GOOD BYE CREDIT CARDS! The CELL PHONE is replacing the credit card!

By
Mortgage and Lending with Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT MLO 10920

Using infra-red and bar code technology, you will be using your cell phone to charge your purchases.  Plastic cards are going the way of the dinosaur. I believe this is a GREAT step forward.  Benefits: All your cards in one convenient spot.  Quick reporting at your fingertips.  Reduced processing costs at credit card companies (will they pass on any savings?: Let's think positive!)

The pitfalls?  Lose or damage your phone and lose a lot.  Can we truly eliminate the plastic?  I believe there will always be some plastic available for those who are not technology savvy.  Not everyone has cell phones and I believe there will always be those who do not wish to have cell phones.  Even if the credit card companies offer a free cell phone for just using it for credit purposes, there will be consumers who choose to continue using plastic.

Another pitfall? Too easy to spend money!

Click on this link to read more:

http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/index.htm

Posted by

Ann Sabbagh, President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

 

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Rhode Island Providence County Providence
Groups:
Mortgages
Blogging & SEO
EXPRESS WITH WORDS AT ACTIVERAIN
Addicted to Active Rain
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Tags:
fha
l
203k
refinance
ri mortgage
ri refinance
ma mortgage
ann sabbagh
ri loans
ma loans
ri loan
ri purchase
lending ri
loans ri
mortgage ri

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
409,251
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Great info, who would have thought?  I feel sorry for the elderly, who won't have a clue though..Hit Submit for you...this is an interesting concept.

Jan 24, 2011 03:02 PM #1
Ambassador
1,723,119
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

In terms of ease of spending money, I really do not see any difference with telephone. Plastic is also not real money, so that is the difference?

Interesting information.

Jan 24, 2011 03:05 PM #2
Ambassador
2,357,554
Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Interesting - I use a Debit Card for Internet Purchases, Hotel and Airline Reservations, other situations where Cash doesn't work.   My "Credit Cards" got chopped up a long time ago.

Jan 24, 2011 03:08 PM #3
Rainmaker
743,948
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

It will take me a long time to warm up to this idea.

Jan 24, 2011 03:22 PM #4
Rainer
144,389
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

Though I do look forward to this technology rolling out I do share the concern about losing my phone. I guess that's just what happens when you consolidate everything into one device.

Jan 24, 2011 03:44 PM #5
Rainmaker
2,034,073
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

I think I've averaged loosing one phone a year... that would be costly!

Too much personal information is bundled up in tidy little packages that makes it easy to fall into the wrong hands.

Now these are the issues I'd like to vote on and debate before the decisions are made... but of course, it will never happen.

Jan 26, 2011 02:24 PM #6
Rainmaker
190,116
Kathleen Ann Pacheco-Corbett
(FIRST Exclusive Buyer's Office Providence-RI) - Providence, RI
Realtor, RI-MA, CEBA, Master, e-Pro, ABR, ABRM, GR

Personally I feel muchsafer just using my debit card rather than credit cards. I would certainly be concerned about my phone getting stolen or lost and into the hands of some untrustworthy individual. Technology is our future but we need to be concerned with losing our identity and providing much too much personal data.

Feb 13, 2011 12:04 PM #7
Rainer
27,535
Thomas Sweeney
Tom Sweeney Real Estate, Owner/Broker, Bossier City, LA - Bossier City, LA
GRI

Ann, Amazing eh? I heard about this coming down the pike. Is it available now? When can we expect this to be a common thing? Technology is moving at the speed of light.

Apr 01, 2011 07:32 PM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
116,894

Ann Sabbagh

President, Sr. Loan Officer
Ask me a question
*
*
*
*
Spam prevention

Additional Information