CreditTime says Big Changes on the Rise for Rewards Cardholders
Added: (Thu Mar 04 2010)
Pressbox (Press Release) -
February 28, 2010-New York, New York-- Credit institutions are painfully aware of the restrictions and regulations that are commencing so their eyes have turned away from debtors to the cardholders who spend big and have regularly pay their bills on time; Reward Cardholders. Laws like the Credit Card Accountability, Responsibility and Disclosure Act of 2009 are giving power back to customers to relieve the pressure that powerful credit institutions have placing on them such as raising interest rates and enforcing double cycle billing. Credit institutions have come to terms that they will no longer be able to make a profit off of debtors like before, so they now need someone else to prey off of.
Those people who credit institutions are now seeking are their more reliable customers, the Rewards Cardholders. Credit companies will now be charging a higher fee for offering these perks credit cards. Customers will have to pay more to get more. For example, JPMorgan Chase and American Express have both been avid about targeting their affluent customers to pay higher annual fees to enjoy new premium benefits only offered on these “newer” cards. Barclays new advertisement offers a super credit card that will make reservations for anywhere from an appointment with a dog groomer to a tee time, for the price of $495.
Banks and Credit institutions are feeling the pressure to fight their losses by offering more rewards cards at higher prices. Other companies have had to even cut down on their normal reward cards like Chase whose Freedom rewards card cut back drastically on their generous offer of 3% back on purchases made at gas stations, fast food restaurants and supermarkets and 1% back on all other purchases in the last year.
Brad Nifdom, Spokesperson for CreditTime says, "Banks are now being forced to be more creative in their marketing strategies in order to keep afloat in this new era of change to their industry."
About CreditTime: Credit time is the leader in providing consumers the most up to date, well organized, and easy to use financial information available today. CreditTime helps customers take control of their money and their life. CreditTime's experts are comprised of many of the most important advisors in the areas of money, loans, credit, debt, and banking. CreditTime offers its visitors the most comprehensive and easy to understand financial information ever made available so customers can make sound financial decisions that can positively impact their lives.