Released: September 15, 2009

A consumer-friendly credit card?

Source: Kathy Chu, USA Today

After years of encouraging consumers to load up on debt, the card industry is trying a novel tactic: helping borrowers manage their debt. Tuesday, JPMorgan Chase plans to unveil new credit card features that even critics are applauding as a shift in how consumers can track and manage purchases, as well as pay off debt.

The centerpiece of the free offering, called Blueprint, is a feature that allows consumers to avoid paying interest on everyday purchases — such as groceries — even while accumulating interest on other purchases. Other features allow borrowers to track spending and create payment plans to whittle down debt.

Other issuers have launched similar, if less ambitious, products. Wells Fargo and Discover have rolled out online budgeting or debt-management tools. American Express has begun a national advertising campaign to deliver the message that its charge card — which consumers pay in full each month — is “right for the times,” says Jud Linville, the chief executive of consumer services.

Read Full Article: A consumer-friendly credit card?