Waving your credit card in front of an electronic sensor like a magic want to pay for goods and services sounds too good to be true. But as long as you are willing to pay the bill when it comes, this technology is available to you today. If you can qualify for a credit card, you can qualify for the new contactless cards.

Contactless credit cards are based on radio frequency identification (RFID) technology. This is the same system that toll roads have been using for years and the one that businesses like Wal-Mart use for accurate inventory tracking. But before you jump on the contactless bandwagon, here are some things you need to know: