Information Center – News and Articles about Credit Cards
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When Will Teachers Be Able to Make Credit Card Deals?
Among numerous consumer categories you will find credit cards matching pretty any taste and demand level. Credit card companies seem to take care of all major "interest groups" existing: business, students, pets, cars, travelers, athletes, housewives and other credit cards. Can you see teachers credit cards in this classification? Me neither. Let's figure out the reasons for that.
You know, a few decades ago a teacher's salary was not good enough to afford getting a credit card deal. Teaching was one of the most low-paid professions. These days the situation is different, here in the US. As for some developing countries and the third-world countries, teachers' salary barely exceeds the living wage. And they do not dream about establishing good or excellent credit history, if they are aware of what credit history is.
In today's society teachers' contribution into raising intellectually developed, educated people with high moral values is greatly appreciated. So, they are paid higher wages than before and now they can get credit cards and can pay off their balances in full on a due date just like all the rest credit card owners. By the way, people of this profession, as a rule, turn out to be among the most reasonable, wise, and accurate credit card holders.
But the thing is that teachers can make only regular consumer credit card deals, which come with good perks and bonuses. However, there is no special credit card fitting their occupation and activity. Besides, teachers spend a sufficient part of their earnings to buy different studies-related equipment items and facilities for themselves, their students, and classrooms.
So, teachers have 2 options to get a credit. First - applying for one of the typical credit card offers from banks. That is where they come up to a sticking point. Both, a credit card company and a credit consumer make deals in order to get maximum benefits from a credit card offer. At the point where both sides reach compromise the deal is made. But often it happens so that teachers, or their incomes, to be more precise, cannot agree to the credit card issuer's terms.
So, teachers find a solution of this problem in making credit card deals with credit unions. Credit unions are financial organizations that unite groups of people by their interests, job, place of living, etc. As non-commercial institutions such unions do not pursue the aim of getting from credit consumers as much money as possible. They are aimed at giving financial support to its members.
Spokane Teachers Credit Union, for instance, has over 70 000 members. They are quite satisfied with terms and conditions that this union offers them, so they remain faithful to it for years.
Having joined such a union you can be issued a credit card, which functions as a regular plastic with a sufficient difference that the card has lower interest rates and it usually comes with fewer fees and not so high penalty and default fees.
The Spokane Teachers Credit Union Visa, or STCU Visa, is what Spokane Union provides its clients with. High-quality customer service, identity theft protection, and, of course, incredibly low APR are the benefits you get as you apply for STCU Visa. Gold and Platinum cards enable you to get a no annual fee feature and a car rental insurance.
So, teachers are not that disappointed in credit card companies that have not issued a teachers credit card yet. They get maximum benefit from credit unions plastics that fit their incomes, occupation activities and their lifestyle.
The XXI century is the century of high-speed and nanotechnologies. It seems people strive to speed up all processes to make this already hectic and sometimes chaotic rhythm of life even crazier. They are ready to shrink everything they can lay hands on to make nanotechnologies work. In fact people just want to make their life more convenient.
Contactless credit cards are another product designed to upgrade our life quality through saving customers' time during the checkout process. These new-age credit products are gaining more and more popularity with customers. The so-called wave card makes the checkout process easier and faster. The recent opinion poll proves that contactless plastics won many hearts. According to the survey's result, over 90% of wave cards owners find them to be very convenient and user-friendly. Plus such plastics are accepted nearly everywhere regular credit products are accepted.
The financial economy crisis in the US has been admitted the largest financial shock for America since Great Depression. US banks incur billion-dollar losses. The number of delinquencies keeps rising. Associated Press has announced the results of data processing on 17 trusts dealing with securitization of credit cards.
The results leave much to be desired, to put it mildly. The volume of credit card debt with a delay of 30 or more days has gone up by 26% as compared to October, 2007. Now it makes up $17 billion. It stands for over 4% of credit card debts. The information on card holders debts for Associated Press was provided by the leading US companies.
We are used to see credit cards the way they look today, and it is hard to imagine that they looked different and served for another purpose than paying for goods and services. We call them plastics. In fact, a century ago credit cards had a different shape, size and were not made of plastic.
The appearance of credit cards dates back to the beginning of the XX century. Who were they created for? The target audience was wealthy people. The cards could be used as business certificates and licenses for the so-called "loyalty programs" at some restaurants, gas stations and merchants. Those cards, you can be surprised, were made of cardboard.
Rapidly growing credit card crime rate causes more and more concern of credit consumers and credit providers as well. Credit card fraud is a number one card holders complaint to Federal Trade Commission. According to the statistics, over 85% of credit card owners that fell victims to credit scam discover the fraud only after they get turned down by credit issuers, having applied for a new credit card or loan.
Credit bureaus cannot stay indifferent to the problem of credit fraud and identity theft, in particular. Equifax, one of the three US major credit bureaus has introduced a new ID theft protection service. "ID Patrol" is a multifunctional tool that allows protecting customers from identity theft.
