Credit Card Issuers Compete for You
| October 8, 2009 |
In the months leading up to the signing of the Credit Cardholder’s Bill of Rights Act, every credit card issuer fought tooth and nail against the new regulations. Issuers let it be known that if regulators change lending practices, like the ability to change cardholder’s terms at any time or reason, it would force them to push unwanted actions to the consumer. In all cases it did, and the American cardholders are now paying more for it, literally.
In many case credit card issuers took quick action trying to find ways to offset any loses they percieved would occur due to the CARD Act being signed into law. In other cases many credit card issuers have decided to come out with new card offers in hopes to lure new consumers to use their cards over their competitors. We have already seen multiple financial applications and zero percent balance transfer credit card offers make headlines in recent news and I believe there are many more to come.
Many experts believe that now is the perfect time for issuers to gain market share and consumers that are dissatisfied with their current card issuers. For many card issuers, these dissatisfied customers that are being targeted have good credit which are considered very valuable, especially in a thriving economy.
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