Credit Cards now Encourage Responsible Spending
It seems rather ironic, doesn’t it? Credit cards, after years of encouraging credit card spending – often irresponsibly – are now encouraging more responsible behavior and helping consumers better manage their debt.
Case in point: JCPMorgan Chase recently unveiled a new credit card, called Blueprint, which is designed to help customers handle their debt. This card enables customers to better manage and track their purchases, and helps them pay off their debt by making the process a bit more practical and manageable.
Features of Chase’s Blueprint
One of the key features of the Blueprint credit card includes the ability to avoid interest charges on everyday purchases, such as food and gas. Although consumers would continue to pay interest on other types of charges, everyday purchases would be exempt from interest charges for a certain period of time.
JPMorgan Chase’s Blueprint will also enable customers to design payment plans to assist them when paying down their debt, and will also allow them to better track their spending. Customers of the Blueprint card simply choose their everyday categories in advance to enjoy an interest-free grace period on certain purchases.
The new Blueprint card is available to more than 20 million Chase customers.
Other Credit Card Companies hit the Bandwagon
A number of other credit card companies have also released similar credit cards with features such as debt-management tools and online budgeting tools. Wells Fargo and Discover have both introduced cards like this.
American Express, meanwhile, is pushing its credit card terms to consumers – which includes paying the card in full every month – as the right card for these tough, economic times.
It’s no wonder that credit card companies have finally caught onto the serious credit card problems plaguing millions of consumers in the United States. With credit card defaults and delinquencies soaring, credit card companies must find ways to help consumers better manage their debt.
This new era of “transparent” credit cards is sure to help consumers who are finding it difficult to manage their debt and maintain a strong credit score.
Now, the question is, during this difficult period of time, are consumers willing to trust that credit card companies are there to help them and to not put them further into debt?
Only time will tell.
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