What are the reasons behind the credit card popularity?
Credit cards allow you a safe and convenient way to borrow against your line of credit often freeing people from the burden and risk of carry cash on their person (I hate pennies). They allow you to borrow money and spend it in practically any major vendor here and overseas, and allow you to make payments securely over the internet. They also build you line of credit if used responsibly.
Ultimately I think the popularity comes from people's perception that they can spend money without worrying about the consequence until later. American banks now rely to a large degree depend on revenues from credit cards, and aggressively push credit cards in a way that reinforce people's misperception that they can spend without consequence. They often offer you 0% interest for a limited period, making you think that you can borrow as much as you want without interest, but after the limited period their regulations punish any late payment by jacking up interest. (high interest = high profit)
Banks 30 years ago weren't that interested in offering credit cards and they weren't very popular, because Usury laws in almost all states set a max percent on how much interest they can charge limiting the profit that can be made. This changed in the 1978 U.S. Supreme Court decision, Marquette vs. First Omaha Service Corp, it was decided that a state can export its interest cap to another state. So the banks setup shop in high cap states and started offering credit cards knowing that they now can make almost 40% interest compared to the 6% that most states are capped at.
Now Americans are the most heavily
in debt people in the world, with an average of 8500 per household
at the average interest of 15%! Pretty nice setup for the banks I'd
say, so please people spend responsibly.
(thank you goes out to FaqFarmGeo Vbala Electrical Engineer Allyjean, I merged all of your points with what I wanted to add)
Yes. There are several reasons a credit card company can do this. Being late is only one of them. Your credit card agreement spells them out in plain English. You may have to dig into the 3 or 4 page document, but the answers are all there. Most credit cards have a web site you can look up your credit card agreement. They vary from bank to bank, but essentially they have the ability to…
There are many reasons to have a credit card if your credit is fair to poor - having a credit card and using it properly can actually rebuild a credit score that has been damaged. Two popular credit cards for this purpose are the Barclaycard Rewards Mastercard For Average Credit and the Capital One Cash Rewards card.
Some of the reasons this could happen to your credit card are listed below. Be sure to avoid these so you can avoid financial stress and bad credit. Three checks returned to insufficient funds in a 12-month period Three suspensions in a 12-month period (the card will be cancelled on the third suspension) Salary Offset Card is reported as lost or stolen
They can if its under parental supervision, most places they require the use of identification to prove the you are the person whose name is on the credit card, but if its online all you need it the name expiration date, credit card number and the cvs number located in the back of the credit card for security reasons.
It depends. Generally speaking, you can't just call a credit card company and ask them to reduce your balance (more correctly, you can call and ask, but they won't normally do it). However, if you get very far behind in your payments, some credit card companies will make arrangements to lower your balance and some won't.
In Ca can the bank repo a vehicle on a credit card if the amount owed on the vehicle is current but you are behind on the rest of the card?
Can a credit card company bill a consumer for unauthorized charges if the credit card was improperly issued by the credit card company and the card was not activated and was stolen from the home?
What bank finance salute credit card and if they are no longer financing their credit cards My account was closed and a manager from customer service at Salute told me this.?
There's nothing stopping you applying for another credit card. However - your success depends... on whether your current debt is 'normal' usage of the existing card - or you've fallen behind with the repayments. If it's normal usage, it will show the new card company that you're in control of your finances. BUT - if it's payment arrears - it implies you're a 'bad payer' and therefore, a high-risk.
Consumers are fickle so a list of "most popular credit cards" would change daily. Also, keep in mind, whatever you might need or want in a credit card may not be the same as what someone else needs. For example, you might want a credit card with airline miles or other travel rewards whereas your neighbor, a habitual home-body with no need for travel rewards, might want a cash back or balance transfer credit card…