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Tired of carrying a thick stack of credit cards around? Soon enough, you might be able to ditch your debit card completely — at least if you’re banking with Chase, Bank of America or Wells Fargo. In the coming months, the three major banks are planning to release ATMs in select cities that will allow customers to withdraw funds using a smartphone rather than a traditional debit card.
The banks are starting off with pilot programs in Boston, New York and San Francisco, among other cities. However, it’s likely that you’ll eventually be able to access this new technology across the US. The updated ATMs are expected to start rolling out later this year and will be a good way to help combat fraudulent activities, such as credit card skimming.
Ultimately, banks probably won’t be phasing out physical cards just yet, but as more and more people start paying for things with their smartphones, it could be easier to find vendors and services willing to accept non-traditional methods of payment — like Apple Pay — on a regular basis.
Even after the introduction of the Chase Sapphire Reserve, the Chase Sapphire Preferred is still a fantastic choice if you want to avoid the Reserve’s $450 annual fee, earn 2x on all travel & dining and earn a 50,000 point sign up bonus.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards