WalletHub Press Release
The leading personal finance websites CardHub and WalletHub today released their Q2 2015 Credit Card and Banking Landscape Reports in order to help equip consumers to make smarter financial decisions in this often unfamiliar post-recession landscape.
You can find a few highlights of each report below.
Credit Card Landscape Report:
- Following a 40% run-up over the past 3 years, the value of credit card initial rewards bonuses experienced something of a correction during Q2 2015, with cash-based bonuses dropping 5.09% and their point/mile counterparts falling 2.84%. Interested consumers should therefore jump on the opportunity to apply for such a bonus while their value is still near historical highs.
- Issuers seem to be focused on attracting new customers who have existing debt, while slowly steering away from people intent on incurring new debt in a recovering economy. This conclusion is supported by the fact that 0% balance transfer periods have stabilized, while 0% purchase terms are becoming shorter.
- Consumer complaints regarding “advertising and marketing” as well as “rewards” have skyrocketed in 2015, rising roughly 180% and 169%, respectively.
Banking Landscape Report:
- Despite talks of impending rate hikes, on-the-ground intel actually reflects a declining interest rate environment as far as deposit accounts are concerned. Rates for checking and savings accounts fell 6.03% and 11.52%, respectively, during the second quarter of the year.
- Personal online-only savings accounts provide the market’s highest interest rates – offering 61% greater returns than the runner-up, personal online checking accounts.
- Despite rising 3.44% on average during Q2, the rates provided by Certificates of Deposit (CDs) still aren’t worth sacrificing your liquid flexibility. After all, the average 2-year CD offers a lower yield than your run-of-the-mill online savings account these days.
For the full reports, please visit: