Things are changing it's time to compare your credit card again
Due to the credit crunch the credit industry is a little bit shaken. They don't like it one little bit. They truly are beginning to take some dramatic steps in order to ensure that they only have the best and most reliable customers. They are also using some quite cheeky methods to ensure that people can't get themselves and therefore their company in even more debt. However in the rubble of a building, flowers still grow and in this economic earthquake, who knows what may shake lose?
There is a well known Chinese curse that runs 'may you live in interesting times' and economically the current times, right here, right now, are very, very interesting. Drastic measures will be taken, but from this there could be some truly spectacular deals coming to the surface. It could be time to compare your credit card with others on the market because you may be in for a pleasant surprise. There are some great new deals appearing that have evolved purely because of, and in response to, the economic instability. It can be good to apply evolutionary theory to the market and ask, has or will a new type of card evolve?
There are signs that this may be the case - of course it could just be wishful thinking but you should remain optimistic. One of these is that balance transfer fees are in some instance being dropped. This is strange. Because people are getting worried about their financial situation, especially any debt they may have, banks are saying 'hey look at us, transfer your existing balance for free and pay it off for free'. There are two things going on here 1) people are stopping using and transferring their cards as much and the credit companies are losing out and 2) people want to pay off there cards and therefore find this deal attractive generally. It is odd because when introduced in 2004, transfer fees were designed to stop people from making serial transfers and getting away with the free pay offs.
One of these offers is the removal of transfer fees on 0% balance transfers. It is strange because these fees were only recently introduced in 2004 so as to stop people transferring balances again and again. In the current climate it seems like the lenders are now changing their minds, perhaps realising that to attract good customers for a short time, one that might possibly stay, is better than attracting no customers at all. If you have a strong credit rating and an existing balance that you are paying interest on this is definitely time to compare your credit card with this new offer.
Other ways that a new card may help financially could be manifold. You could find that you are being charged interest each month and this means you are not making much of dent in your balance. If this is the case you may want to compare your card against the many 0% balance transfer offers available, so you can help yourself out. You could find that a shopping chain that you regularly use has introduced a credit card that could save you money or earn you points. You could even find that your favourite charity or football team have introduced a card that you might consider.
In 2006 133.2 billion was spent on credit and charge cards; this is a phenomenal amount, so there is no doubt that credit cards are here to stay and a major part of everyday financial reality. Because it is such a huge industry, new cards are introduced each year to compete with each other and to reflect the needs of the current economic climate. As it is so fast moving it is worth comparing your credit card with others on the market because you never know when the perfect credit card may come along.
There is a well known Chinese curse that runs 'may you live in interesting times' and economically the current times, right here, right now, are very, very interesting. Drastic measures will be taken, but from this there could be some truly spectacular deals coming to the surface. It could be time to compare your credit card with others on the market because you may be in for a pleasant surprise. There are some great new deals appearing that have evolved purely because of, and in response to, the economic instability. It can be good to apply evolutionary theory to the market and ask, has or will a new type of card evolve?
There are signs that this may be the case - of course it could just be wishful thinking but you should remain optimistic. One of these is that balance transfer fees are in some instance being dropped. This is strange. Because people are getting worried about their financial situation, especially any debt they may have, banks are saying 'hey look at us, transfer your existing balance for free and pay it off for free'. There are two things going on here 1) people are stopping using and transferring their cards as much and the credit companies are losing out and 2) people want to pay off there cards and therefore find this deal attractive generally. It is odd because when introduced in 2004, transfer fees were designed to stop people from making serial transfers and getting away with the free pay offs.
One of these offers is the removal of transfer fees on 0% balance transfers. It is strange because these fees were only recently introduced in 2004 so as to stop people transferring balances again and again. In the current climate it seems like the lenders are now changing their minds, perhaps realising that to attract good customers for a short time, one that might possibly stay, is better than attracting no customers at all. If you have a strong credit rating and an existing balance that you are paying interest on this is definitely time to compare your credit card with this new offer.
Other ways that a new card may help financially could be manifold. You could find that you are being charged interest each month and this means you are not making much of dent in your balance. If this is the case you may want to compare your card against the many 0% balance transfer offers available, so you can help yourself out. You could find that a shopping chain that you regularly use has introduced a credit card that could save you money or earn you points. You could even find that your favourite charity or football team have introduced a card that you might consider.
In 2006 133.2 billion was spent on credit and charge cards; this is a phenomenal amount, so there is no doubt that credit cards are here to stay and a major part of everyday financial reality. Because it is such a huge industry, new cards are introduced each year to compete with each other and to reflect the needs of the current economic climate. As it is so fast moving it is worth comparing your credit card with others on the market because you never know when the perfect credit card may come along.
About the Author:
Jason Moore is an experienced financial author who writes for various popular websites mainly in the financial industry. Learn more here about the UK Card and Compare credit card.
posted by Debt Consolidation Loan at
11:41 AM
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