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29/09/2009 -
Responding to criticism from consumers about high rates, overdraft fees and slashed credit limits, the new trend in U.S. credit cards - which is likely to catch on in similar economies - is providing more basic, transparent card policies. This is largely due to the fact that consumer confidence in credit cards has waned as lenders pinched people's already recession-tightened wallets, and companies are now looking to win back some customers.
In addition, new legislation restricts the ability of credit card companies to raise rates and fees.
As a result, cards such as Bank of America's Basic Visa card and Chase's Blueprint card have emerged, offering simpler deals, the Washington Post reported.
The Basic Visa card offers one rate for all transactions as well as a flat late charge of $39, while the Blueprint card is designed to help customers pay off balances more quickly by allowing them to decide which expenses they pay off in full each month, said the news provider.
As consumers begin to use these new options, their faith in credit card companies as well as their ability to manage debts will likely improve, making it more important than ever for merchants to have point-of-sale terminals that allow them to accept credit cards.
