The Wocket – Are Credit Cards a Thing of the Past?

Vyralize: Yesterday a press release was issued for the rather poorly named Wocket™, set to release in Q1 2014. What is this new-fangled contraption you may be asking? Well it’s not a ‘next generation wallet’ as it is being marketed. Nor is it a locket. It’s not even a lesser known Dr. Seuss character. In fact, what we have here ladies and gentlemen, is a scanner and all-in-one credit card.

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GentlemenRUs1662d ago

Who uses CC's anymore? Credit is like a SCAM...

kurruptor1662d ago

I would say most people.

Speed-Racer1662d ago (Edited 1662d ago )

So what do you use to buy stuff with, Gentlemen?

GentlemenRUs1662d ago (Edited 1662d ago )

Real money which I get paid each month :P

Not everyone needs Credit.

EDIT: Here in Britain, It's known as a Debit Card(Bank Card).

Speed-Racer1662d ago

Yea there are debit cards here as well but buying stuff online requires a credit card most times. There are prepaid VISA/Mastercard debit cards (I use on myself) but they prove troublesome when you stay at hotels for instance where a credit card is needed on file. As much as I hate the idea of a credit card, there are still cases where you need it. Also, if you pay your bill on time, you save yourself a lot of expense. Banks make the majority of their money on the fact they they know customers will rack up huge late fees. If everyone paid their credit cards on time, it would be a costly service to offer on the bank's part.

Bimkoblerutso1662d ago

lol that you thought us ignorant yanks didn't know what a debit card was.

And when you want to buy a house or car, tell me how well paying up front with cash money works out for you. Because most people do not have the income to accrue a wad of cash big enough to buy that kind of stuff all in one go.

dilawer1661d ago

Agreed with you. If everyone just pays their bills on time there won't be much profit for the bank or loss to the customer still more than 50% of CC owners rack up late fees. xD

Guitardr851661d ago

I live in US but I have multiple credit lines of credit (credit cards) that I use responsibly and at least here in the US this really helps boots your credit score which is required for pretty much any major thing you need (phone, car, home, etc).

Credit cards are NOT a scam, you just actually have to be responsible with them...I know it's a novel idea, lol

+ Show (2) more repliesLast reply 1661d ago
thorstein1662d ago

It's not "like a scam" IT IS A SCAM.

s45gr321661d ago

I still use a credit card, there's too many hidden fees aaaaarrrrgghh

r1sh121661d ago

@gentlemenRUs lol most people use credit cards in the UK too.
Like me, I use an american express for almost everything I buy because I can get free extended cover on electrical items etc.
I pay my credit card in full as well so i do not pay interest on anything. there are no hidden fees

Credit is not a scam - Insurance is the only scam.

+ Show (2) more repliesLast reply 1661d ago
Ninte1662d ago

The only scam is people think the banks money is theirs and what i use to buy stuff, a debit card which has my own money in it, not the banks.

Nodoze1661d ago (Edited 1661d ago )

Debit cards are a ripoff. Think about are getting nothing in return for spending that money.

We use a rewards credit card in place of a debit card. We were going to spend this money on gas, groceries anyway...why not get rewards as well. We have never paid interest, and based on our history we get them to waive the annual fee each year. Contrary to popular belief credit card companies WANT you to settle up with them. Late fees are great, but if they never get that money it is lost revenue.

We have done all our Christmas shopping so far on rewards points. I.e. FREE!!

The system is gaming those that are not wise enough to game it.

BTW the credit card companies already extract 2points on the front end of every purchase.

plmkoh1661d ago

Lol only idiots with no self-control think credit cards are 'scams', I run an online store where I buy my stock on a credit card. I get 30 days to pay it off with no interest, which means I can generate bank interest for that one month and on top of that it equates to enough points to get me a $100 gift card at my local department store.

So what, interest applied on $1000s of dollars I get to keep in the bank first and then a complimentary $100 gift card, sorry there are only winners here.

sham1661d ago

Still a long time left when we can call em a thing of past

Smokey4671661d ago

Funny i was reading a book about finances just recently and it says that most people don't pay it off in 30 days and those cash back deals aren't usually worth it. If you just do the numbers yourself you can see. For example most cards offer 1, 2, or 5% on cash back up to 1500 in purchases. Lets say you invested the money you would have spent on the card for a few years the average return will beat that including inflation. Credit is useful however it is not needed. Most true wealthy people use cash.

Check out the book "Total Money make over" I thought it was an interesting read and it has common sense accounting.

Nodoze1661d ago

You are doing it wrong. Cash has it's merits (most retailers offer a cash discount on items), but credit used properly has it's place.

There is no cash discount at the grocery store. Why not earn a percentage back on this spend each month?

Ramsey is good, but he is also in the 1%. Not everyone can buy a car, house, boat etc with cash. You must buy items you can afford, but at the Sam time credit used wisely can work for you!