New Credit Card Breed
Recently the Chase Blueprint card has been offered to about 20,000,000 of their customers. With the economy going south, consumers immersed in debt, unemployment at record numbers, and congress imposing changes to credit rules it really isn’t surprising that new types of credit cards would emerge.
The Blueprint credit card is a very interesting and useful credit tool. It really allows consumers to make responsible choices on how they would like to manage their credit card charges and debt.
It is a combination of a CHARGE CARD and a CREDIT CARD.
The CHARGE CARD aspect goes as such. Consumers can choose which charges they would like to pay in full at the end of the month. As long as the full payment is made by the end of the month statement, after purchase, no interest will be paid.
The CREDIT CARD aspect allows them to make payments monthly and incur the “normal” interest on balances. Another benefit to this card is having payoff goals. You can decide that after charging a specific amount, for example $2,000.00 for a home appliance, that you want to pay it off in 6 months.
Using the calculator offered with Chase online or speaking directly with a Chase rep. you will be told how much each month you will have to pay to complete the payments within the 6 month period. Your monthly statements will track the progress of your goals. This is a great tool for consumers to be more active in responsible credit use. They can make educated choices about setting goals and saving on interest payments. This card is really a combination of the old Amex charge card where you pay in full at the end of the month with no interest payments and the typical Visa and Master credit cards. It is a great idea for empowering consumers to be the Captain of their credit ship and navigate the financial seas with a steady hand and watchful eye.
On the other hand, if not used correctly, it could be yet another enticement for credit card companies to hook you into charging more and paying less on your balance. It reminds me a little of the Department store cards. You go to buy some clothing and the cashier tells you if you open a card today you will save 20% on your purchase. You apply for the card and save $100.00 on a $500.00 purchase. You leave the store happy you got a great deal on your buy.
The bill comes 3 weeks later and you say “I will pay $100.00 since I have other bills I need to take care of “. Now you are paying 25-28% interest on your $300.00 and you continue paying high interest on balances for many months or years to come. If not used with the original motivation in mind the credit card companies will become the Pirates of your dollars. So be careful not to go into the Blueprint card with the best intentions but don’t use it with your financial benefit in mind.
As time rolls on I would bet we see many more of these types of new credit card breeds.
“Great credit brings great opportunity”
Copyright ©2009 North Shore Advisory Inc.
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