How banks will respond remains to be seen?


Already one of the major credit card issuers, Chase, has begun to articulate its response. The bank has issued a June 12 statement saying that in their view the complex credit card system that exists today will be able to sustain its success if the two principal parties in the relationship — the credit card issuers (banks) and the credit card holders (individual consumers) — acknowledge that theirs is a shared responsibility. The credit card holder must use the card in a responsible manner; the bank must strive to meet the credit card holder’s needs. 

Overall, the bank says the aarp barclays credit card login has broadened access to credit to all consumers. It insists that average interest rates have gone down from close to 20 percent to only 12 percent approximately, and in many cases issuers no longer charge annual fees. 

pay on time

The bank has defined what responsibility should mean for the credit card holder: pay on time; keep within your credit limit; and maintain your creditworthiness. By following this simple equation, the credit card holder gets an interest-free loan for a certain period when they pay off whole balances every month, fraud and loss protection, and other benefits, plus instant and constant availability of credit

The bank also delineates what it sees as its responsibility: make sure customers understand the terms of their credit card account; show them how to manage their credit cards; give them tools that help them pay promptly time and stay within their credit limits; spot those in trouble and point to avenues for financial solutions; and evaluate more carefully the credit applicant’s capability to manage debt prior to credit card issuance. 

The bank has implemented a set of initiatives to promote greater customer understanding of the terms of their arp barclays credit card login and to provide tools for managing accounts. This program is channeled mainly through the company’s special website, which it says details everything in clear and simple terms.  

Some of these initiatives involve: 

Putting detailed instructions and calculations that clarify the implications of paying only the minimum amounts instead of paying more on the balance, if not paying it off entirely; 

Outlining procedures that allow customers in the military to keep their credit card accounts current when deployed overseas; 

Allowing all customers to choose their preferred due date for payments; 

Providing instructional materials for students and first-time credit card users to guide them in making prompt payments and keeping within credit limits; 

Installing a system of communications where customers can sign up for timely alerts sent via phone, e-mail and text messages to remind them of payment due dates; 

Providing for a system of automatic credit card payments;

Creating an outreach program to reach those who may be having financial difficulties and to determine what assistance and financial programs can best help them. 

Individual credit card holders like you have made your opinions heard, to both the legislators and the credit card issuers. By heeding your opinions, and altering the criticized practices, holding a credit card is becoming even better than before.