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Six predictions for consumers in 2012

6. Everyday banking tools will change

Elaine Thompson/AP/File
In this 2009 file photo, a customer swipes a MasterCard debit card through a machine while checking-out at a shop in Seattle. Debit cards will become a lot less prevalent in 2012, as banks raise fees on them in the face of recent federal regulation.

  • By Odysseas Papadimitriou Contributor

It’s commonplace to carry a debit card nowadays. Then again, phone booths were once common too, but when was the last time you used one? You can expect debit cards to be far less prevalent in 2012, as consumers stop using them for purchases to avoid resulting fees and banks look for replacement options that are more profitable by virtue of not being regulated by new federal legislation.

 – Odysseas Papadimitriou is the CEO of Card Hub, a leading credit card comparison website.

 

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