Tips, News and Advice from Credit Card Assist

Card Issuers Now Acting As Credit Counselors?

by on September 22, 2009

Card Issuers Actings As- ounselorsCard issuers are now introducing revolutionary programs which allow them to act as credit counselors for their consumers. J.P. Morgan Chase is releasing a tool entitled “Blueprint”. This program allows Chase consumers to avoid paying accumulating interest on everyday, living expenses such as groceries, electric bills, phone bills, and others. This innovative tool includes such features as expenditure tracking, categorizing purchases and building customized payment plans or budgets.

These new tools help consumers create positive financial habits and teach how to manage personal finances which will benefit their credit future. Providing assistance to those who are unemployed, elderly, or disabled but still charge living expenses out of necessity will help the economy in the long run. This mind-shift is not only revolutionary but quite unheard of in the credit card industry.

With JP Morgan Chase’s “Blueprint” system, the consumer must choose expense categories in advance before making a living-expense purchase. That category balance must then be paid off in full each month. This program also allows their customers to develop a personalized expenditure tracking system. Chase’s “Blueprint” provides an option to build customized payment plans by choosing when payments will be made during a month and the payment amount.  The program also allows the consumer to see the total amount of money in interest they are saving.

Budgeting and Expense Tracking

Expenditure tracking is not only smart for budgeting purposes but is also very useful in separating purchases for tax purposes. Categorizing purchases along with utilizing an online budgeting tool can enable consumers to determine areas of overspending and target non-essential purchases. This may be a very smart tool for parents who allow their college kids the privilege of carrying a credit card rather than cash that can be easily stolen. Some of the credit card companies are also offering rewards to promote using their new money management tools.

Debt-management tools offered by credit card companies can come to the rescue of those overwhelmed with attempts of one day being debt-free. These type of tools assist with determining which purchases are essential and those that are somewhat unnecessary. One vital feature is for developing a budget. This aids in deciding how much money is needed to set aside for specific categories so that the funds are designated and available when the bills arrive.

For those currently not using a credit card but are seriously considering one, they can start by checking with their personal bank. Most banks offer their own credit card through one of the major companies. With already being an established customer of theirs, it’s possible they can offer a better rate with all the above mentioned money managing features.

With credit card companies now acting as credit counselors, they are offering many free, useful tools for the benefit of all consumers using credit cards. Tracking of expenditures, categorizing purchases in advance, building customized payment plans, and developing a budget that’s personalized are priceless features which can help with the overwhelming challenge of debt-management. There are no hidden fees with these money management tools so consumers can now use their credit card company as their personal credit counselor without fear or hesitation.

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{ 1 comment… read it below or add one }

credit counselor July 12, 2011 at 11:15 am

That's really great that a big organization like JP Morgan Chase is developing a program to help people budget.

I work for a non-profit, credit counseling agency and you would be surprised to find how many financial misfits there are out there, that have no idea how to balance a budget, save money and are always getting in trouble with their credit cards.

I think if more financial institutions followed suit that it would help their customers and it would eventually help out the companies bottom line.

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