New Mobile Wallets Have Hidden Costs - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » New Mobile Wallets Have Hidden Costs

New Mobile Wallets Have Hidden Costs

New Mobile Wallets Have Hidden Costs

A new era is upon us, one in which consumers can leave the cumbersome bundle of bills and credit cards at home and pay for whatever they need with a wiggle of their phone…well, maybe we’re getting a little bit ahead of ourselves. While the advancements in mobile wallet technology are progressing in leaps and bounds as multiple companies scramble to secure themselves a bigger chunk of the over $50 billion of revenue that is generated annually from transaction fees, according to Consumer Reports, people should educate themselves on the potential downsides of these digital wallets before casting aside their coin purses.

“As these new forms of payment grow more popular, consumers must be careful to understand the costs, and disparities in protections associated with the promise of new convenience,” said Senior Editor of Consumer Reports, Jeff Blyskal.

If you are one of the many who is eager to leave the bulk of a billfold behind you, there are a few things to be mindful of before making the move to mobile. Consumer Reports offers the following advice for anyone planning on “upgrading” to a digital payment device:

  • Before signing up for a new payment method, read the fine print and check the transaction costs.
  • Pay by credit card to get the best protections whenever you buy online or pay via cell phone, make a major purchase in a store, or worry that a seller might not deliver as promised. Avoid prepaid debit cards and billing to your telephone account. Ask your carrier to block third-party charges to your landline and cell phone.
  • Take convenience claims with a grain of salt. Consider new payment choices, but separate true benefits from marketing hype. Keep your mobile shopping tools independent from any branded digital wallet you might choose.
  • You can control the risk of loss by knowing the threats with each form of payment and taking steps to protect yourself. Don’t share your personal identification and account information, use security software and procedures for your e-commerce, and always keep cash and payment cards in a safe place.
  • After all, with well over a quarter of a million – say, roughly 300 million – non-cash transactions being processed each and every day, there are bound to be a few things falling through the virtual cracks. Make sure that you aren’t one of them.

    Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
    All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
    Add to Favorites:

    Related News:

    MasterCard and Fred Segal Open Shop on the Strip

    Posted: April 20, 2018

    MasterCard and Fred Segal have opened Rock ‘n Roll Holy Land on Sunset Strip, an immersive exhibit giving people an insider’s view of the history of the Sunset Strip. The shop also puts a unique digital spin on window shopping using ... Continue reading
    New Amex Centurion Lounge Opening in Denver

    Posted: April 19, 2018

    Are you a regular at Denver International Airport (DEN)? If so, you may want to check out the new Centurion Lounge when it opens next year. It’s stated to be the eleventh lounge in the Centurion line up. Offering airfield views and taking ... Continue reading
    Crate and Barrel and Synchrony Bank to Offer New Credit Cards

    Posted: April 18, 2018

    Do you shop for furniture and household wares at Crate and Barrel? If so, you might be interested to know that the home furnishings retailer has inked a deal with Synchrony to offer customers not only new credit cards and financing ... Continue reading
    Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
    We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
    For Excellent, Good Credit
    Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
    For Excellent, Good Credit
    Our application is quick and easy with instant pre-qualification available
    For Fair / Good Credit
    You've successfully subscribed!

    Please specify the following:All these fields are optional

    Your Credit History
    Themes you are interested in:

    By providing this information you help us make our news letters more useful and informative. Thank you!