Average Credit Card Debt By City & State
PlasticRewards presents an infographic of the average credit card debt by city and state. See where your city and state rank nationwide.
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Credit card holders choose cash back as most important reward
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Credit card users value cash back rewards more than any other type of credit card reward, according to a recent report from comScore.
Published last week, comScore’s Online Credit Card Report took a comprehensive look at the credit card industry over the past 12 months. The report noted that 57 percent of credit card holders selected cash back rewards as the most important credit card reward type.
“Merchant rewards” and “flexible points” tied for second with each type of credit card reward being chosen 13 percent of the time. Airline m
Credit Card Penalties May Jump to 30 Percent for Bank of America Customers
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Customers of Bank of America Corp. may experience a massive increase in credit card penalties, according to an announcement made by a company spokeswoman on Tuesday. The spokesperson said the major card issuer plans to hike penalty interest rates to as much as 30 percent for customers who miss payments in the coming months.
Bank Increases Penalty Rate to Compensate for Lost Revenue
In order to compensate for a large decline in revenue so far in 2011, Bank of America is making changes that could have a huge effect on its customers. Starting June 25, the bank will begin charging a penalty rate of as much as 29.9 percent for customers who make late payments on their credit card balances, the company spokeswoman recently confirmed.
The bank reportedly saw a decline in revenue to $5.6 billion in the first quarter of 2011. Th
The Advent of Huge Bonus Miles Credit Card Programs
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The Advent of Huge Bonus Miles Credit Card Programs
Credit card companies fight tooth and nail to get each other’s loyal customers, and when the competition heats up it is always good for the cardholder. The most dramatic example of this kind of war to win customers in recent history happened this spring, when innovative card company Capital One fired the first shot by matching up to 100,000 points for anyone who moved mile accounts over to the travel rewards card.
That attracted lots of people who had accumulated miles in other programs and did not want to risk losing them by changing credit cards. In addition to that, the card company also offered a bonus award of 10,000 points to anyone who signed up for the card. Then Chase followed with a great deal on its British Airways Visa card, offering a sign-up bonus of up to 100,000 miles. A
One in five shopped for a credit card in the past 12 months
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Nearly one of every five cardholders shopped for a new credit card in the past 12 months, according to a recent report published by comScore.
Among other findings, the comScore Online Credit Card Report (2010 edition) reported that 19 percent of cardholders shopped for new credit card offers in the previous 12 months.
Even more, the percentage of cardholders shopping around for credit card deals jumped to 34 percent (slightly more than one in three) among those who have a positive view of the economy.
Additionally, comScore noted that 14 percent of those who do not carry a balance on their credit cards shopped for a credit card in the past 12 months, and this figure jumped to 23 percent among those who do carry a balance.
This significant (nearly double) increase between the two groups could potentially be related to the relative strength of balance transfer offers right now.
Best (and cheapest) ways to spend abroad
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Cash, credit card or debit card? There are many ways to spend money abroad but what is the cheapest easiest and most secure option?
Improving your credit score will give you access to cheaper borrowing rates.
We explain
In the next few weeks we are spoilt for holiday time, with the Easter break, two May bank holidays and the Royal Wedding – many people are planning to escape the UK.
But if you want to make the most of your money then you need to think about how you will spend it in advance.
Credit cards
You should only use a credit card if you can pay off the balance each month otherwise you may start to accrue hefty interest charges. Spending on a credit card abroad can mean youre slapped with hefty loading fees as well as poor rates of interest. You also have to beware of credit card withdrawal fees of about 3 per withdrawal, plus immediate interest on top.
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