What Makes A Credit Card Popular?

In 2009 a bad credit rating credit card got nearly 2,700 applications per day (that’s just under a million throughout the whole year) despite interest rates of up to 60%.

You’d think that most people would baulk at the prospect of a loan offered at a rate of sixty percent interest. But it would seem that that wasn’t the case when it comes to that credit card.

What makes one credit card popular while others languish wallet-less with their providers? Well, there are three reasons.

First, the credit card has to be achievable.

It has been suggested that the high level of applications for that one bad credit rating credit card received was because increasing numbers of borrowers were being turned down by high street banks.

This may be true in part but it’s also true that sub-prime cards are very good at saying in detail who they will accept. Since rejections for credit cards clear instructions from the credit card issuer are certainly the first step on the road to popularity.

Second, the credit card has to have a clear use.

For example, bad credit rating credit cards that are aimed at borrowers who have a bad credit history and have been turned down by more well-known firms. The credit card can also help people who are new to credit and may not have a credit history.

By taking out the card and always remembering to make the monthly payments and stay within the credit limit, consumers will start to improve their credit score as lenders are given proof that they can manage their finances and make repayments on time.

This is also true of credit cards that offer 0% rates on purchases or balance transfers.

In the case of offers, a market leader can make a credit card popular for months or even years. For example, the Virgin money credit card has been at the top of best buy tables for over a year with its 0% balance transfer offer.

That brings us neatly onto the third point: consumers must be able to find the credit card.

Even fairly poor credit cards have become popular in the past because millions has been spent on advertising them.

As consumers become more technologically-savvy it becomes easier for them to find the best deals even from credit cards that aren’t heavily advertised.

Even so, being able to find the credit card in the first place counts for a lot when it comes to popularity!


Justin Schamotta is a staff writer for a credit card price comparison website. The site allows users to see list of market leading credit card types such as 0% purchase credit cards or in-depth articles on issues such as instant decision credit cards
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