Credit card companies will not charge you on your first default- C, DFS

Northern, WI 1/12/2013 (WallstreetPr) –Credit Card issuers in a bid to woo their customers and reduce the default are planning to give one month extra which would mean customers won’t be charged with any penalty or interest if he or she defaults paying on time. Citigroup, Inc. (NYSE:C), Barclays and the Discover Financial Services (NYSE:DFS) are the first to foray into such scheme. Their scheme will definitely look very lucrative but may zap the borrower at a later stage. This looks more like a marketing strategy. The companies at the moment look like helping the borrower with additional time to save himself from debt trap.

The other Credit card service providers will soon follow the suit if the competition has to be maintained. However for the new Card subscribers these three companies have come with a good offer.

Shares of Citigroup, Inc. (NYSE:C) were down by 1.14% to end at $42.34

Shares of Discover Financial Services (NYSE:DFS) were down by 0.22% to end at $40.39

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Published by Van Bettauer

Van Bettauer is a financial aficionado from Vancouver, British Columbia. He currently studies at UBC, pursuing a Bachelors of Science degree. Van has been freelance writing for many years, specializing in copywriting, report writing and article writing. The combination of his scientific studies and writing experience brings a new and fresh perspective to the financial world. Visit Bettauer's Google+ page at the following address: