The Perfect Credit Card

by Kristina on October 21, 2010 · 4 comments

Credit cards now days are becoming more and more personalized.  Some companies allow us to choose our credit card colour as well as the design.  The credit card is the new check book. Remember checks? I have ordered a book of checks once in my lifetime; and to date, I have only used 17 of the 50 checks.  My checks are pink with roses in support of breast cancer. They are also personalized with my name and phone number.  If my credit card wasn’t joint with my boyfriend Nick, it would also be pink.

If you could create the perfect credit card what would if offer? Some of us may have 2 or 3 credit cards because each offers their own features such as cash back, Air Miles, or the option to earn points that we can redeem for travel rewards or merchandise, such as gift cards.  What type of credit card would make you happy?

When thinking about all the qualities that we would love to have in just one credit card, we have to be realistic. Remember that Banks have to make a profit from their clients. We will need to have either an annual fee or a low interest rate.  If you had to choose which would you prefer?

If you choose to have an annual fee with a low interest rate is that because you carry a balance on your credit card?  Would you carry a balance on your credit card if your interest rate was 19.99%? If you choose to have no annual fee with a higher interest is this because you never carry a balance on your credit card and therefore the interest rate is not relative? Or is it because you only use your credit card to build and maintain your credit score?

Some of us may not have credit cards because they may be inconvenient at times. I am not sure if our credit cards will ever become as widely accepted payment method as cash or debit. Each payment method has their positive and negative qualities. We can use our credit card to make purchase online, but we cannot use our cash. We can usually buy our daily coffee with cash, but not always with a credit card.

We need to have one universal payment method that is accepted by every merchant worldwide. Since each country has their own currency, it seems only logic that credit cards become a widely accepted method of payment. I know that VISA and MasterCard are accepted worldwide, but, they are not accepted within all merchants.

DINKS, I ask you. If you could create the “Perfect” Credit Card what qualities would it have?

Let’s start by answering these questions:

I wish my credit card had _________

I hate that my credit card has _________

I wish I could pay for ­­­­­­­­­­­­­­­­­­­­­­­­­__________ with my credit card

I always use my credit card to purchase _________ because __________

——–
(Photo by Lel4nd via Flickr)



{ 4 comments… read them below or add one }

1 Tim @ Faith and Finance October 21, 2010 at 8:41 am

1. A better website account view – not a fan of American Express account login (rather use Chase online).

I hate that my credit card has – a low limit. Travel season at work means I have to book multiple flights and I end up using two credit cards.

I wish I could pay for student loans/apartment rent with my credit card. (I’d pay it off each month of course.

I always use my credit card to purchase hotel stays and gas because I get many more points for using it.

We’ve had a week of free hotel stays using AMEX Hilton card this year – great benefits if you’re disciplined to pay it off each month.

2 Kristina October 22, 2010 at 8:00 pm

I wish my credit card had double the points on each dollar spent and an annual Christmas bonus.

I hate that my credit card has the option for cash advance…I use it too often…with fees and no points accumulation.

I wish that I could pay my rent with my credit card. That would be 1035 points per month because my points are $1 = 1 point. Now I use my debit card which is only 1 point for every $5 spent.

I wish that I could pay for my newspaper, gum, or coffee with my credit card because I never have change.

3 Kristina October 22, 2010 at 9:42 pm

I always use my credit card to pay for electronics for the extended purchase warranty.

4 Kristina October 24, 2010 at 6:29 pm

Interesting and Informative video on YouTube Jeff. Don’t write your pin on the card was one of the safety tips on how not to burn money. Do people actually do that? I admit that I have the memory of a goldfish (less than 10 seconds). However, I have a book at my house where I write down all of my user id’s and passwords. I would never write anything of my banking info on my bank debit card…maybe that’s just me.

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