Word: debits
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...empty wallet, just think how you'd feel a month later if you got a credit card bill charging you 18 percent interest on your losses. The New Jersey Casino Control Commission voted 3-1 on Wednesday to let players buy chips or tokens using credit cards or debit cards in lieu of cash. Not surprisingly, experts on compulsive gambling have criticized the move. "In the act of walking away from a machine and walking outside or into the lobby, it gives someone a breaking point," said Chuck Micciche, deputy director of the National Council on Problem Gambling. "It allows...
Sheridan said the deal could be expanded to handle debit card withdrawals directly from checking accounts. The system will take three to four months before beginning to conduct secure transactions, she said...
...main weapon against cash and checks is plastic -- credit cards, bank debit cards and so-called smart cards. Together they represent 9% of total consumer payment transactions and are expected to reach 15% by 2001. Besides taxicabs and newsstands, credit cards are employed in parking garages and movie theaters and could soon be the way that Americans pay their taxes, if industry lobbyists prevail. But since card issuers charge an average of 16.5% while the irs extracts only 7% for late payments, consumer groups warn that taxpayers should be wary. So far, stiff interest rates have done little to curb...
...fastest-growing charge cards are the ones that automatically deduct money from checking accounts. The amounts riding on such debit-card use could zoom nearly 600% over the next eight years, according to H. Spencer Nilson of the Nilson Report, an Oxnard, California, newsletter that follows this industry.While Visa's credit-card business grew 16% last year, the use of its "CheckCard" debit service jumped 47%, as consumers sought to avoid finance and interest charges...
Both credit and debit cards could one day be eclipsed by smart cards, which look like conventional bank plastic but store information on computer chips instead of magnetic stripes. Such cards could hold, say, the profile of an airline passenger, including his frequent-flyer points and seat preferences. With a single swipe of a card through an airline's electronic reader, a traveler could make a reservation and get a seat assignment...