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Credit cards have become an integral part of our everyday life. We got used to those little plastic things that swarm in our wallets so much, that we just cannot imagine paying for goods and services without credit cards. Life has split into before and during the era of plastic money. The reason for all that is unquestionable convenience of using credit cards.
You use credit cards to pay for groceries, clothes, cars, houses, entertainments, studies, travelling, gas... You can even pay taxes with plastics. Each day credit card industry offers you more and more new options. Now you can even pay your rent with credit cards.
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People make history. Political and economical situation, environment, customs and traditions of the epoque people live in form people's minds and attitudes. No wonder that people of different generations have different views and attitudes towards many things. And generation gap will always remain one of the most acute problems at all times.
People that grew up in different time periods have even different credit card management habits. The generations of the past century are the Greatest and Silent Generation (born in 1911 - 1945), Baby Boomers (born between 1946 and 1964), Generation X (born in 1965 - 1979), and Millennials (born in 1980 - 2000). Let's analyze credit card habits of the Generation X and Baby Boomers.
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The statistics of 2007 shows that the average credit card debt in a typical US family equals to over $ 7,000. Not that shocking, you say? But what would you say if you learnt that wise credit card usage can actually save you up to $ 1,500 a year?
Now count how many years you have to go until your retirement. Say, 30. That will be $ 45,000. Impressive, huh? And if you invest this money, the sum can be even more impressive. Here is a manual for you to become a savvy card holder and save money for your retirement time.
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Affiliate, or co-branded, credit cards are quite popular with card owners. The collaboration between credit card issuers and other companies turns out to be profit-gaining for both sides and for credit consumers as well. Such offers come with favorable rewards programs for regular customers of some retailers' net.
American Express together with Delta Airlines, overwhelmed by another joint creative impulse, have launched new miles rewards program for credit cards Delta SkyMiles Gold and Platinum from AmEx. This new "Pay with Miles "offer gives more flexibility to AmEx credit card holders when it comes to redeeming their air miles. Now AmEx-Delta cards owners have new opportunities and options when using their plastics.
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Citibank was one of the credit card issuers to fall a victim to a mortgage crisis, which consequences affected the bank's financial standing. Citibank have incurred great losses. Now they are trying to straighten out their financial situation and consolidate their standing on the US credit card market. Now that US economy is shaky, in order to win back their leading positions Citibank's officials have chosen the strategy of establishing new branches world-wide.
Australia has become an object of Citibank's new conquests. Citigroup and Suncorp Metway Ltd., an Australian finance, banking and insurance company, made a win-win deal. Citigroup is augmenting its credit card portfolio with 100,000 plastics.
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St. Valentine's Day is knocking at your doors. This day is a very special one for couples. On this holiday lovers celebrate their feelings for each other, give flowers, candies, send Valentine's cards, and make other presents. Choosing a gift for the one you love can become a true ordeal if you do not know exactly what your beloved needs.
American Express credit card owners, rejoice! St. Valentine's Day will become a spectacular event in your and your better half's lives. On the 4th of February AmEx launched an online auction. American Express Going Once program offers you to buy a travel package and spend an unforgettable vacation in Tanzania, Polynesia, Hawaii, or Buenos Aires. Prices go down every 20 minutes.
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After the Great Depression US economy has not suffered any serious breakdowns. The financial situation in the country has been more or less stable. However, economy cannot be constantly on the rise. Some time it will just have to be going down. And the last-year subprime mortgage crisis proves this.
Financial experts from all over the country and overseas are deeply concerned about the possible economic recession in America. The Federal Reserve meanwhile has cut the interest rate. The reduction made up three quarters of a percent, which can be compared only with the situation of 1984. So, the current federal funds rate amounts to 3.5%.
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The relationships between creditors and credit consumers are really complicated. The can actually be called "love-hate" relationships. Credit card issuers and card holders are interdependent. And they literally cannot live without each other. Card owners need lenders to get money, and but for credit consumers credit card companies would not exist. But who has got the aces in the sleeve?
Mistrust that credit card users feel for creditors is a historically established issue. Credit consumers instinctively suspect lenders of attempts to lay their hands on customers' money. By the way, sometimes these suspicions are not groundless. However, we suffer credit card abusive practices less and less frequently. Credit card companies are changing their policy of interaction with their clients. And Chase is a direct evidence of this fact.
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The previous year has brought credit card industry a few quite unpleasant surprises. The sub-prime mortgage crisis has deeply undermined the US economy. And today's situation on the credit card market leaves much to be desired.
Mortgage problems caused outstanding credit card debts. According to the statistics, the number of 90 days delinquent credit card accounts rose to 50% last year. In 2006 this rate was about 35%. So, what are we to be ready for in 2008?
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Just a couple of weeks left before a new 2008 year beginning. It will bring a great deal of new feelings, emotions, probably, some changes in your professional and private life. Credit card industry is preparing a few surprises for credit card holders. But you will discover them next year. And for now, 2007 is coming to an end and it is time to take stock of all good and bad things you have been through this year.
Financial experts are not sitting on their hands either. They have summed up the results of 2007 for credit card market and made up a list of top credit card offers. The 2 major criteria were plastics' popularity with card owners and the benefits that cards offer. So, here they are, 5 best credit cards of 2007.
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