ADVERTISER DISCLOSURE
AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

Educate credit card issuers through a campaign

[Monday, November 8th, 2010]

There has been a move by a Malaysian credit card issuer to bring out an opportunity to have a campaign in place to make sure people use their cards responsibly and have a proper plan in place for consumers.

This campaign is being called Swipe Smart with 6E and refers to the six features they wish to bring to consumers – exercise caution, enhance lifestyle, educate, enjoy benefits, eliminate debt and engage with card issuers.

This is indeed a good turn of events where card issuers are working to help consumers know the best way to use their cards and also letting them know how to stay out of trouble and debt in the process. This is aimed at helping people learn to stay out of difficulties in the long run.

The problem is that the campaign is not for card issuers. The delinquency situation does not arise from the customer`s side alone but also due to the card issuers and their behaviour and decisions as well. Thus things have to be improved on both sides if the users should be able to get out of bankruptcy and wish to avoid being burdened with overwhelmingly large debts.

The balance has to be struck between profit and responsibility and educating cardholders is one side of it but the other side is in also getting card issuers to be on the same page to make sure issuing is done in a responsible manner as well.

The proposal is to have a 6E campaign for card issuers involving concrete steps. Elimination of profiteering is an important aspect to make sure that interest rates are not over the top when a late payment is made. Equally important at second place is the need to ease up with the interest rates on cards. Credit card interest rates are often three times the rate that is charged on mortgages. Thirdly marketing should be done in a way that is reasonable. Offer cards to people who know the catch involved and be upfront to customers. Fourthly engage with the customer and ask them what they would like to receive than sending promotional material blindly. Fifth is the need to educate self about social and ethical responsibilities, profits are important but financial institutions should have responsibility to inform consumers about how they will be charging clients. Explaining the charges and actions is the last but not the least of the proposal, which means that the conditions apply section, should be thoroughly explained to consumers and not in small print.

Copyright © 2006-2017
AcclaimVisa.com.
All Rights Reserved

AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

All the credit card information presented without warranty and can change. To confirm the terms and conditions click the "Apply Now!" button and review the current information on a secure credit card terms page. AcclaimVisa.com can be compensated by the credit card issuers when visitors apply for a credit card through this website.

* The acclaimvisa.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. acclaimvisa.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the acclaimvisa.com website are property of their respective owners.