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Smart Credit Cards

Smart Credit Cards. Nathan DeWitt CS 410 Fall 2007 Green Team. Credit Card Debt. Total Consumer Debt: $2.39 trillion Average Household Debt/Income Ratio: 21.5% Average Credit Card Rates Increasing. http://www.bloomberg.com/apps/news?pid=20601087&sid=aZO6230mMNgI&refer=home

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Smart Credit Cards

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  1. Smart Credit Cards Nathan DeWitt CS 410 Fall 2007 Green Team

  2. Credit Card Debt • Total Consumer Debt: $2.39 trillion • Average Household Debt/Income Ratio: 21.5% • Average Credit Card Rates Increasing http://www.bloomberg.com/apps/news?pid=20601087&sid=aZO6230mMNgI&refer=home http://www.bankrate.com/brm/publ/cc_top_ten_mkt.asp

  3. Feedback • A signal used within a system to provide self control • Cash • Money in wallet • Check • Register shows balance decreasing • Credit Card • ???

  4. Add Display to Credit Card • Provides Balance Information • Instant Feedback • Requires No Power to View • Requires No Flash Memory • High Resolution • Backwards Compatible with Existing POS http://eink.com/

  5. Benefits • Credit Card Companies • Excellent Public Relations Campaign • Gain Trust of New Customers • Consumer • Quickly Ascertain Financial Standing • No Need to Wait for Monthly Statement

  6. Credit Card Reader • Retrieves Updated Balance from Server • Updates Display on Card • Update Operation Takes ~500 ms • User Can Update Balance from Home http://eink.com/products/segmented/specsheet.html

  7. Authorization Request • Sends Card Number • Sends Expiration Date • Sends Transaction Amount • Receives Authorization with Updated Balance

  8. Requirements • Credit Cards • e-Paper Display • POS Equipment • Request Balance Amount • Write Balance to Card • Server • Send Balance Amount

  9. Timeframe • Minimal Development Time • 8-12 Months Display & Reader • 6-8 Months Server Software • POS Rollout Would Take Longer • Proposed System Backward Compatible

  10. Concerns • Privacy • Knowing Current Balance Does Not Help Criminal • Thief Has Access to Card Regardless • Cost to Upgrade POS • If Stores Elect to Forego Upgrade, Card Still Compatible

  11. Cost • Total Estimates Under $500,000 • 1” x 2” Display Under 30¢ • Server Software ~$150,000 • POS Reader Development ~$250,000 http://www.wired.com/news/business/0,69839-0.html

  12. Summary • Credit Card Debt Out of Control • Balance Display on Card Provides Feedback • Credit Card Companies Gain Customers • Consumers Can Manage Spending • Cost-effective Way to Improve Financial Health

  13. References • Bloomberg • http://www.bloomberg.com/apps/news?pid=20601087&sid=aZO6230mMNgI&refer=home • BankRate.com • http://www.bankrate.com/brm/publ/cc_top_ten_mkt.asp • Wired.com • http://www.wired.com/news/business/0,69839-0.html • E·INK • http://eink.com/products/segmented/specsheet.html

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