Chase helps credit card users stay in control
Chase credit card holders can expect some extra attention starting this summer, with the launch of the bank's Chase Clear & Simple program.
Among the benefits of the program, Chase will provide cardholders with a $10 credit when they enroll for free alerts, automatic payments and online statements. These tools can help cardholders more easily manage their credit card account, prevent late fees and maintain the lowest interest rates.
Alerts come in the form of text messages, phone messages or e-mails. These alerts can be set to trigger when transactions of a certain size occur, when the cardholder is nearing their credit limit, or when a statement due date is approaching.
Chase reports that around 1.7 million of its 100 million customers have signed up for alerts, which have been available for about one year.
Meanwhile, Chase is taking the initiative to reach out to customers via mail, e-mail or phone who seem to be showing signs of financial difficulty. Chase is working to provide solutions and custom payment strategies for these cardholders before they have a chance to fall behind on their credit card payments.
Additionally, Chase is honoring cardholder requests that customized "controls" be put in place to prevent spending in excess of their credit limits. Over-the-limit fees can be an unappreciated cost for consumers, and Chase's option means such fees will not be levied, even for payments at places like gas stations, where it could still be possible to go over the credit limit by no fault of the consumer.
Chase's consumer-friendly program comes alongside similar initiatives from other issuers. The Discover Motiva card, for example, was introduced this year to reward on-time payments, while the Citi mtvU Platinum Select Visa for College Students provides rewards points to cardholders for on-time payment, remaining within their credit limit and maintaining a good GPA.
- Credit card on/off switches: More card issuers adding them – The digital switches give cardholders greater control over their accounts and can help reduce card fraud ...
- How to set up the right 'default' card on your mobile wallet – Default cards on digital wallets such as Samsung Pay and Apple Pay are the new "top of wallet" cards. Use these tips to set up and pick the right one to maximize rewards ...
- Will 'pay pain'-free mobile wallets make us poor? – Mobile wallets are convenient, but hide the pain of parting with money. Will the new payment forms make us poor by making it easier to overspend? ...