The Growing Case of Annual Fees
| February 7, 2010 |
When it comes to major changes that consumers have seen in recent months, there is no doubt that cardholders have seen plenty. While some changes have been publicized more than others, each has affected the view that many people perceive when it comes to credit cards. One of the changes that seem to be a growing trend among credit card issuers is the annual fee and by the looks of it; we may see annual fees continue to find their way into American’s pocketbooks.
According to research both the implementation and increase of annual fees will continue to be something that cardholders will need to be on the lookout for as we move further into 2010. This is because in 2009 researchers found around a third (36%) of all credit card mailings sent to potential cardholders had annual fees associated with them. Compared to 2008, this is a dramatic increase as annual fees in mailings were reported to only be around twenty percent.
So will annual fees become the norm when getting issued a credit card? While it is too early to tell, annual fees will defiantly be something that will more than likely be associated with cards that have any type of extra features associated with it. Card issuers have already stated that without annual fees; features such as rewards would be difficult to offer cardholders.
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