17 Sep 2022

47

The Best Credit Cards of 2021

Format: Other

Academic level: College

Paper type: Coursework

Words: 339

Pages: 1

Downloads: 0

a. Discuss your findings and thoughts from this video. How do you plan to use the credit card going forward? 

From the Frontline video, I have discovered various strategies used by credit card companies and other financial institutions which place consumers at risk. First, I have realized that the credit card industry contains many undisclosed and “unregulated” clauses such as the jurisdiction to alter interest rates depending on previous financial revelations and without direct consumer information. Even though there is a regulating body, Office of the Comptroller of Currency (OCC), credit card companies are using unfair and unethical measures to acquire profits from unsuspecting or struggling American consumers. Secondly, the credit card industry is full of trade secrets especially in the consumer contract or agreement which exposes and individual to critical debts , hiked interest rates, payment fees and unethical means of tracking such as FICO scores. My plan is to use credit card responsibly while religiously paying arrears and fees in a timely and recommended manner. 

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b. Which category does credit card fall under - M1 or M2 or both/neither? Why or why not? 

Credit card is neither M1 nor M2, as it does not comprise liquid or circulation money. Secondly, credit card is based on loan aspect where one purchases or pays for services or goods which does not involve money transfer since the loans cannot be exchanged or substituted for cash. 

c. Do you consider credit cards useful given the electronic financial age? Why or why not? 

Yes, credit cards are essential modern methods of transactions, but require strict regulation to protect consumers against unfair practices. Credit cards offer readily available loan money, which is convenient and applicable in regular aspects and more essential in emergencies. Moreover, with increased electronic and economic connection, credit cards have defined their usability and convenience in transactional contexts. 

d. Based on this video, do you think that bank failures are like failure of any other business organizations? Explain why or why not

No, bank failures are different from other corporate entities since they deal with money hence controlling consumer financial objectives and operations. Bank failures have devastating effects on its reputation, unlike in other business organizations where failures are easily corrected by acquisitions and institutional funding. 

Reference 

Secret History of the Credit Card. Retrieved from: https://www.pbs.org/wgbh/pages/frontline/shows/credit/ 

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StudyBounty. (2023, September 15). The Best Credit Cards of 2021 .
https://studybounty.com/the-best-credit-cards-of-2021-coursework

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