An RFID (radio frequency id) chip implanted in credit cards could eliminate the need for swiping credit cards in POS terminals. The RFID chip would allow credit card owners to pass by a card reader and hold their credit card only a few inches away from the scanner to complete a transaction, not unlike EZPass. In other words, this would be "contact-less" credit card processing.

What does it mean? It means you won't have to hand over your plastic to a cashier, for one thing. Some people may feel better about this as they may not trust a salesperson who may double swipe the card or even use a highly sophisticated card skimming device on his or her person. Other benefits include not having to worry about your card becoming demagnetized and faster checkout.

Credit card companies issuing this type of credit card include Bank of America, Chase, American Express, Citibank, Wells Fargo and Key Bank. Chase Bank alone has issued over 90 million RFID credit cards.

You can get in on the technology by calling your credit card customer service desk if you hold a credit card with any of these banks. If you need to apply for a Chase credit card, Creditorweb.com has a good selection, as do other credit card sites.

We can expect more people and retailers to begin to support contact-less RFID credit cards in the future.