These days, banks and credit card issuers have been vilified. With interest rate hikes, increased fees, government bailouts, and high CEO salaries; customers seem to be fed up with the financial industry as a whole. JD Powers and Associates 2009 Credit Card Satisfaction Survey questioned 9,000 credit card customers on their overall satisfaction with their credit card issuers. The survey focused on 6 main areas: customer interaction, fees and rates, billing and payment process, rewards, benefits and services, and problem resolution. The results reported the lowest level of customer satisfaction in the three year history of the survey.
But there is some good news. The banking industry is trying hard to improve its battered image as many banks and card issuers are developing innovative ways to give back to the community, their customers, and the environment with the creative use of credit cards and credit card-based programs.
Giving Back
Going Green
Many consumers believe the environment is an important issue in America today. RecycleBank, headquarted in New York City, aims to address those concerns with its new Gconomy Visa card. The card, produced on 55% recycled plastic, will reward consumers for their green behavior by giving 1.5 RecycleBank reward points for every dollar spent shopping at participating RecycleBank partners such as CVS, Kmart and Sears.com.
Other highlights of the Gconomy card:
- Donates a portion of every purchase to the RecycleBank Green School Program. A program that offers grants for environmental education for students in the local neighborhood. RecycleBank is committed to giving at least $1 million over the next 5 years to green schools through the Gconomy Visa Card.
- Earn one RecycleBank point for every $1 spent any where Visa is accepted.
Money Games
Studies show that many teens know little about money management. A recent report by The National Jumpstart Coalition Survey of High School Seniors and College Students found that financial literacy among high school students had fallen to its lowest levels ever. A 2009 Sallie Mae report on how undergraduate students use credit cards noted 84% of the student population has a credit card, but most do not know how to properly use it. To bridge this education gap, Visa and the National Football League have recently released a free video game called “Financial Football.” The game uses a financial literacy curriculum from Practical Money Skills for Life to engage and educate teens (and adults) on finances, debt, mortgages, and credit card management. In order to win the game, players must answer a series of financial based questions to advance down the field. The game is free and can be downloaded to play on computers or cell phones.
Image Makeover
The reputation of banks and credit card issuers has hit an all time low as consumers struggle under what they perceive to be unfair fees, rate hikes, and poor customer service, but banks are making an effort to win customers over with innovative and unique programs to better serve their clients and their communities.
Related Posts:
- 11 Most Evil Things the Banking Industry Did in 2011 - It seems like every time we flipped on the news in 2011, the banking industry was finding a new way to blur...
- Lawmakers Question the Credit Card Industry - Recently, Democratic lawmakers raised a question we have all been asking for a long time: why are credit card late fees and...
- Can Credit Cards Improve Low FICO Scores? - If you have had a bad financial history paying bills late, overextending your credit, or by not having any credit history at...
- Congress Yet to Make Changes to Card Industry Practices - I dedicated a number of posts over the past few months to the attention that the credit card industry was receiving from...