No cash, credit or debit card at Home Depot? Use PayPal
News from Chicago Sun-Times:

Customers at Chicago-area Home Depots will be able to start paying with PayPal accounts beginning Mar. 7, 2012. | AP Photo~Danny Johnston

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Updated: February 28, 2012 9:07PM

Beginning next week, customers at Chicago-area Home Depot stores will be able to pay for purchases using PayPal, either by punching in their mobile phone number or swiping a special PayPal card.

The PayPal rollout — which comes to Chicago’s 60 Home Depot stores March 7 — is part of the San Jose, Calif.-based online-payments company’s efforts to take advantage of consumers’ growing use of mobile technology to pay for goods at brick-and-mortar retail stores.

Indeed, PayPal plans to make its payment system available at 21 more nationwide retailers by year’s end. PayPal hasn’t yet named those retailers.

Chicago-area residents with existing PayPal accounts or those who set up an account online must go to Pa…………… continues on Chicago Sun-Times

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Banks promoting credit card use for big purchases
News from

Credit card companies are encouraging existing customers to revolve their credit and promoting card use by reducing interest rates and going in for co-branding of cards.

Last month HSBC reduced the annual interest rate on its credit cards by 600 basis points to 31.2-33.6 per cent. SBI Cards too recently reduced the interest rate on its fixed deposit-linked credit cards to as low as 18-27 per cent per annum, from 37 per cent earlier.

The move by the companies came at a time when the credit card companies were struggling to add numbers. The total outstanding credit cards in the country have remained stagnant at 17.60 million levels since April 2011, compared with the 27 million-levels seen at the peak of the business in 2007-08. Debit cards on the other hand have been seeing growth every passing month with 263 million debit cards outstanding, as of December 2011.

“Unlike the peak of the credit card crisis in 2007-08, when delinquencies were as high as 17 per cent, delinquencies in the credit card business has fallen significantly. The industry average is at about 4 per cent. Users have become more responsible and we encourage them to use their credit cards to make big purchases and revolve their credit payment cycle,” says Kadambi Narahari, CEO, SBI Cards.

Revolving a credit cycle in a card means paying the minimum balance or above it and repaying the rem…………… continues on

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