Credit Cards Go Social

CARDS GO GO SOCIAL THE CREDIT CARD LANDSCAPE 2012, 2ND QUARTER- an independent study by CardHub.com Why should you care? THE RECOVERING RECESSION is opening up the bottom of the credit spectrum. DELINQUENCY & CHARGE-OFFS have decreased by 00 L 567 MasterCard 20% A 87% Beginner Credit пew! ND Meanwhile, THE CREDIT CARD ACCOUNTABILITY, RESPONSIBILITY AND DISCLOSURE [CARDI ACT CURBED AGGRESSIVE TACTICS TO SIGN UP YOUNG CUSTOMERS. RESTRICTS OFFERING "TANGIBLE" UNDER-21 CONSUMERS MUST GIFTS NEAR CAMPUSES FOR FILLING OUT AN APPLICATION. SHOW A SUFFICIENT INCOME OR HAVE A CO-SIGNER. THE CARD ACT OMITS YOUNG-FRIENDLY SOCIAL MEDIA SHUT UP AND IN RESPONSE, TAKE MY MONLY! CREDIT CARD COMPANIES ARE RAMPING UP THEIR SOCIAL MEDIA strategies IT'S KIND OF LIKE SETTING UP A VIRTUAL TABLE, YOU DON'T HAVE TO BE ON THE CAMPUS. Beverly Harzog, a credit-card expert // @beverlyharzog SOCIAL-MEDIA ENDEAVORS Sync card to AmEx's Facebook and Twitter accounts to redeem social deals by simply swiping your card. image copyright beverlyharzog.com AMERICAN EXPRESS "Link, Like, Love" service - offers discounts based on "likes," and connections. FarmVille Rewards card gives virtual cash for IRL purchases. Held a $1 million “like" sweepstakes on Facebook. Similarly "like" giveaways for $1,000 Amazon.com gift cards. CHASEO Launched a LivingSocial Credit Card that offers a $30 initial bonus and 5 points per dollar spent on LivingSocial purchases. Opened a Capital One branch in CityVille. Interact with CapitalOne goat from commercials in FarmVille & The Pioneer Trail. Non-customers who applied for a Discover card through DISCOVER FarmVille got a $100 game card for virtual currency. cíti A Facebook app allows customers to pool rewards points together to redeem gifts or donate. http://online.wsj.com/article/SB10001424052702304724404577297860607013698.html THE CREDIT CARD ACT TOOK THE FIRST STEPS TOWARD PROTECTING YOUNG PEOPLE FROM UNFAIR MARKETING BY CREDIT-CARD COMPANIES THAT OFTEN LED THEM INTO EXCESSIVE, OVERPRICED CREDIT-CARD DEBT, Ed Mierzwinski, U.S. Public Interest Research Group. // @edmpirg YOU MAD BRO? WHAT TO WATCH OUT FOR... image source privacyrightsnow.com TOP CREDIT CARD COMPLAINTS PROTECTION 4% 3* 3% 4% Credit card & Debt BILLING 21% DISPUTES CREDIT reporting 5% COLLECTION practices 5% APR OR INTEREST RATES 6% 13% 8% CLOSING Cancelling account IDENTITY THEFT 20.9% includes other complaints not shown in graph Fraud, Embezzlement WHY ARE CREDIT SCORES IMPORTANT STUDENT INTEREST RATES 720 EXCELLENT CREDIT photo by al.com 710 16.30% 700 12.95% 690 GOOD CREDIT AVG INTEREST RATE 680 AND RISING 670 AVG INTEREST RATE 17.12% UP TO in 2012 Q2 660 18 AVG INTEREST RATE 650 STUDENT CREDIT 640 FAIR CREDIT 630 620 MONTHS 0% APR 20.15% PERCENTAGE OF CHANGE FROM Q1 610 600 AVG INTEREST RATE +3.10% NO BALANCE TRANSFER FEES IN 2012, CONSUMERS ARE PROJECTED TO ADD CASH BACK REWARDS UP TO BETTER 2% $250 CREDIT CASH means UP TO $50 BILLION BACK INITIAL BONUS IN CREDIT CARD DEBT MILES BACK REWARDS UP TO ACCORDING TO CARD HUB'S LATEST CREDIT CARD DEBT STUDY. BETTER 5 100K UP REWARDS MILES MILES BASE EARN RATE INITIAL BONUS Play Responsibly AND SEE WHAT'S AHEAD, AT CARDHUB.COM presented by Card Hub The Web's Best Credit Card Resource PAYO CREDIT determination