do it directly with the banks, not a 3rd party like Google Wallet or Apple Pay
Hopefully the implementation will be good & worthwhile. We'll have to see. I too am a fan of mobile wallets as they exist.
So it sounds like it will basically be an enhanced version of Apple Pay. And as far as P to P, since my friends and I all happen to bank at the same institution, we can transfer money to each other directly through the banking app.
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I hope it's an opt out feature. There is no way i would want this. Im willing to put in some work for somethings in life. Yikes!
Sounds like an overcomplicated method to get even more data on their consumers
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Hey Mark! 👋
Yo!
Platinum Amex went south during pandemic 4500.00 outstanding. Should I pay it off, utilize Secretary of State. or something else? Exp/Equ/Tra all 700 or above. Please advise.
If you spend $4,500 on your card, then you owe $4,500. Pay it off.
I would have zero issues with this move. However visa requirements for a USA based number is outdated and a pain. Even if you have other CC some of them still uses Visa method. There is zero ways for me to authenticate thier security since they won’t send to certain numbers. Even if it’s a USA number. They won’t do email anymore. So basically you can’t use it at a certain point.
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What a tedious inconvenient system. Best to return to cash. No need to waste time with these apps, no need to carry and loose your phone, no need to spend time dealing with all these gimmicks. Cash is getting better and more attractive again.
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My mom still can't master her debit card. This is gonna be a headache for her = \
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Great idea on paper, although this could be bad due to hacks
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With all these data leaks I’m good on this lol. Just take one big leak and everything is on the dark web, like my social, account numbers, and everything else smh
Not a comforting thought 😬
Seems to be forced to save on plastic/chips rather than security
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US is way behind Europe and Asia with credit card payment system which is faster and with much lower transaction fees less of than 1%
Yep 👍
I'm starting to have memories of how long and terrible it went addong yhe EV chip.
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Is Master Charge going to do this too?
No info about that at this time.
I think we have very different understandings of the word "urgent"
Haha the rollout ain't happening in the next 24 hours. I just wanted to get the info out to people urgent(ly) 👌
How do people who do not have smart phones pay? Does you 14 yo need a smart phone to buy a big mac or go to the movies. There is a disconnect between the people who make the rules and the people on the other end. How will all the homeless people in Cal. pay for food. I do not see how this will work. Ben
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This will be the ultimate heist..
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This is about control, cash will be phased out. Remember the truck drivers in Canada? Yeah…
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This was fasinating
I thought so too.
Hell no. Will not comply
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Hm, looks like it may be better to not use credit cards but use PLOC instead?
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Geez not a fan of this. I hope Mastercard doesn’t do this bs too . I’m sticking with my Amex
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