New high-tech credit card set to be launched
A new high-tech credit card that features an LCD screen and touch-sensitive keypad will soon be launched by MasterCard and Standard Chartered Bank Singapore.
The Display Card works like any ordinary credit card but it also allows users to create one-off passwords while banking online.
Many high-street banks require customers to use their card and an electronic card reader in order to access their account online. However, this card means you don’t have to worry about losing your card reader, as your credit card will do the same job.
According to MasterCard, this next-generation technology means that, in the future, you could check your balance, recent transactions and reward points on your LCD-screen bank card.
The Display Card will be available in Singapore from January. However, it is uncertain when it will be made available elsewhere.
Used by the holder to buy goods and services, credit cards also have a monthly or annual spending limit, which may be raised or lowered depending on the creditworthiness of the cardholder. But unlike charge cards, borrowers aren’t forced to pay the balance off in full every month and, as long as they make a stated minimum payment, can carry a balance from one month to the next, generating compound interest. As the issuing company is effectively giving you a short-term loan, most credit cards have variable and relatively high interest rates. Allowing the interest to compound for too long may result in dire financial straits.