Switzerland Credit Cards
The Switzerland with the population of more than 7.78 million, there are around 7.3 million debit cards and there are 4.3 million credit cards in circulation. The credit card industry in the Switzerland has significantly grown in the last five years with a rate of 34%.
Good Credit Habits
The credit cards in Switzerland have very strict policies and regulations for issuing the credit cards. With good habits of repaying the credit, it helps to keep the debt ratio to minimum and it is a good sign that the people of the Switzerland have decent spending habits.
New Security Measures
The Swiss banks such as the Corner Bank of Switzerland introduced a new kind of security measure for the first time. It is called Verified by Visa and it is designed by Visa. It actually generates a new password every time it is used.
Talking about the crimes of credit cards in Switzerland, it is listed among the 12 countries with the lowest credit card frauds and laundry thefts.
It is a very effective and simple to use password-protection and identity-checking service, which is offered by Visa. Although this service will be available all around the world in the coming years but the banks of Switzerland has already implemented it.
Non Bank Credit Cards
In Switzerland, there are not just banks that offer Switzerland credit cards. But other institutions and organizations also offer credit cards, such as the Migros and Coop. These are the top superstores in the Switzerland and they have made a prominent name in the credit card industry of the Switzerland.
The best thing about these Switzerland credit cards is that there is no annual fee and secondly they offer bonus points on all purchases. And the customers can also use these credit cards in the same superstores.
The Migros supermarket has around 100,000 credit card holders and it is still increasing.
On the other hand, the Coop superstore has around 180,000 credit card holders. According to the Coop spokesperson Takashi Sugimoto speaking with the Swiss News, the company is looking forward to hitting the 400,000 mark by 2012.
It is also important to note here that with all these tempting services, there are more numbers of Switzerland credit cards and more people now owes debts that is around fr.7 billion and people are now becoming worried about it. But the Mario Roncoroni from the Bern’s Debt Advisory Association thinks that the decline in debt ratio has already started. He also thinks that the high debt rate is not because of Switzerland credit cards but it is due to the free availability of card by Coop and Migros.