Credit Card Reward Points Go Away With Missed Payments
Wednesday, October 7th, 2009With the government’s new credit card legislation possibly reaching its stride two months early on December 1, a lot of frustrated credit card users may be breathing a collective sigh of relief. Given the tighter restrictions on credit card issuers, you might want to take the opportunity to be a little more choosy in selecting your new card, as industry players are going to push hard to win customers from competitors, using reward plans and low introductory rates as incentives. However, unknown to many credit card users is how reward plans are handled when payments are missed.
What far too few consumers understand is that not only do credit reports get the news when a payment is missed, so do the third party companies that handle the reward plans.…