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Credit cards aim at building trust

Sept. 18, 2009 at 12:07 PM   |   Comments

NEW YORK, Sept. 18 (UPI) -- Credit card companies are offering new cards aimed at regaining customer trust in advance of the U.S. credit card reform law, market analysts said.

"Some of what they're doing there is eliminating some of what caused the anger and resulted in limits on what they can do," Ed Mierzwinski, consumer program director for U.S. PIRG, told The Washington Post.

The credit card reform law, which restricts cards from raising certain rates, takes effect in February.

Anticipating the new law, Bank of America said it would launch Basic Visa in October, a card that offers one rate for purchases, balance transfers and cash withdrawals and just one flat rate for late charges, the Post reported Friday.

"Customers are looking for simple and straightforward solutions," said Bank of America global consumer and small-business president Brian Moynihan.

JP Morgan Chase this week unveiled the Blueprint card, which allows borrowers to set a date for paying off certain purchases, which allows the bank to calculate monthly payments that will see the customer through to the payoff date.

"It's stiff competition in terms of trying to regain consumer trust and trying to regain loyalty among cardholders," said Curtis Arnold, founder of CardRatings.com.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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