What Would the Perfect Credit Card Look Like?

Wouldn’t it be great if you could design your own credit card? A card that would be perfect for you and your finances, down to every last detail. Although this is not the reality of the world in which we live, it is fun to dream. So what would the perfect credit card look like? There are 10 features that I would personally really like to see.

1. No annual fee for life – There is nothing worse than paying a credit card company an annual fee. This is money that comes out of your pocket for no apparent reason — it’s not like they don’t make enough from interest repayments to cover their costs. Without an annual fee it would be much cheaper and less stressful to hold onto and use a credit card for an extended period of time.

2. Long 0% introductory rate – Let’s face it: the introductory rate comes and goes too fast. Just as you are getting used to zero per cent, the offer expires and you are now dealing with a much higher interest rate. In a perfect world, you would keep this introductory rate for a longer period of time – more than one year, maybe? From there, it would revert to a low rate, such as 5% or below.

3. Cheap cash advance rate – If you have ever opted for a cash advance on a credit card you know that you can get hit with a high interest rate from the moment you make the transaction. Why should you have to pay such a high interest rate just to access your credit? Is there that much difference between withdrawing cash and making a purchase? From time to time you may need cash. If you did not have to deal with a high cash advance rate it would be much easier to get the money needed, without delay.

4. Reduced fees on late payments – No matter who you are, there may come a time when you make a late payment. Unfortunately, credit card companies offer little to no leeway in these situations. Instead, they will hit you with a fee as soon as possible. The perfect credit card may have a fee (you have to be somewhat responsible) but it would be reasonable, based on how late you are and take into consideration your payment history.

5. A rewards program with a high earn rate on domestic and international purchases – It is great to earn credit card points when you make purchases with your credit card. But are you really getting enough points for all the money that you spend? Wouldn’t it be nice if your reward program offered a higher earn rate for each dollar you spend?

6. A rewards program linked to your airline of choice – Many people who opt for a rewards card do so because they want to use their points for flights. Unfortunately, not every airline participates, especially low cost airlines. The perfect credit card would allow you to link your account to the airline of your choice, making sure that you are always able to put your points to good use.

7. The ability to redeem points for items other than travel – Imagine a credit card rewards program that allows you to cash in your points for anything and everything. Maybe you want to use your points for groceries, or perhaps you want to use your points to pay your utilities. You may even be able to redeem your points as cash back.

8. Personal concierge service – Yes, it is true that many credit cards offer a personal concierge service. However, most of these cards have a high annual fee. Making things worse, you may not even qualify. If you could design your own card, you’d definitely want a personal concierge service attached to it.

9. Mobile banking and management – Although the credit card industry may be moving in this general direction, not every bank is there just yet. In today’s technological day and age, more people than ever are spending hours on end paying bills and managing accounts. How great would it be to have a credit card that can be paid and managed via an iPhone or Android app?

10. Great customer service – This may not have anything to do with your actual credit card, but in the perfect world it would be a huge upgrade. Have you ever called your credit card company with a question, just to get pushed off on somebody else, who passes you to another department? Every credit card company should offer top notch customer service.

This guest post was contributed by CreditCardCompare.com.au, an Australian credit card comparison tool where Aussies can compare the best credit cards from various banks and building societies.