All About Credit Cards Here

The credit card account default rate in 2009 was the highest it’s been since 1991. Also, in the last year, 15 percent of American adults, or nearly 34 million consumers, have been late making a charge card account payment. Due to the tough times we face, many cardholders have no other option but to miss one  or more of their charge card account payments. But before they make the hard choice to do so, it’s important for them to realize that they may not only be damaging their creditstandings, but also sacrificing the benefits of their charge card account rewards.

Though consumers are asking more questions about the ins and outs of the terms on their charge card account accounts, most of the information that’s circulating around to satisfy these questions addresses finance charges and aprs. What about rewards?

If all consumers knew that missing a payment on a charge card account bill meant loosing the rewards points that they’d planned to use to buy big ticket home appliance or take a vacation, perhaps their priorities would shift.

Recently CardHub.com conducted a study, which revealed that all of the major credit card account issuers (American Express, Bank of America, Capital One, Chase, Citibank and Discover) will revoke all of the reward points earned in a billing cycle during which a consumer’s account is delinquent. Discover and American Express are even more strict. If a consumer with a credit card account account issued by Discover is late on their payments for two consecutive months, the issuer revokes ALL points or miles earned under the customer’s reward program. American Express reserves the right to follow suit if an account falls out of good standing, but takes this line of action on a case-by-case basis.

These rules may seen tough, but the fact that all of the major credit card account issuers reserve the right to change the terms and conditions of their reward programs at any time, and for any reason is even more troubling. The six major issuers also reserve the right to cancel their reward programs at will and at any time – imagine the surprise for a consumer who has accumulated tens of thousands of points. The results of our study suggest that from the issuers’ perspective, charge card account reward programs are looked at as if they are perks, whereas many consumers view them as a charge card account’s primary utility.

Consumers should know that it’s possible to avoid the loopholes and penalties that credit card account issuers have created around their rewards programs by opting for cash back rewards programs only. With cash back rewards what you’ve earned is yours to keep, and your rewards can’t be devalued in any way. Another benefit of a cash back rewards program is that if you become unhappy with your charge card account issuer and want to switch to a better credit card account you do not have to worry about loosing your cash back. You can simply request a check for your earned cash back rewards and then close your account at no risk.

In the eyes of many consumers the benefits offered under reward programs are a credit card account’s primary utility, and are the sole reason why they choose one card over another. Unfortunately, as the CardHub.com rewards study revealed, most credit card account issuers continue to offer rewards programs whose details are foggy, and in general, they treat the programs as something that their customers should feel lucky and privileged to be a part of. Instead, charge card account issuers should look at their rewards programs as one of the core services that they offer to consumers. Lastly, it is important for consumers to be well informed about different charge card account reward programs, and for peace of mind they should choose a cash back charge card account over other rewards credit card accounts, whenever they can.
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If you want to know the best credit card for you, don’t forget about secured credit cards. Some people are looking for and choose secured credit cards to be the best option when they had credit problems in the past, also because the difficulty to find a regular credit card. To teach your teenagers and college students about responsible financial spending, a secured credit card is the best option. Different with a traditional credit card that you don’t have the money to support your purchase, but secured credit cards will help you to control spending, since you must have the money before you can make a purchases.

But, if you should have the cash available to support your secured credit card, you may be asking why bother a credit card at all. Lately, it is becoming difficult to do certain things in our modern life without having access to a credit card. Such as this question, have you ever tried to rent a car or booked a hotel room without credit card?
However, there is no actual checking or saving account associated with the card, even the secured credit cards work in the same way as a checking account debit card. You make a deposit to the company that issues secured credit card and that becomes your spending limit. You have to deposit more money in order to continue using the card, when you have made purchases that achieve the amount of money you deposit.

In fact, almost anyone is appropriate to get a secured credit card. Not considering your personal financial history and credit score, you can make a deposit with a secured credit card distributor and get a credit card. That you must be of legal age and have money to deposit on the card is the only actual requirement to be approved for a secured card.

The side benefits of a secured credit card compares a traditional credit card are that you can have your paycheck deposit directly onto a secured card in many instances. Also, you’re not charged an annual percentage rate on the amount that you deposit. But, if you go with the traditional credit card, they will smother you with late fees, interest rates and finance charges over time. And you’ll end up paying two or three times what you’ve actually charges to the card. Secured cards allow you to make purchases online and you know exactly how much you’re paying for an item.

The main weakness using a secured credit card is the fact that you should have the money in advance for any purchase you want to make. While think about your credit score is an advantage and the perfect way to avoid getting into debt more deeper for you to handle, it’s also disadvantage when you’re in an emergency situation, such as…if your car breaks or your home’s furnace dies and you don’t have the cash available, a traditional credit card would helpful. Without using a traditional credit card, maybe you can save enough money to cover emergency instances and not need to count on credit to bond yourself out of this emergency situation.

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