Credit Card Wish List
Credit cards are convenient and I can’t imagine my life without that convenience now that I’ve lived with them so long.
Still, though, they leave a lot to be desired. Below is my wish list for things I’d like from my credit card companies.
1. Offers in the mail - These people pull my credit all the time to make me offers. I’d like some concrete offers or criteria for their whimsical “APRs as low” deals. Specifics are good. “7.9% APR for those with Experian credit scores above 740.” I want to see what makes me qualify for 7.9%, 8.9%, etc.
2. Going along with #1, I’d like a solid offer of credit before I decide if I am accepting it. I don’t want a credit card advertised “as low as 7.9% APR” if I only quality for 20.9%. I don’t want to transfer in my balance while playing roulette with whatever APR they decide to give me. I want to see a contract outlining my exact rates, terms and what I need to do to maintain these rates and terms, even if that’s an extra step before getting the card.
3. If I am given an offer of credit that has a “fixed” 7.9% APR, I want a minimum period of time that they plan to honor this fixed rate. Fixed really isn’t fixed seeing as how they can send you a letter and change it at any time they please. I want them to tell me that it’s fixed for at least 6 months and then will be re-evaluated based on what current interest rates are at that time or your credit score.
4. I want to know what triggers a rate increase. Some credit card companies have a Universal Default Clause that states that if I am late with another creditor, they can raise my rates. Some state that if anything changes in my credit, which is a constant, they can increase my rate. I want an exact list of what kind of changes on my part trigger a rate increase. If I increase my overall debt load by 20%, will my rates go up? If they are allowed to pull this Universal Default crap on us, I really think it should go in both directions. If my credit score goes up, they should lower my rate. It’s only fair, right?
5. While I’m wishing, I don’t think credit card companies should be allowed to raise my rates if I’m late paying another creditor. What does it have to do with them if I’m late paying my phone bill? I think the Universal Default Clause should be banished. It’s just an excuse to squeeze more money out of people.
6. Lose the deception. If a credit card company gives me a $5,000 limit, I should be able to use all $5,000 assuming I don’t go over the limit and still be in good standing with the company. Many credit card companies consider you being too close to the limit as a risk and can increase your APR. Why offer the credit if a person can’t use it without being punished? Offering it should be based on credit worthiness, not a way to trick you into getting into trouble.
7. We should have a minimum of 15 days after receiving a credit card statement before it is due. Credit card companies make a lot of money from fees. Some are sending out statements closer to the due date to try to get late payment fees.
8. I thought this was going to happen but it hasn’t yet. Credit card statements should tell you at the current balance, assuming no additional credit usage, how long it will take to pay the balance in full and how much interest will be paid during that time. Let people know what that minimum payment is really costing them and keep reminding them every month.
9. I should know who is selling or sharing my personal information and who is receiving it. Yes, we can opt out to some degree but I really believe that at some point, credit card companies are going to make you giving permission for them to share your information as a part of accepting the credit card offer.
10. Credit card companies shouldn’t send blank checks through the mail. They should send offers for checks where you have to call up or log into their website to accept the offer or, better yet, they write and send the check for you or to you already written out.
11. Credit card companies shouldn’t make you sit through 5 minutes of offers via phone in order for you to activate a credit card.
12. Credit card companies shouldn’t send you credit cards through the mail without sending you a letter first telling you when you expect to receive it by so you know to expect it. USPS isn’t perfect and if it gets lost or misdelivered, you should know when to be worried.
13. Finally, the mention from my last post. I want self-service to find out details on my transactions. I want to be able to click on a transaction on the credit card company’s website and find out details on the transaction, minimally the address and phone number of the company claiming the transaction. All information should be readily available for a consumer to research a transaction to make a determination if it’s a valid charge. Prodding and coercing customer service should not be required.
I’m sure there are tons of other things that should be changed, too, but this would be a good start.
Can you think of anything you’d like to add to my list? I’m sure I will.
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