Credit card trends that are gaining popularity in 2012
If you have had a financially trying time in 2011 and continued to amass credit card debt, you are not the only one. However, the good news is that the credit card industry seems to have a more positive outlook in 2012 and this can work in your favor. Though the economy will take time to find steady ground, the credit card sector is gradually picking up momentum and coming up with trends that can benefit the customers and the banks.
One of the ongoing trends is that of signup bonuses. The signup offers on credit cards almost became obsolete about three or four years ago with recession raising its head. However, with things beginning to look more positive now and customers willing to spend more than they were a couple of years ago, banks have re-launched signup offers in a bid to increase their market share. Cash back bonuses and the balance transfer offers are the ones that are taking the cake in the current scenario. With customers looking for more returns on their shopping sprees and options to pay off their credit card debts at the earliest, these two signup offers will always prove irresistible.
The ease with which credit card lenders are issuing new cards is another recent trend. Issuers were skeptical about issuing credit cards to people after they lost money in billions during the recession period. But, with customers beginning to make an effort to pay their dues on time and repair their credit report, card lenders are willing to take a certain amount of risk and give them another option. Also, with the CARD Act in place to protect consumer interests, customers are also being cautious while applying for cards and using them.
Consumers who are average to poor credit scores had to run from pillar to post to find credit cards that could help them amend their mistakes. Despite searching extensively, most of them would be shown the door because of the stringent qualifying criteria laid down by banks a couple of years ago. With these strict rules fast becoming a passé, banks are opening their doors to people who have a bad credit history. There are cards that are exclusively designed for such customers with favorable terms and conditions. One of the main trends that will continue unabated is the zero percent interest offers on balance transfer credit cards.
