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Reward offers are increasingly being used by credit card issuers to woo customers

[Wednesday, March 30th, 2011]

Credit card companies are using a wide range of tactics such as reward offers to entice customers.  Some of these cards are promoting cash-back offers of around 5%, while there are others that offer generous rewards incentives as well as free airline miles.

Andrew Davidson, who is the senior vice president at the Mintel Compermedia, a Chicago-based market research firm has stated that these were the best rewards cards with the best reward offers that he has ever seen.  He went on to state that there was increased competition for those who already owned credit cards and he found the offers more innovative and aggressive as well.

While this trend might be seen by consumers as something that is irresistible, consumer advocates still warn that people will have to be cautious.  Card users and shoppers are advised to exercise caution with the usage of the card as these reward offers are quite tricky.  Card issuers can change the offers at their convenience at any time.  These offers might expire unexpectedly, stated Joshua Frank, Consumers for Responsible Lending, which is a Washington-based nonprofit.

With the introduction of the CARD Act, understanding all these complicated offers and credit card matters have become easier and offers have become more transparent and easier to decipher unlike earlier when the fine print was never read and that got consumers into trouble with regard to the penalties, capping fees, interest rates etc.  Although the act has made a huge difference card users still have to exercise caution due to the high interest rates they carry.

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