Credit Card News-Chase offers proprietary reward card

Chase Reward Card

Chase offers proprietary reward card:

The Chase Saphire was introduced on the nineteenth of last month. It is used on the affluent market and is the next generation of reward cards. Chase is attempting with this new card to adhere to the needs of those few households that are top customers. Numbering in only fifteen percent of Chase’s costumer total, they are to be treated as such.

The Saphire and its counter-part, the Saphire preferred, will both feature many useful services. Included are premium travel services and the availability of a twenty-four hour customer service team. They are highly trained in all the service of Chase and can aid the consumer should the be any problems, at any time. Another feature of the Saphire is that it puts members on the rewards list, to include free travel and other such prizes.

Indeed, the rewards could be substantial. Also, for every dollar you spend on your Chase Saphire card, you will earn one point. In the near future, Chase will be working with the Travel Channel on further integrations regarding the Saphire Credit Card

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Credit Card Rule Clarification- New credit card enforcement

Credit Card Rule Clarification

Government Steps In To Protect Credit Card Consumers

Credit Card Agencies Propose Clarification of Credit Criteria Clauses

A request for clarifications on the rules followed by credit card companies was proposed on August 21rst of 2009. The main concern involves the final rules of December 2008’s Federal Trade Commission act pertaining to the prohibition of unfair credit card practices. Another request for clarifications was requested in regards to the December 2008 final rule under the Truth in Lending act. This act was created to improve the disclosure that consumers receive when dealing with credit card companies and other credit entities as well.

These proposals were made to ensure that the protection of the consumer is up to date and to ensure that the companies bound to the Final rule of December 2008 are still in compliance with the rules that were set down. Another reason for the proposal stems from the need to see what certainties need to be ensured, as well as spotting trouble areas that can be taken care of to help companies come into compliance before the effective date of the aforementioned rules.

The main protections for the consumer will continue to function even if the consumers account is closed, preventing companies from tacking on an increased rate on a closed account. Companies may still offer deferment programs and other offers, but these will also be under the rule. It is the hope of the Federal reserve Board, the National Credit Union Administration, and the Office of Thrift Supervision are hoping that by making this proposal, they can make sure that everything is running smoothly.

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Credit Card Reforms

Credit Card reforms

Credit Card News- Safeguarding Consumers From The Credit Card Predators

Credit Card Reforms- Credit Card Act To Protect Consumers

The Credit CARD Act went into effect August 20^th of 2009. These reforms are supposed to protect consumers from dangers such as unreasonable agreements and over-the-top credit card fees. From now on, companies will be required to keep the consumer aware of deadlines. Also, companies will let consumers know beforehand of options that may or may not have been concealed before the passing of this act. One such option is that consumers are entitled to cancel the card before rate hikes go into effect.

Previously, most companies would fail to let the consumer know this. Now they have no choice. Also, if the credit company were to make any major changes in the interest rate or other aspects of the arrangement, the consumer must be informed, in writing, forty-five days before the change is to come into effect. These are necessary protections. Another rule implemented by the new act states that credit card companies must send statements of the due date to consumers at least twenty-one days before the actual deadline of pay.

Furthermore, there will be more provisions to take effect in February of 2010. These provisions will include bans on introducing rate hikes on existing balances and also put a stop to double-cycle billing. Proponents of this act declare that this will help to keep consumers as free from debt as possible in the future.

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Credit Card Debt- Avoid The Major Pitfalls Of Credit Cards

Credit Card Debt- Avoid The Major Pitfalls Of Credit Cards

Avoiding Debt Credit Card Debt-

Credit companies are realizing more and more that although young people today are adept in using technology, many are not when it comes to managing their finances. To better help the younger generation with this ongoing problem, some companies are creating features that will not only help students and other young people manage their money more efficiently, but it will even tell them if they are in danger of not being able to make a payment. The aforementioned feature is known as the “virtual wallet”. Another tool, the “blueprint”, created by Chase, will allow consumers to decide how they want to pay for certain charges. Charges such as placed on groceries and gasoline will not be billed any interest as long as the bill is paid by the due date.

With instant access to one’s money, young consumers and quickly end up in debt without even realizing it. That is the reason for features such as “Virtual wallet” and “Blueprint”. Some financial institutions are even willing to modify some of the credit card debts that haunt so many Americans today. Some say that the companies are finally paying the piper for all the high fees and deceptive practices. Others believe it to be nothing but beneficial. As long as they clean up their own mess, so to say, the more power to them. Through ingenuity and sound thinking, perhaps some companies can ease the pressure debt continues to drop upon the shoulders of consumers. By introducing more options, the credit card companies are trying to give consumers more chances to avoid ending up in debt.

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