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What?! A customizable credit card?

By Janna Herron · Bankrate.com
Friday, September 6, 2013
Posted: 6 pm ET

Huntington Bank launched a new credit card Wednesday allowing cardholders to choose between a rewards program and a low annual percentage rate.

The new "Voice" credit card offers a rewards program that allows cardholders to earn three points for every dollar they spend in a category of their choice, up to $2,000 per quarter. Cardholders can choose among 13 categories each quarter, including restaurants, utilities, gas, travel, groceries and entertainment.

If a consumer would rather have a low interest rate, the Voice credit card offers an interest rate that is 3 percentage points lower than the purchase APR on the rewards card. The rewards card offers interest rates between 9.99 percent and 23.99 percent, based on a consumer's credit. The lower-interest-rate card's APRs range from 6.99 percent to 20.99 percent, based on credit.

Both types of the Voice card come with no annual fee and no foreign transaction fees. The cards also offer an extra day to pay your bill if you miss a payment. If you make a late payment, there is no penalty rate on both cards.

The choice is attractive if a consumer is wedded to getting a credit card from Huntington Bank, says Bill McCracken, CEO of Synergistics Research, an Atlanta-based marketing research firm. Otherwise, consumers should look for the "best-in-class" for the type of card they want among all issuers.

"If you know that you revolve balances, find a card with the lowest APR in the nation," he says. "Same thing if you pay off your balances every month, find the highest rewards."

What do you think of Huntington Bank's customizable credit card?

Follow me on Twitter: @JannaHerron

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1 Comment
CoDee
September 07, 2013 at 4:49 am

Great Marketing Incentive! In todays unbalanced economy and considering how some consumers have opted out of credit cards this is not surprising to hear! Card companies have to do something to gain new customers. Whether good for the consumer is yet to be proven. Most consumers would probably opt for the rewards program since 3% is not that low. BEST INCENTIVE: Card companies can offer new program: They will contribute $3.00 and/or match (max. of $3) for every $25.00 [or $50.00] sales purchase and/or payment on their balance to be applied to their current continuing education loan(s) as payment-in-advance; or to supplement paying off their educational loan's (loyalty-based) up to a maximum amount such as $2,000 or more. (Not to exceed $10,000). Effectively, reducing their edu-loan balance and possibly, in effect, lowering their monthly payment amount. Now that would be a sure strategic marketing winner! Surprised they haven't thought of it.

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