Credit Card Trends Trend 2008
This is a forecast by Mr Credit card. You can visit the blog askmrcreditcard.com to get more information about credit, card.
Credit card issuers will make it harder to those with bad credit to get approvals - In a very drastic case, Citibank, who owns the credit card portfolio of Egg (in the UK) effectively told their cardholders that they can no longer use their cards in a months time! If you have a low 600 type FICO score, you will have a harder time getting credit card approvals.
Good 0% APR balance transfer deals becomes harder to find - Banks are taking huge write down on their sub prime portfolios. Consumer spending is expected to go down. Which means credit card spending is expected to decline as well. Those working in the credit card divisions will pay more attention to being profitable than simply expanding market share. Last year, credit card issuers started doing away with the cap on balance transfer fees. I expect this to continue this year. I suspect 0% for 12 deals (which used to be the norm) will slowly disappear.
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