Transferring credit cards is a fairly new move by Americans. Credit card utilization now stands at approximately 75% of the United States population. As a result, credit card companies are limiting the number of credit card accounts available to American consumers. Instead, banks offer so-called prime credit cards which are designed to help low-income borrowers along the way. Many of these cards will offer a zero percent introductory APR for the first six months with no annual fee but higher rates thereafter. The companies are certainly trying to lure more people to join their programs — and they are doing it in an attempt to get more Americans to accept their offers.
First, however, on the surface, the promotional strategy may look set up. A teaser ad for the prime credit cards appears in the front of most of the ads. In it, the bank refers to what it calls the “pre-established credit card companies,” a group of people who have established accounts since 2006. Before they’ve ever attempted to open a bank account or become a direct loan to a client, that group has simply sold their existing credit card accounts and committed to using the new ones.
Those holding prime credit cards — those that have a stable income, make it easy for them to refinance their old credit cards, or just don’t have sufficient income to take care of them — are generally offered the benefit of due process. If a consumer is considered on the verge of financial disaster, for example, that denial of a loan could easily be the result of his or her inability to make full payments on that account. But these “established” credit card companies don’t necessarily mean that people with un-established credit accounts will automatically get denied credit as long as the creditors aren’t attempting to make a quick buck on that account.
Indeed, some of the people on the verge of financial disaster were once non-traditional credit cards users themselves. In fact, among consumers who were never cardholders themselves, “traditional credit cards” actually mean “old-fashioned credit cards,” which in the “official” lingo is an account that was specifically created for people who, before 2006, hadn’t lived beyond their means. For these consumer types, the term, for those who didn’t qualify to apply and who had had credit for years, is usually synonymous with irresponsible spending habits.
All this serves to highlight the point: the prime credit cards are designed to serve as a stepping-stone to go deeper and gain access to more credit cards — but the prime credit cards may actually act differently. One kind of prime credit card also called for a different kind of access to credit cards: those who couldn’t simply go to the bank and rely on line of credit to pay their bills.
Fortunately, banking industry research has provided us with a better way to do this: the Visa FreeMasterCard. The FreeMasterCard, which is currently available, is designed for people who are just now beginning to make significant financial decisions. Those with less than stellar credit history should, of course, get a free Visa debit card with a line of credit of $300,000. With this line of credit, the FreeMasterCard provides users with a savings of “1 – 3%” on all or about $100 (that’s an entire $200,000 savings equation!) worth of purchases made at the department store or gas station — to use wisely by extending options for purchasing gas.
Furthermore, the Visa FreeMasterCard provides holders with a point-per-dollar amount of credit earned automatically by scanning their billing statements at the end of each month. Over the previous five years, the FreeMasterCard gives points for purchases of supplies and services at $1.00 or more, at most major drug stores, convenience stores and the like. This way of using a credit card is more convenient and helps us avoid longer lines at the gas station and better purchasing convenience.
To use this free credit card, you need not necessarily have zero income or minimal expenses. With only an average salary to spend and a relatively low credit ratings, it’s no wonder this type of credit card was designed to offer us not just savings but also the ability to save money and put some money toward future purchases – all without having to pay fees, annual fees and account related charges.
No other credit card offers in today’s competitive market so rewards credit cards. You can enjoy those points and receive even better discounts with one of the best offers yet here on the Internet.
Discover Miles Card
Equip yourself with a gift certificate to a gift terminal at the Discover Gas Station at 3701 N. State Route 100 in Washington, D.C.
Earn miles to travel with either of the four participating airlines.