The buzz surrounding contactless credit cards began in late 2002, when American Express and MasterCard started testing swipeless versions of their credit cards. While ordinary credit cards store their data on a magnetic stripe that are swiped through magnetic card readers, contactless credit cards store their data on a chip embedded in the plastic of the card. The data on these contactless cards is transmitted via radio waves through a technology called radio frequency identification (RFID) based on ISO 14443.

In 2005, MasterCard began to roll out its PayPass sytem. Chase launched blink, which works with MasterCard's PayPass system. Shortly thereafter, American Express launched the ExpressPay system. ExpressPay is now available on American Express Blue and Blue Cash cards. Consumers can also get an ExpressPay key fob which can be linked to most existing credit card or debit card accounts. Contactless payment currently is available at select retailers across the United States, including 7 Eleven, McDonald's, AMC Theatres, Arby's, Cinemark, CVS Pharmacy, and KFC, just to name a few.

Credit card companies are marketing these contactless payment systems to consumers as more convenient and more secure than using more traditional credit cards or cash. But what are the real facts of contactless credit cards? Below is a list of the pros and cons that one should consider before getting a contactless credit card.

Pros of RFID Credit Cards

• The card never leaves the cardholder's hand, thereby increasing security.
• The account number that is transmitted by the contactless card is only good for RFID transactions. It is different than the actual credit card number, making it difficult for a savvy thief to go on a shopping spree with any data stolen from an RFID transaction.
• The card can only be read by certain readers at close range.
• Waving the card over the reader is faster than swiping a more traditional card or paying with cash.
• Like more traditional cards, cardholders are not liable for fraudulent charges.
• Most contactless cards also have a magnetic stripe as well, so they can also be used at checkouts not yet equipped with the RFID readers.

Cons of RFID Credit Cards

• RFID transmissions are not encrypted. The data transmitted could fall into a criminal's hands if he had the right reader.
• There is no need for authentication on most purchases under a certain amount (usually $25), thereby leaving the card vulnerable to fraud.
• There is no on/off switch for the data chip embedded in the card.
• An errantly positioned reader or combination of readers could charge a cardholder for someone else's items if he were to come too close to the checkout stand.
• Fraud concerns could lead to a need for special protective radio-proof wallets or sleeves for your RFID credit cards, thereby making them more inconvenient.

To be frank, the pros listed above have all been realized. The contactless cards do appear to be more convenient and faster than traditional forms of payment. In some ways, they even improve security. The cons, while concerns at this time, have not yet come to fruition. Only time will tell whether or not the security of contactless credit cards can be breached.

If you are interested in applying for a contactless credit card, feel free to browse our contactless credit card offers page.

Fair Isaac Corp, the company that developed the FICO credit-scoring model, has released the results of a national survey that reveals just how important finance is when it comes to love and romance. The survey included responses from 1,022 people and was conducted by Opinion Research.

Surprisingly, the results of the survey showed that roughly one-third of respondents said that a lack of financial responsibility would hurt a relationship more than infidelity. In terms of sustaining a long-term relationship, 22% of respondents said that financial responsibility is an important personal trait, compared to only 10% who cited sexual compatibility.

In terms of getting to know someone before romantic commitment, 76% of respondents said it is very important to know if the person pays bills on time and has a good credit history. Only 68% cited desire to have children as being important to know and only 40% cited good kissing ability.