The world of credit cards is changing all the time
The offers that credit card companies present to potential customers change from year to year. Sometimes offers seem beneficial initially, but turn out to be disappointing or useless.
Over the past several years, credit card companies have grown wiser about the sorts of offers that consumers use and enjoy.
In a bid to collect more customers, credit card companies have changed in 3 ways that benefit the customer this year.
More Credit Options for Those Who Want Them
Credit card companies are offering more credit this year than they did last year. They are targeting 7% more creditworthy individuals by mail.
In addition to seeing an increased amount of credit card offers, creditworthy people are facing a larger amount of options.
With each new card, customers are presented with incentives that are different from one company to the next, and rates growing more attractive the more creditworthy the person is.
So if you are in the market for a new credit card, or if you are simply looking to see if you could get a better deal than the one you are currently getting, this is a great time to see what is out there in the world of credit.
Less Nickel and Diming in the Process
Over the last decade, it was being increasingly common for credit card companies to recommend that customers sign up for heaps of add on products and services that they would pay for monthly or annually.
Products like theft production and services like the company covering monthly payments if the customer were to lose their job, seemed like a great idea, but the terms of these offers resulted in legal actions.
In addition to court cases, The Consumer Financial Protection Bureau has stepped in and altered the way that these services can be marketed.
As a result, customers probably won’t see these products and services when they sign up for cards.
New Rewards for a Good Fit
Credit card companies are offering new types of rewards, because rewards have become a major attractor of new customers.
In addition to airfare to allow you to travel hack, and gift cards, credit card companies are now offering perks such as gas, electronic gadgets, or perks at your favorite stores. So if you’re not interested in airfare, then don’t get or hold on to a card that offers that as it’s major perk.
Look at the offers coming in the mail or available at your favorite financial institutions and find cards that offer rewards that you can benefit from in your everyday life to choose your card.
In a bid to attract more customers, credit card companies are offering more credit, they’re nickel and diming customers less, and they are offering new rewards to better fit the needs and desires of the people who use their cards.
If you are in the market for a new card, or if you’re interested in seeing if you can find a better deal than the one you currently have, this is a great time to see what the world of credit has to offer.
What made you choose the credit cards you have chosen?