07.31.07 | How can credit cards be improved?
While we use them on a regular basis and usually take them for granted, there are certainly ways that they can be improved upon. Some have confusing benefits, while some don’t always work how they’re supposed to. Here are a few areas where I believe they can be even more beneficial to their customers.
Make it easier for more stores to accept a wider variety of cards - I’ve heard that American Express charges merchants a higher surcharge rather than a Visa. Why? Does it really offer that much more in terms of benefits? If they were to even out the surcharge with the other cards, would the new business balance the lost surcharge revenue?
Simplify the stolen credit card process - Who has all the numbers to their credit card companies? If your wallet is lost or stolen, it may take you a day to cancel your cards, if it takes you that long to realize your wallet is missing. In that time period, the thief or person who found your card may have drummed up a great deal of charges. You would then have to deal with removing them from your record. How about instead of making 5 or so calls; maybe just one? A company could offer a service to handle this arduous undertaking.
Better explanation of benefits - Credit card companies seem to provide a lot of bonuses for their customers. Insurance services. Product discounts. Extended warranties. How about a list of these on a regular basis? You have my email address - use it!
