Do you hate your power company? Chances are that they are the only game in town. Don’t like your broadband internet company? If you are very lucky, you might have the choice between the cable company and the telephone company’s DSL service. Maybe you need a new mobile phone provider, now you have maybe a dozen choices. Do you want to buy a car? Now you can choose from hundreds of different models from several dozen major brand names.
Now, imagine that you don’t like your credit card. That might not be a stretch for many of you. You have a choice of hundreds of different credit cards from dozens of banks. We are very fortunate to have a highly competitive marketplace. If you want proof of that, just count up all of the offers for credit cards that you see every day between mailings, print, and web advertisements. It is almost impossible to visit a college campus or attend a large event without seeing a booth sponsored by a credit card company.
Your Business Is Valuable
If you pay your bills on time, then you are an asset to your credit card company. While news reports of a credit crisis may make it seem like banks aren’t interested in you, the opposite is true. If you pay your bills on time, maintaining a high credit score, you have never been more valuable of a customer than you are now. I have been saying this to everyone I hear from who complains about their credit card company. Now, the New York Times seems to have figured this out. In their article today, they cite the CARD act as a reason that credit card companies are jacking up their APRs or changing other terms. I agree with them that this is the time to re-evaluate your “relationship” with your credit card company. If you don’t like their new terms, feel free to shop around.
It Is Not Really A Relationship
The arrangement you have with your credit card company is not a relationship in the traditional sense of t he word. Sure, the write you frequently, and they may even give you gifts. They are always there when you call, and sometimes you have fights. They can apologize and you can make up. In many ways it can actually seem like a relationship, but it is not. It is a business arrangement, pure and simple. If and when your bank does not meet your needs, it is time to move on. You don’t have to apologize, nor should you do so out of spite or to make a statement. On the other hand, I firmly believe that you should always treat the people who you speak with, who happen to represent the bank, with courtesy and respect.
The Times Recommends….
I don’t know if I should be surprised or flattered, but the Times article cites several of my favorite credit cards. The mention the Schwab Bank and Fidelity Bank cash back cards, both of which offer 2% cash back. On the reward side, the mention the American Express Starwood card, a perennial favorite of reward card aficionados everywhere. While they do list some web sites that offer credit card comparisons and reviews, you will find an extraordinarily comprehensive selection right here at AskMrCreditCard. They conclude by saying:
What we all share, however, is a desire to pay less and earn more than the average customer. We can’t all be above average. But right now, when card companies are wondering how many changes they can make before driving us away, you’d be crazy not to try.
I could not have said it better myself.
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