The major credit card companies in the United States are publicly traded and owned by a collection of stockholders. They operate with a CEO, or Chief Executive Officer, whose sole responsibility is to ensure steady growth within the organization.
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Companies like Visa, MasterCard, Discover, and American Express all operate according to a specific organizational structure. In addition to the CEO, who usually serves as the chairman as well, there is the COO, or Chief Operating Officer and the CFO, or Chief Financial Officer. Other positions include Executive Vice Presidents and/or Senior Vice Presidents.
Together, this small group of investors generally holds enough stock in the company to be considered owners. Having control of the vote means they make the final decisions. Depending on their forecasting abilities, they have the power to keep the company moving forward in a positive direction.
How do I decide which credit card company to choose?
Choosing the correct credit card company is a very personal decision. You need to match up the benefits offered by each with your needs and how your life will improve. For this reason, you must first have a clear expectation of your credit card company. What do you want them to provide you? If you travel or spend time away from home a lot, you may need an extra rewards card that offers cash back.
On the other hand, if your credit card expenses will include large purchases like home improvements or appliances, you may want a company that allows you to pay your credit card bill over time with a low credit card Annual Percentage Rate, or APR. A low APR means you can pay your debt down much faster.
Make a list of the reputable credit card companies and do a little research at the Better Business Bureau to see what their customers are saying about them. If you are curious about a company, this is one of the best ways to see how they treat their patrons. You are looking for the number and the type of complaints recorded.
Also, review the amount of time they took to successfully close the complaint. The BBB requires every company who receives a complaint a specific time to respond. Failure to respond and record the resolution results in a negative rating. Companies who rate less than a B with the BBB should be avoided. They have proven that they do not value their customers and you may encounter problems.
What do I do if I have been denied a credit card?
The credit card companies are really becoming very subjective with who they are offering new accounts to. In fact, in accordance with the new credit card reform laws, you will not be approved for a credit card if you are under the age of 21 with no verifiable income. If this fits your circumstances, you will need to acquire a co-signer.
If you are over 21 and your credit card application is denied, your first step is to order your credit history. Go online to the Federal Trade Commission and find out the latest information regarding a free credit report. You can also log onto Annual Credit Report and request your copy.
Review the entire report and make sure you highlight anything that looks out of the ordinary; including accounts you have not opened. If you suspect fraudulent activity, you need to report this immediately. In addition, if you notice any errors, like old debt that has not been removed, complain. You have the right to dispute anything on your credit report to ensure the most accurate information is included.
How long will it take for my credit report to get fixed?
The credit bureaus have approximately 30 days to respond to your complaint; they each have online websites for convenience. Timing is of the essence. The longer you wait to report the discrepancies, the longer it will take to investigate, and ultimately resolve.
Once you log your complaint, the credit bureaus must contact each company you list as having recorded inaccurate information. They wait for their response and depending on the documentation they provide, will update your credit report. You are notified by mail of the decision and provided with a revised credit score.
To become a savvy credit card shopper, you really need to stay on top the financial world. Each day brings new changes that can ultimately affect your long-term future. Be proactive and seek out information where you can find it. Learn as much as you can about the credit card companies and the advantages they provide. This will help you avoid any negative experiences.
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