8 Things Credit Card Companies Should Do Right Now | Innovative Ways & Opportunities to Improve
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- čas přidán 25. 07. 2024
- We know that consumers and credit card issuers are going through a tough time. In this video, I share my thoughts on changes that credit card issuers should make now to not only help people during this tough time, but also position themselves for better days ahead.
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#creditcards #personalfinance #points
Are there any other changes that you would like to see? 🤓
Trip Astute I wish United airlines Chase credit card would suspend the $95 annual fee this year... we canceled three of our cards because that
Yeah, I may be canceling my United Explorer card as well. It's hard to imagine that I'm going to get as much benefit from it this year.
I would love to see widening of qualified purchases for credit as it would allow me to keep premium travel cards like my Charles Schwab Platinum card which effectively makes my Amex Gold a 5x card.
Mobile payments and contactless is the best! So convenient
I agree! Though I get so frustrated when you use it and are told that you still have to sign for the transaction. That drives me nuts. 😄
Brilliant stuff. Thanks. Hope the CC companies are listening!
Thanks! I'm hoping some of these ideas get implemented too. 🤓
As always, Great video!
Thanks, Alvin. Hope you are staying safe and healthy! 😊
I saw that with Chase Sapphire card, about the $100 credit. I hope they continue it for the rest of the year because our card Annual fee until December.
Me too. My annual fee is due in August, so I'm hoping they extend it too. 👍
Thank you so much. Definitely customized categories and not even quarterly...that can just be changed 4 to 5 times a year when we feel like it. Q: how do we prevent cc companies from lowering our credit limit and thereby increasing liability to equity ratio? Or even shutting inactive cards which they did to me in 2009. How often do we have to use each card?
Thanks! It's a good question. I just had the credit limit reduced on two of my USAA cards (which I barely use). I try to put small recurring charges on those cards (e.g., my $5 monthly donation to my local public radio station). I've also keep them in the car in case I need to make a quick parking payment. Though I haven't been driving much since the pandemic started. My advice is to put some kind of charge at least every three months in order to keep the account active. 🤓
I totally agree on maximizing contactless payments! I used to go to Chevron all the time for gas, but now I’ve found myself using Mobil because I can pay in advance on my phone via the ExxonMobil app. That means I won’t have to touch the credit card reader/terminal and I only have to touch the pump/nozzle.
We also need more no annual fee cards that offer a groceries category (besides the Amex Blue Cash Everyday). Looking at you, Chase.
I love donating money to charities and nonprofits whenever possible. I’m wondering whether a large donation would be okay to meet minimum spend or if this would be flagged by an issuer such as Amex (just as they flag gift card purchases).
On a separate note, with everyone using Zoom or another videoconferencing platform, this might be a prime opportunity to collaborate with the other finance/credit card CZcamsrs (Sebby, Shifu, Waller’s Wallet, etc.). I’d love to see all of you participate in a Zoom call with each other. I could imagine the topic being a discussion about personal finance and lifestyle changes during this crisis.
Happy Friday!
Thanks Vincent! I wish Chase would add a card with a consistent grocery bonus category. That would really complete the ecosystem for me. 😊
The banks are assuring their growth by still charging their annual fees! I was just hit with all my cards that have an annual fee due :)
It might be worth evaluating whether you're still getting value from all your annual fee cards. I'm still keeping most of mine, but there are two in my wallet that I'm unsure about keeping. 😊
Trip Astute well, I canceled the Amex Platinum and kept the Delta Platinum card because of the companion ticket and the gold card! I thought it made no sense for me to be paying 550 a year for something I hardly every use! I got rid of the chase sapphire, overrated and I was not going to pay the increase
Chase left the fitness and gyms category on there and those places aren’t open and some aren’t charging...
I'm hoping they adjust the future months to reflect the current situation. Or even better, give us the option to select a 5% category (though that would be a big change). 😎
Trip Astute That would be awesome!
I've been traveling for business for over fifteen years, now my company wants me to use there issued credit card so I'll loose the perks of using my own card. Do you have any recommendations to maximize my benefits when using a company issued credit card? Thank you.
What type of corporate card is it? When I used to work for a larger firm, I was forced to use an Amex Corporate card. Though at the time, if you had a personal Amex charge card, the points would pool into my personal account. I'm not sure if that still works, but it definitely helped me to gain a lot of AMEX MR points.
If it's a visa or mastercard, then it's definitely more complicated!
@@TripAstute Thank you for your response. It is a Merrill Lynch Bank of America VISA card.
Got it. I would probably focus on cards that provide perks that aren't directly connected to a booking. Though to be honest, it is much more challenging when you have to put all your work travel on a corporate card. 🙁
My wife isn't working and wants her own credit card. I know she can use my income but what do I put on her credit card application so she can get approved.
I would use your combined household income on the application. Though depending on her credit score and history, she may still have issues getting a card. If that's the case, I would suggest a more basic card or even a secured card if needed. Another route would be to make her an authorized user on your account to help build her credit history and score.
Hopefully credit card rewards will be fine after this is all over!
I think things will pick up once our economy starts to recover. I remember during the last recession, there were some incredible offers and new card products. 👍
Please PLEASE slow down when your talking the information given is good but the delivery is not. Find a better pace it’s not a race.
Sorry you thought my delivery was bad. I get the opposite comment as well on some of my videos (i.e., I'm going too slow). I guess I can't win. 😞
@Robert Lewin on the desktop you can change the speed of the playback to 0.75x if you think he's too fast. I watch all videos including this one at 2x speed to get through the info twice as fast.
@@TripAstute I find most CZcamsrs to speak extremely slow. I generally put them on 1.5 speed. For you I didn't need to do that.
Yes, you can't make everyone happy. Stick to what feels right for you, while keeping I'm mind what most people are saying.