What if you could access all of your credit accounts using one credit card?

On July 21 of last year, President Obama signed the Wall Street Reform and Consumer Protection Act in response to the worst economic collapse since the Great Depression. The act contains many provisions aimed at better regulation and oversight of the financial industry, and it was primarily penned by former Senator Chris Dodd of Connecticut and Representative Barney Frank of Massachusetts.

Even if this year's iPhone 5 doesn't incorporate the much-hyped Near Field Communication (NFC) capabilities, a future without credit cards is pretty much guaranteed. But don't go cutting up your prized plastic just yet. A complete system overhaul is still a ways off.

How is a credit phone possible?

NFC – the tiny chip inserted in your smartphone or smart device that allows a purchase or transaction to be made simply by waving your device near a reader – has been a hugely successful technology in some parts of Asia and, in a much more limited scope, have popped up here and there in the US and Europe. The chips can send and receive data, and if attached to your bank account will deduct payment on the go, letting you charge as you chat.

If you own an iPhone, make sure you download these five incredibly useful credit card apps.

Close your eyes and imagine your boyfriend is taking you on a romantic date for your birthday.  Admittedly, your boyfriend is kind of a scrub, and rarely pays for your meals, but this is an extraordinary day that you've waited all year for, so you're expecting him to pick up the tab this time around.  You lift the menu from the elegant white tablecloth and begin perusing the decadent options.  You've been thinking about getting a world-class steak all day, and the peppercorn filet mignon with garlic mashed potatoes gets your mouth watering.