Credit Cards Will Remain Difficult To Obtain in First Half Of 2009 - A recent report confirmed that consumer credit and credit cards will remain difficult to obtain in the first half of the year 2009. The residual effects of the 2008 credit crunch, topped by new federal regulations that will be rolled out through the year for an eventual 2010 launch. As a result, banks are likely to institute different fees and higher dollar amounts on existing cardholders, such as late-payment fees and over-the-limit fees. Banks will also be much more critical of new applicants, as they prepare for these regulatory changes. Another change will be fewer introductory interest rate offers and reduced reward programs, especially cash back rewards.
One solution for consumers still needing to make financial transaction with a Visa or MasterCard card will be a prepaid debit card. These cards offer a 100% approval rate, based on valid identification of the applicant. No job is required or income verification necessary, as these cards reduce the risk for the issuing bank and consumer by only allowing you to spend what is on the card, similar to a debit card connected to a bank account.
These cards can be easily loaded via free payroll direct deposit from your employer, or at participating retail locations with cash such as Western Union or GreenDot. In addition, such services as bill payment, money transfer, and free long distance calling make up the added rewards not seen on credit cards. |
