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19/01/2010 -
Eager to change their bad image, incentivize credit card processing, and keep customers financially healthy enough to pay their bills, credit card companies are now unrolling consumer-friendly terms and offers, the Washington Post reported. "In the past, your credit card was your ticket to freedom. You could buy whatever you wanted on the spot," Adam Jusko, founder of credit card comparison site Index CreditCards, told the Post. "Now it is 'We are your financial partner.'"
JP Morgan Chase, for example, has unveiled a program called Chase Blueprint, which allows cardholders to choose which types of purchases they pay in full every month - the interest on which is waived, even if the cardholder carries an overall balance. It also allows cardholders to see their purchase trends and to pay off larger purchases on time.
Other consumer-friendly offers include free cash back when opening an account or credit card, as offered by Bank of America recently.
While this may seem like a counterintuitive strategy, it actually makes sense in terms of credit card processing - the more financially healthy a consumer, the more they can spend and the fewer charge-offs the card company must accept as a loss.
This is also good news for businesses with merchant accounts, as it may encourage credit card spending.
