Top Credit Cards

Top Credit Cards for Women Fighting the Financial Crisis

In spite of the greatest economic recession and sharp drop in credit card use, many women still choose a credit card to pay for everyday needs, as well as for emergencies. According to a recent public-opinion poll conducted among American women, most of them use their credit cards based on their spending preferences and lifestyle.

For example, ladies that adore shopping prefer taking a cash back card with them that gives them some coin just for making a card purchase. Those who travel nonstop cannot imagine going out without a travel rewards credit card that awards miles or points redeemable for generous discounts and sometimes free flights. If a woman is a big spender charging thousands of dollars a year, she would most likely give reference to one of the premium credit cards from American Express. And finally, women concerned about nature preservation use green rewards credit cards more frequently than any other type cards.

You may have noticed that all the credit cards mentioned above are essentially top credit cards that are generally offered to creditworthy customers with high FICO scores and solid incomes. Meanwhile, almost half the women interviewed were facing financial and credit problems due to the credit crisis or troubles in their private life. Many had their interest rates raised and spending limits slashed as banks attempted to make up for the default risk on credit cards. Some women were trying to restore their credit after losing a job while others were building credit from scratch after a divorce or bankruptcy.

Regarding the types of credit cards chosen by this category of women, they are basically unsecured and secured card offers for people with less than perfect credit. The ladies indicated that among the key features determining the value of such cards were reasonable interest rates, moderate annual fees and credit building services. They also added that these credit cards are great for rebuilding or establishing credit if you make all your payments duly on time and keep card spending reasonably low.

As concerns the use of credit cards nation-wide, it has decreased by record numbers. It seems like the worst recession in decades has made American citizens to reconsider their spending habits and re-evaluate their life priorities. Balances on US-based consumer cards fell by $7.4 billion in February, 2009, which is the largest decline since 1976. Meanwhile, in the last 12 months credit was extended by only 1.1 percent which is the slowest growth since the 1990s.

Overall, total outstanding consumer credit, including installment loans and revolving credit, declined in February by $7.5 billion to the seasonally adjusted $2.56 trillion according to the Fed' figures.

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