There is no denying that payment cards have become an essential aspect of life in the 21st century, and it is impossible to imagine life without them. Not only do charge and credit cards offer you convenience and security on a daily basis, there are also times when a payment provider can take on the role of a lifesaver during emergencies.
Also, most payment cards nowadays offer lifestyle benefits and loyalty programmes, such as concierge services or rewards for spending at select stores and restaurants. In addition, charge and credit cards enable people to establish a valuable credit history, which may help facilitate access to future financing for major purchases, such as a car or a home.
Having established the benefits of payment cards, the predicament that follows is choosing a card from the extensive variety on offer. The numerous possibilities, the convenient payment options available and the wide range of loyalty points and rewards on card usage mean that choosing the most suitable card is often a difficult decision.
The consumers' dilemma is heightened further in today's tough economic times, because they have begun to place far greater emphasis on getting in control of their finances. Consumers today are interested in staying out of debt and paying down their credit card balances and hence, are looking for card issuers who can offer different options that support these needs.
With this in mind, the new paradigm for financial institutions and payment card issuers in the Middle East region is to demonstrate a greater understanding of their customers' situations and ensure they offer them the right product for their circumstances.
The crucial question then becomes, how can we assist our customers in managing their debt responsibly while continuing to offer them the benefits of a payment card? And one of the simple answers to this question is: a charge card.
Charge cards live up to their name by putting customers in the driving seat, offering them the opportunity to take charge of their finances. Customers benefit from financial control through the ability to pay the balance in full at the end of each month, and there is also no interest charged on card spend. As a result, customers avoid running up unmanageable debt, and they spend within their means.
As well as the ability to take control of their finances, those using charge cards can benefit from great rewards, which can be redeemed against a wide variety of goods and services. Charge cards also offer personalised services, and a variety of purchase protections, such as extended warranties.
While charge cards might not be the right option for everyone, for those seeking the assurance of financial control while also enjoying compelling benefits and rewards, charge cards may be a perfect solution. And through the American Express Middle East products suite, we are able to show our commitment to responsible lending practices, and ensure that cardmembers have access to the right information to make informed decisions.
— Mazin Khoury
CEOoffice@americanexpress.com.bh
