Pier 5 Condo

You may know that credit cards were first dreamt up in a sci-fi novel back in the late 19th century. The novel was called ‘Looking Backwards’, the author was Edward Bellamy, and the term credit card was used 11 times. Perhaps because of this, the credit card industry has always been fairly inventive. This inventiveness can be seen more clearly now than at any time in recent years. With the credit crunch has come economic change and with change comes more change. It may be worth having a look again at the market to compare your credit card against what is available now – there may be some great offers that you are missing out on.

There is a need to compare your credit card for the reason mentioned above. The credit card industry changes so fast, because of the competition, that new offers and cards appear all of the time. Also, as the economic climate changes, the types of cards change to reflect this. Currently, for example, the credit crunch is having an effect on credit cards. You would expect economic enforced changes to be negative during a recession and positive in a growth; however this isn’t necessarily the case. Even with all the cut backs and increased credit applications a few gems can and do appear.

As an example there is currently a card being offering with a variable interest rate. The rate is dependant upon how much you pay off each month; low repayment equals higher rates. This is great because in a market where so many credit providers are withdrawing, and cutting losses, this company is actually encouraging pay back. Great for consumers and great for the card company because everyone wants their card. The economic climate seems to have caused the development of a card that works in harmony with the times, not encouraging more debt in a tough period. Obviously the companies aren’t as altruistic as all that but it works. Whereas other companies could be crashing and burning due to their customers having too much debt and being unable to meet repayment, this company is helping customers and making money themselves.

One of these offers is the removal of transfer fees on 0% balance transfers. It is strange because these fees were only recently introduced in 2004 so as to stop people transferring balances again and again. In the current climate it seems like the lenders are now changing their minds, perhaps realising that to attract good customers for a short time, one that might possibly stay, is better than attracting no customers at all. If you have a strong credit rating and an existing balance that you are paying interest on this is definitely time to compare your credit card with this new offer.

Other ways that a new card may help financially could be manifold. You could find that you are being charged interest each month and this means you are not making much of dent in your balance. If this is the case you may want to compare your card against the many 0% balance transfer offers available, so you can help yourself out. You could find that a shopping chain that you regularly use has introduced a credit card that could save you money or earn you points. You could even find that your favourite charity or football team have introduced a card that you might consider.

So things have hit the fan and cards are changing. Credit companies are attracting customers by making it cheaper to make repayments or blatantly encouraging rapid repayment. Hopefully more credit cards of this type will be developed and more and more companies will introduce their own versions. These cards are good as they are excellent for both the consumer and the credit company. Even if you don’t fancy a change right now it may be good to compare your credit card in a couple of months. Even though the future looks bleak on one level, who knows what good may come of it?