January 1, 2010
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2009 Rewards Awards, Pt.3
The Golden Fleece.C) Best Finance Rates:
Many things in the credit card market changed for the worse in 2009 but, probably, the most noted was the interest rate. It seemed like the slightest sniffle would cause a credit card consumers' finance charges to go through the roof, fleecing the customer just because the issuer could. So, many credit card accounts that started out great, deteriorated to the point of needing to be closed.
Withstanding all the turmoil here, was the Simmons Visa Platinum credit card rewards system. It had been well-known that credit unions largely remained uncorrupted by the practices of their excessive-compulsive profit-monger counterparts. But, Simmons First took this benefit one step further. They formed a collection of community banks in Arkansas, offering straightforward customer service. Along with this came some of the credit card industry's best APRs. They grew in prominence and national exposure through online methods and were able to keep their overhead low. As a result, Simmons has proven that an honest group of small entities can compete with the giants by being sincere about their good services. They're trustworthy and are not prone to gouge their clients just because they can. Well done, Simmons.
In this same vein, the Iberian Bank has voluntarily held the line on gouging clients with soaring finance charge rates. Called Iberiabank Visa Classic, they even made another major stride toward customer value with credit card accounts they offered. They were a leader in voluntarily eliminating the notorious overlimit penalties that have become so hated. Just this week, Wachovia (really, the notorious First Union) slammed my friend with $80 in penalties on a credit card account with only a $200 credit limit! How bad is it when a penalty is almost half of the entire credit limit of the card?