Wave and Pay

I've read a few reports about Barclaycard jumping in to bed with the company that issues the Oyster Card, Transys. The Oyster Card is used in London I gather as a prepaid travel pass card that is contactless - the card isn't swiped, it's a contactless smartcard that is waved over a sensor and your card is automatically debited for the price of your journey on the train. More than six million Oyster cards are used by Londoners.

Barclaycard are joing forces with Oyster to create a wave and pay card that allows consumers to pay for small value transactions (under £10). For more expensive purchases a PIN will still need to be entered.

Currently, more than 75% of cash transactions are for less than £10, compared with about 20% of credit card transactions.

If the Barclaycard trial goes well in London the new wave and pay card will be rolled out around the UK.

Credit Card Collectors

Apparently nearly 3 million of us in the UK have 5 or more credit cards to our name. Possible reasons for this include people spreading their card debts over multiple cards and card holders simply switching from deal to the next without closing redundant accounts.

Lloyds TSB Save The Change Scheme

Lloyds TSB is now offering a new type of save-as-you-spend savings scheme with a twist.

Registered customers of the Save the Change scheme will see their debit card transaction amounts rounded up to the nearest pound. The money is taken from the debit card account and the rounded up amount - the change - is automatically transferred into a Lloyds TSB savings account.

So, buy a couple of bottles of wine for a total of £9.60. Your debit card account is actually debited for £10 and 40p is then transferred to your specified savings account.

Now, I'm not sure if the "change" is transferred to your savings account immediately or whether a single transaction is made for all the accumulated change once a month. From what I can tell it's an immediate transfer.

This product might suit some people though it's not for me. The main reason being is that I pay for literally as much as I can on credit card to maximise the benefit of my offset account. Additionally there are several instant access savings accounts offering decent rates. Perhaps relunctant savers who spend on their debit cards might find the offering more interesting?