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Friday, Apr 25th

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Credit Cards to help women fighting financial crisis

Credit Cards to help women fighting financial crisis

In spite of the greatest economic slump and drop in the usage of the credit cards, many women still use a credit card to pay for their everyday needs, and for emergencies. A recent public-opinion poll among American women concluded that most of the American women use their credit cards based on their lifestyle and spending preferences.

For example, ladies who love shopping take a cash back card with them which gives them some cash back for making a card purchase. The one who travels nonstop, prefer a travel credit card that awards them points or miles exchangeable for generous bighearted discounts and sometimes even free flights. For a woman, who is a big spender and spends thousands of dollars in a year, can prefer to one of the premium credit cards from American Express. For a woman, who loves preserving the nature, use green rewards credit cards than any other cards.

The cards mentioned above are some of the top credit cards which are offered to the customers with high Federal Savings and loan Insurance Corporation (FICO) scores and solid incomes. Almost half of the American women are facing credit and financial problems due to credit cards catastrophe and troubles in their personal life. Many of them had their spending limits slashed and interest rates raised, as their banks attempted to make for the default risk on credit cards. Some women were building credit from scratch after a bankruptcy or divorce while others were trying to restore their credit score.

The types of credit cards chosen by these women are basically unsecured. Secured cards are offered to people with less than perfect credit. Women indicated that the key features of these cards are credit building service, moderate annual fees and low interest rates. In addition, these cards are useful in establishing or rebuilding the credit, if you make your payments on time and use these credit cards wisely.

However, the use of credit cards has been decreased nation-wide. It seems that the worst collapse in decades has made the American citizens to revaluate their life priorities and reconsider their spending habits. US-based consumer cards balances, fell in February 2009 by $7.4 billion. Overall, total outstanding consumer credits, including revolving credit and instalment loans, declined by $7.5 billion in February to the seasonally attuned $2.56 trillion.