The banks are planning to issue ‘Flash Plastic’ enabling shoppers the freedom to shop for goods costing below £10.00, without having to use a PIN number. Just flash your new pice of plastic in the scanner and waltz through the checkout. There will be no need to remember PIN numbers, or to carry tiresome cash.

But my advice is to beware. Banks and retailers never, ever, introduce a scheme involving plastic without expecting to make a handsome profit at your expense. It is fairly easy to keep track of the money in your pocket, purse, or wallet, but far more difficult using plastic, and therein lies the rub.

Already, the bankers, retailers and supermarket chains are rubbing their hands in anticipatory glee at another easy source of income. They will all make money from these cards.

The banks, through service charges, or registration fees, plus interest charges levied on overdrawn accounts. They know that hundreds of thousands of people will go temporarily overdrawn by using Flash Plastic. To coin a phrase, they are literally banking on it. They will also make a small fortune by selling your information to marketing companies.

The supermarkets and other large retailers will also welcome flash plastic, because they will be able to target even more of the public. People, who do not carry store loyalty cards and pay in cash, are currently immune from being targeted by sales promotions and special offers.

In short there is no extra profit to be made on cash and - that’s why the banks and retailers hate it.

 Flash Plastic & Credit Cards, do you really need to make the fat cats even fatter?

 tonyb