Whether they're called PayPass, ExpressPay or Blink, wave-and-pay credit cards are the newest way to buy with plastic. A built-in computer chip and antenna respond to radio waves from a card reader, allowing it to charge purchases to your account. While that's a little faster than swiping, it's not worth rushing out and opening a new account just because it offers contactless cards.

But if the new technology is included in your next replacement card, go ahead and use it.

Despite what you may have heard, thieves can't steal your identity and account number right out of your wallet.

Some amazing new uses for wave-and-pay credit cards are also being developed. That could make them indispensable a few years from now.

August 24

Store credit cards charge higher interest rates -- typically 18% to 23% a year. The average rate on major credit cards is more like 14.5%. Carry a balance of $2,500 on a store card and you'll pay an extra $2year in finance charges.

The extra finance charges can quickly wipe out whatever rewards you earn for signing up or spending all of that money.

And that’s just one reason we don’t think Macys, Sears, Home Depot or any other retailer deserves a place in your wallet. Click here to see all 7 reasons to resist the come-ons for store cards.

Or go here for all the help you need to manage your credit cards like a pro.

August 8

Credit unions have the best deals on secured credit cards.

With some heavily-promoted secured cards imposing $99.95 "processing fees" and other outrageous costs, finding the right one can literally save you hundreds of dollars a year.

The cards issued by credit unions usually have:

• No application fee.
• No annual fee.
• Reasonable interest rate of 14% or less for purchases.
• Late fees of $30 or less.

Click here to learn more about finding an affordable secured credit card.

August 7

"The first credit card designed for use in casinos" is a stunningly bad idea.

The Arriva card was created by Global Cash Access, whose ATMs, cash advance and check cashing services are available in hundreds of casinos.

It does offer better terms on cash advances, including a 25-day grace period in which to repay the loan with no interest charges. (Virtually every other credit card starts charging interest the second you take the money.)

But smart gamblers only take what they can afford to lose to the tables and slot machines. When it's gone, it's time to hit the road -- not the ATM. A credit card that encourages you to keep playing on borrowed money can only lead to big debts and other problems.

Indeed, Global Cash Access tells casino owners that the "average in-casino cash advance done on an Arriva Card is significantly larger than those done on all other credit cards."

August 3

Phishing is a type of identity theft in which crooks use fraudulent e-mails in an attempt to obtain your personal information.

One type tries to scare you by posing as an official-looking alert to warn you that your "bank or credit card account has been compromised." It often links to a Web page that is an exact copy of a genuine Web site, which lulls consumers into signing on and providing passwords, account and Social Security numbers to correct the "problem."

Another genre purports to be sent by the lawyers, accountants or personal assistants of wealthy foreign nationals. They offer to split the family's fortune with you if you'll just help them get the money out of their country by providing your bank account number.

These scams aren't going away. Most phishers live in Eastern Europe and Asia, making them nearly impossible to find and even more difficult to prosecute.

Your only defense is to never provide personal information to anyone who asks for it over the Internet. Interest.com's checklist for protecting yourself against identity theft can make it far more difficult for anyone to make you a victim.

July 19

Couples who married over the past ten years spent an average of $7,873 on their weddings, according to a newly released survey of 1,000 Visa cardholders.

A surprising number of were extremely frugal – more than one in three spent less than $1,000. Only 2% staged an extravaganza that cost more than $50,000.

Yet two-thirds of all respondents said they overspent on their weddings.

The most common regrets: 21% of women said the spent too much on food, drinks and wedding cakes, 16% of men said they splurged on their honeymoons, and 11% of women said they overspent on their dress.

Where was money on the wedding best spent? Only 1% of men and women said they went overboard on wedding photos and decorations.

July 11

There's no reason to pay another late fee or other penalty on your Chase credit card.

Credit card statements are e-mailed to customers, who then decide how much of their balance to payoff. It can be anywhere from the entire amount to the minimum payment. On the due date, Chase automatically deducts that amount from the customers’ checking accounts.

The program also sends electronic reminders -- e-mails, text messages or voice mail – about upcoming payments or when your balance is nearing the credit limit.

With fees for late payments and exceeding your credit limit costing $25 or $35 a shot, you could save big bucks. Chase also offers budget worksheets and information on credit reports to aid account management.

If you sign up for the "Clear & Simple" program before Sept. 15, you'll also get a $10 credit to your account.

If you're a Chase credit cardholder, you will receive information on this “Clear and Simple” program in the mail. To apply online or get more information right away go to Chase Clear & Simple and check out the details.

July 10

If you carry a credit card balance, but always pay your bills on time, you will be rewarded if you use a Discover Motiva Card. You get a cash bonus equal to one month's interest after making six on-time payments. And you can get it twice a year, every year -- as long as you pay on time.

When you accumulate $20 in bonuses you can request a check, have it deducted from your account balance, donate it to a charity or spend it with Discover's 70 cash back retail partners.

Sound good? There's more. You get email payment due and credit-limit notifications, and a low 3.9% interest rate on purchases through June 2008. That rate also applies to balance transfers until 2010. When the regular interest rate kicks in, it falls between 10.99% and 17.99%, depending on your credit score.

If you are late with a payment or miss one, your interest rate could soar. But you can start earning bonus points with your next on-time payment.

The rebate program outside the on-time bonus listed above is less generous. You get a 1% rebate on purchases that exceed a $3,000 balance. Or, you get 0.25% on balances up to $1,500 and 0.5% on balances up to $3,000.

Have a question about your finances? Ask us at editors@interest.com