Visa Promises to Revamp Credit Cards
Visa revealed this week that it plans to revamp the way credit cards and debit cards work. The company want so to introduce several new features that make it easier to manage cards through all-in-one cards.
While this is not a groundbreaking development, it is interesting since it’s being offered by a major network. Visa say some of the new features might go live later this year, but banks and credit card issuers will also need to get on board.
ABC reports that Visa wants to add the ability for cardholders to have just one physical payment card that will be connected to multiple bank accounts. That means that you no longer need to carry multiple debit and credit cards from Bank of America, Chase and other issuers.
Instead, you will use that one physical card and set criteria such as having all purchases below $50 applied to the Bank of America debit card for example, while other purchases go on the Chase credit card. You can also filter purchases by categories, which might come in handy for maximizing rewards.
This is a feature that is already being used in Asia and Europe and was briefly offered by Curve in the US. Visa says it could be available as soon as this summer, but through Affirm at first.
Visa also want to add other features such as tapping your credit or debit card to a smartphones to add the card to mobile wallets, instead of using a smartphone’s camera to scan in a card’s information. You will also be able to tap the card to your smartphone to approve a transaction online.
Additionally, Visa wants to start implementing biometrics to approve transactions, adding more security in a world where credit card fraud has skyrocketed, especially for online purchases.
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The Percents Card had this feature and it was insanely great to maximize categories, but it only lasted a few months. It allowed you to reroute your purchases when it was pending. It had an auto routing based on the category merchant code – something we don’t get to see before we make a purchase and find out after the fact.