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The end of cash?

The end of cash?

If you believe the pundits, mobile phones and cards could make all those notes in your wallet obsolete within a few years.

Around half of the developed world has made a mobile payment of some sort in the last 12 months, research suggests. To put that into perspective, more people made a mobile payment in 2011 than wrote a cheque in developed economies including Australia, the UK and US.

Australia’s payments landscape has shifted dramatically in the past few years, as the use of cheques has collapsed and debit cards are becoming more widely used than credit cards. Part of the shift stemmed from previous Reserve Bank reforms, including a cap on the fees Visa and MasterCard could charge businesses for offering their services.

Retail non-cash payments made up only 2 percent of total payments by value in Australia, although overwhelmingly the most by number.

Damian Smith, chief executive of RateCity said retailers are embracing the technology and the supermarket giants are gearing up for a full-scale launch of “tap-and-go” payments systems.

“Very few of us will need to carry a lot of cash within the decade,” he said.

It’s a fast, new, high-tech way to shop; just “tap and go” with your plastic. But as consumers and retailers get on board, there are security concerns.

Security consultant Peter Wesley, from Hacklabs, said this type of technology is the new frontier for electronic pick-pockets.

Using an electronic card reader, which can be sourced by thieves for as little as $100, “they can get your card number and the expiry date,” he told A Current Affair.

The weak point of the card, according to Wesley, is a small chip which emits a wireless signal. But a bigger concern for some is the lack of signature or PIN required for purchases under $100.

“Because there’s no need to check a signature or ID, if someone’s got hold of your card they can use it a lot quicker. I myself suffered from a stolen wallet recently,” said RateCity’s Smith.

The costs racked up on his card by the thief were covered by the bank and that’s a policy that covers all consumers.

MasterCard’s Andrew Cartwright says consumers should have confidence in tap-and-go technology.

“They are protected from all unauthorised transactions,” he said.

“In terms of the technology that Australians have in their wallets it’s a high level of security.”

But whether we like it or not, tap and go isn’t going anywhere; it’s a giant leap towards a cashless society.

Of more than 220 credit cards in the RateCity database, around 60 percent are equipped with the technology, said Smith.

“Don’t run away from the technology, it’s ultimately safe and it should ultimately help convenience and drive down costs. But be sensible about it and always keep an eye on your spending.”

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Learn more about credit cards

How to get cash with just a credit card number

Banks and merchants usually will not allow you to access cash without a physical card, because doing so would open up opportunities for fraudulent activities. Even most non-cash credit card transactions (such as shopping online) require you to know the expiry date and CVV on your credit card in addition to the card number.

However, some banks offer cardless cash for transaction accounts. Using a secure app installed on your mobile phone, you can log onto an ATM and withdraw the money you need. This could be a practical and secure solution if you don’t have a card and need cash.

Where can I get a credit card?

Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.

The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.

Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.

Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.

What can I do about my Commonwealth Bank expired credit card?

You’ll typically receive your replacement Commonwealth Bank credit card before your current one expires. 

Once you receive the replacement card, you may need to update the new card with all the direct debits that you had set up on your expired Commonwealth Bank credit card. These could include insurance payments, electricity or gas bills, and monthly entertainment subscriptions.

To see a list of all your regular payments in NetBank, follow these steps:

  1. Log on to NetBank
  2. Click on ‘settings’
  3. Go to ‘product requests’, and select ‘credit card regular payments’. 

If you don’t use NetBank, you can see the list of your regular payments on your most recent credit card statement. Keep in mind, this list may not be complete and you should also check your past statements or your transaction history. 

If you haven’t received your replacement card before your current card expires, call 13 22 21 and the bank will send a new card to you. 

It is important that you safely discard your expired credit card. This often means cutting it up with scissors and throwing it out. 

What should I do if my ANZ credit card has expired?

Your ANZ credit card is considered expired only after the last day of the month and year marked on your card. For instance, if your card’s expiry date reads 03/22, it is valid until 31 March 2022 and expires on 1 April 2022. Typically, you should have received a new credit card by that date, and you won’t have to request a new card. 

Once you get the new card, you should remember to switch any automatic payments you have - such as a utility or mobile phone bill - from your expired credit card to your new credit card. Equally, if you are using CardPay Direct to repay your ANZ credit card debt, you may need to update the credit card account details for that service as well. 

In case the new card doesn’t arrive by the expiry date of your current credit card, you can call ANZ on 13 22 73 to find out the reason and if you need to request an expedited card. Please note that if you were planning to close your credit card account or request a credit card upgrade, you may need to call ANZ at least before the 25th of the month your current credit card expires in, as that’s when they may send you the new credit card.