Credit Card: Good News and Bad News

The Good News

These figures suggest that banks will be fighting for customers who are a good credit risk (700 or above credit score), as opposed to those who fall into the sub-prime category. As banks continue to play a shell game with the best customers, consumers who have good credit may be the winners in the end. A survey of www.creditmall.org suggests that every bank wants a consumer who is deemed as a good risk. All credit card underwriters are after customers with the best credit score. Good credit scores are rewarded better now, than almost any other time in history.

Here are some of the following offers banks have extended to consumers with excellent credit:

1. Credit cards from 6 to 15 months with 0% APR
2. Credit Cards with no annual fees and special offers.
3. Credit Cards with lowest APR on balance transfers.
4. Credit Cards that save on gas purchases.

Here are the offers banks are "giving" to consumers with poor credit:

1. Prepaid Credit Cards.
2. Credit Cards for those who have poor credit. (Be sure to read the fine print.)
3. Secured Credit Cards.
4. Student Credit Cards. (Be sure to read the fine print.)

In conclusion, credit card companies are in a mad scramble. Companies are tightening lending standards to those who have questionable credit histories. There is a growing gap between the types of credit card offers that are available for those who are deemed as a good risk as opposed to those who are in the "sub-prime" categories. There had never been a better time to be a consumer with excellent credit. It is about time that those who have the best credit are rewarded.