Not very long ago, through the heyday of the credit boom, mastercard or visa providers were literally falling over themselves to attract customers. One of the main ways they did this was to offer ever more pleasing features on their cards – extended 0% balance exchange deals, less expensive rates of interest, extra beneficial rewards programmes; all having the motive of driving their way to the very top of the best buy tables on the various comparison web sites over the internet. A place on the top of the tables could ensure a credit card firm a rush of fresh applicants, and so eager were they to achieve new business their validation requirements were frequently relatively low, and so it was not too difficult for an average joe to get hold of a decent visa card with many appealing benefits.
This background has increased our expected values of what to look around for in a credit card, realistically however, the the bigger picture has altered massively subsequently. In the aftermath of the market meltdown and subsequent slump, card companies have largely been planning to actively greatly reduce the volume of accounts they operate, wishing to reduce their experience of bad credit card debt as many consumers wind up in financial hardships. Not only have many noteworthy credit institutes cancelled the accounts of many cardholders, many others have lifted their Interest rates to punitive extremes to encourage people to change to a different card and thus reduce the issuer’s exposure.
One more result of this is the fact that bankers won’t be quite so inclined to force their cards to the top spot in the comparison tables, and so the offers available have become less appealing overall. Naturally, there are still some outstanding deals to choose from, but to be approved for these credit cards you need to have a better credit rating than was required in past times.
What exactly does this all suggest? In a nut-shell, if you’re looking for a different credit card – and consumer demand is still sturdy – it makes sense to lower your sights just a little. The best credit cards are only genuinely obtainable for those with perfect credit ratings, and average folks need to accept something less. In place of trying for a card with remarkable attributes across the board, choose one element that’s most significant to you, and consider a credit card offering a solid if unexceptional package in that area – and one with approval criteria you’re likely to suit.
