Graduating Secured Credit Cards to Full Featured Products

In Mercator Advisory Group’s research on secured cards, we noted how the market changed since the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) eliminated a series of unfair practices. Before the regulation, the market was filled with hard money lenders who took advantage of borrowers with sky-high interest rates and even worse junk fees. Things like application fees, activation fees, and risk fees tainted the product. The CARD Act cleaned up the business, and now top lenders, from Bank of America, Chase, Discover, and US Bank, offer worthwhile cards, with interest rates ranging from 11.65% to 24.99%, and reasonable, in-range fees.  Mastercard and Visa also came out with more rigorous standards for their franchisees. We peg the U.S. market at almost 5 million cards today, with the potential to embrace 500 percent more, given the number of low-banked, underbanked, and unbanked in the market. Working in credit for decades often brings friends and acquaintances with questions about “what is the best card for me to get?” Many times my answer is something along the lines of a Chase Freedom card, which I like because it carries an excellent reward str...

Graduating Secured Credit Cards to Full Featured Products

In Mercator Advisory Group’s research on secured cards, we noted how the market changed since the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) eliminated a series of unfair practices. Before the regulation, the market was filled with hard money lenders who took advantage of borrowers with sky-high interest rates and even worse junk fees. Things like application fees, activation fees, and risk fees tainted the product. The CARD Act cleaned up the business, and now top lenders, from Bank of America, Chase, Discover, and US Bank, offer worthwhile cards, with interest rates ranging from 11.65% to 24.99%, and reasonable, in-range fees.  Mastercard and Visa also came out with more rigorous standards for their franchisees. We peg the U.S. market at almost 5 million cards today, with the potential to embrace 500 percent more, given the number of low-banked, underbanked, and unbanked in the market. Working in credit for decades often brings friends and acquaintances with questions about “what is the best card for me to get?” Many times my answer is something along the lines of a Chase Freedom card, which I like because it carries an excellent reward str...

Best New and Featured Products Announced For Western Foodservice & Hospitality Expo

LOS ANGELES, CA  – Thousands of new products and services from 500 exhibiting companies for restaurants, caterers and foodservice establishments were introduced during this week’s Western Foodservice & Hospitality Expo, Healthy Food Expo West and Coffee Fest all being held together at the Los Angeles Convention Center.Several Awards were presented, including: The Western Foodservice & Hospitality Expo is produced by Clarion UX and sponsored by the Restaurant Association (www.calrest.org), and provides industry professionals access to the hottest menu trends, state of the art design and decor, a renowned education program, several culinary demonstrations, and 500+ of the leading vendors and purveyors dedicated to serving the restaurant & foodservice community. For more information, visit www.westernfoodexpo.com The Western Foodservice & Hospitality Education Program will include five tracks – Bar & Beverage, Building a Winning Team, Hot Topics, Marketing & Social Media, and Operational Excellence. … The 2019 Western Foodservice & Hospitality Expo will present their annual Torch and Beacon Awards to two inspirational leaders in the industry on Center S...