It may sound crazy, but it is actually already in the works. MasterCard is currently developing a mobile that will let users pay for products or services with a selfie.
The credit card company is indeed working on a mobile app that makes extensive use of facial recognition software for the purpose of verifying the identity of users when facilitating payments. Basically, users download the app onto their mobile device, and then be able to pay for stuff by simply pointing their mobile device’s camera to their face, and then blinking once.
Twitter recently announced that it is currently testing a new commerce product called Twitter Offers. Two months ago in September, the social networking company had introduced its first commerce product -- a BUY button that lets users buy items directly through tweets. Twitter Offers is a welcome addition to the company's commerce lineup. Targeting business entities who want to advertise via Twitter, Twitter Offers will allow companies to offer cashback rewards through their tweets, and those rewards will link directly with the debit and credit cards of consumers.
Rumors are circulating that Apple Pay is about to go live any day now. Indeed, early reports are suggesting that employees of both Apple Stores and Walgreens are being prepped for Apple Pay's launch date, which could be any day this week. Apparently, Apple's employees are now being trained on the Apple Pay process (how to set up accounts, how to process transactions). Moreover, a Walgreens memo had recently leaked -- in the internal document, the drugstore chain is advising its employees that Apple Pay will be launching later within the week.
We've completely overhauled our credit card comparison tool and the new and improved tool is now live. The new MyRatePlan Credit Card tool is unique in that it allows users to input usage behavior and spending habits, and then uses custom algorithms to calculate savings/earnings for each card so that customers can choose the best card for them. Our algorithms take into account rewards points, cash back, bonuses, and all other benefits that credit cards offer in order to display an accurate savings dollar amount so people know how much each card woud benefit them.
For the 13th consecutive meeting, the Federal Reserve today raised the Fed Funds rate 1/4%. This will translate into an increase in the prime rate to 7.25%, almost double the 4% rate when these increases started.
If you have a variable rate credit card, you've likely noticed your interest rates ticking up, as most of these are tied to the prime rate. With holiday spending underway, those who carry a balance this year may end up paying much more in finance charges than last year.