MasterCard, Visa and other credit cards spend hundreds of millions to promote their cashback programs, shopping discounts, airline miles, and all kinds of financial and lifestyle bells and whistles.
What they don’t often mention is that if you don’t pay off your bill in full every month, you pay a hefty price for those goodies — anywhere from 11.5% to 19% annual interest, according to Bankrate.[…]
Alternate lending is part of the tech-fueled upheaval in banking that is challenging financial marketing, as Apple Pay and other platforms encourage people to pick and choose among “best of” financial vendors, say experts. “People used to choose a convenient, local institution and then figure out which products at that institution suited them best,” said Rob Rubin, managing director at Novantas, a banking analytics and advisory firm. “But now 70% of consumers find it more convenient to shop for banking products online. And online shopping is product-centric.”
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