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New credit card products hitting the market

31/01/2012 - By Frank LoSchiavo

The payment services landscape will evolve dramatically over the next few years.

Tag: Credit Card Processing

The concept behind the credit card is relatively straightforward, but that underlying idea is now giving way to a slew of new credit products for consumers. Coupled with emerging technologies, most experts agree that the payment services landscape will evolve dramatically over the next few years.

Secured credit cards are one such example, as these devices serve as a sort of hybrid version of credit and debit. Essentially, the customer deposits a certain amount of money on the card, and the funds are held by the card issuer to cover unpaid credit charges. The main benefit of these cards is that the company will report the credit history to credit bureaus, meaning individuals with sub-standard credit may be able to rebuild their scores.

In many ways, 2011 was the year of the credit union, as many customers, tired of big banks, transferred their funds to small, community-based institutions. Now, many credit unions are beginning to offer their own credit cards to customers.

"Because credit unions do not have to generate profits for shareholders, credit union cards usually offer lower fees than big bank credit cards," writes Angie Mohr for Investopedia. "The trade-off is that these cards often don't offer the bells and whistles that bank cards do, such as reward points or cash back."

Articles written by ChargeNational.com's editorial team. For more information, click here.

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