A preferred customer is someone with a taste for credit wh1

A preferred customer is someone with a taste for credit wh1...

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“A preferred customer is someone with a taste for credit who’s willing to make minimum monthly payments forever replied the vice president of MasterCard” (Bloch, 2007,pg.28- 29).Every time a credit card customer pays the minimum payment, interest rates and annual fees are accounted to the balance. Consequently, lenders will also increase interest rates when 30 to 60 days late on the payment (Quinn, 1996). Bill Hardekopf the chief executive of lowcard.com said “The partnership between the credit card issuer and you as the customer has changed dramatically. The pendulum has kind of swung in favor of the issuer, he said” (Silverblatt, 2010,pg.28-29). Evidence shows that when
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Unformatted text preview: Americans are late on a balance, interest will be increase; interest rates will go up causing Americans credit scores goes down. The soul propose, of having a credit card is to build credit. Possessing a credit card is the best way to build credit, but can be the fastest way to lose credit (Quinn, 1996). This is a risk Americans take when taking out a credit card. Even though credit cards are good to have for emergencies, American should not have credit card because interest increasing over year, can cause debt and consumer can be in trouble later in life....
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This note was uploaded on 06/10/2011 for the course PHYCOLOGY 112 taught by Professor None during the Spring '11 term at University of Phoenix.

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