Not so long ago, through the heyday of the credit boom, credit-based card issuers were literally falling over themselves to attract new clients. One of the main ways they did this was to provide ever more pleasing features on their cards - extended 0% balance transfer deals, low apr, more worthwhile incentives plans; all with the intention of forcing their way to the very top of the best buy tables on the numerous comparison websites in cyberspace. A spot on top of such tables could ensure a card company a rush of brand new applicants, and so keen were they to gain new deals their acceptance standards were very often pretty low, so it was easy for the average joe to get hold of a decent card with some exciting benefits.
This background has elevated our expectations of what to watch out for in a card, realistically however, the the bigger picture has updated drastically since then. In the aftermath of the credit crunch and subsequent depression, credit card issuers have largely been looking to actively lessen the quantity of accounts they manage, wishing to control their exposure to bad credit card debt as lots of people enter financial hardships. Not only have several notable financial institutions cancelled the accounts of numerous cardholders, others have raised their Interest levels to punitive levels to persuade folks to switch to a replacement card and so shrink the company's exposure.
An extra result of all this is that banking companies aren't quite so keen to force their credit cards to the peak position in the comparison tables, and so the packages available are actually less attractive across the board. Needless to say, you may still find some first rate offers to choose from, but to get approved for these cards you must have a better credit ratings background than was obligatory during the past.
Exactly what does this all mean? Realistically, if you are seeking a fresh visa card - and consumer demand is still robust it's wise to lower your expectations a touch. The top of the range cards are only really accessible to those with pristine credit scores, and average folks are required to accept something less. Instead of looking for a card with awesome features across the board, choose one feature that is most significant for you, and look for a card giving a good if unexceptional package in this area - and one with acceptance criteria you're likely to match.
Author Resource:
Michael writes on credit cards and related topics, and you can read more about getting the best credit cards at his site.
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