Today on the show, we’re talking about what’s in your wallet and all things payment cards.
It’s the tenth anniversary of contactless payments in the UK, and we’re also going to look at the pros and cons of charge charges and reward cards.
The first contactless cards in the UK were launched in September 2007, with 111 million in issue in June 2017.
During the first half of this year the amount spent using contactless technology (£23.23 billion) almost matched the amount spent in the whole of 2016 (£25 billion). Contactless usage is expected to increase four-fold by 2026.
Is this growth in contactless payment a positive thing or is it changing our spending habits, resulting in less conscious decisions about our money?
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Andy Webb
My co-host for this episode is Andy Webb, founder of Be Clever With Your Cash.
Andy is a blogger, journalist and trainer on all things money and consumer.
Alongside Be Clever With Your Cash, he works two days a week as the senior writer for The Money Advice Service’s blog. Andy also represents the company as a “money expert” on TV, radio and in print.
He’s appeared on BBC Breakfast (BBC One), Rip Off Britain (BBC One), Right on the Money (BBC One), Channel Five News, You and Yours (Radio 4), Newsbeat (Radio 1), Rip Off Britain Food (BBC One) and dozens of local radio stations.
You can follow Andy on Twitter @AndyCleverCash.
Want to join the Informed Choice Radio squad and co-host a future episode? Find out more here.
Personal finance news
-Price inflation in the UK has reached its highest level in more than five years. The Consumer Prices Index (CPI) measure of price inflation was 2.9% for the twelve months to August, up from 2.6% the previous month.
-The Financial Conduct Authority has issued a consumer warning about the dangers of Initial Coin Offerings. This new investing trend is being used by companies who issue digital tokens or coins.
– More than half of the country has experienced faster wage growth than house price growth during the past decade. Research from mortgage provider Yorkshire Building Society found that 54% of areas in the UK experienced pay outperforming property prices since 2007, including Edinburgh and Birmingham.
– Chancellor of Exchequer Philip Hammond has announced the date of the next Budget. It will take place on Wednesday 22nd November.
– Citizens Advice has called for a suspension in the expansion of reforms to the Universal Credit system, due to the risk of pushing families into a spiral of debt. The charity has said that those who rely on Universal Credits are more likely to be struggling with problem debts.
Useful links
–American Express Preferred Rewards Gold Card
–American Express Platinum Cashback Credit Card
–Vacancy for a Paraplanner at Informed Choice
–UNSCRIPTED: Life, Liberty, and the Pursuit of Entrepreneurship by MJ DeMarco
Get answers to your personal finance questions
Do you have a personal finance or investing question for Martin?
Email martin@icfp.co.uk or ask on Twitter @martinbamford.
You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.
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