As Credit Cards Enhance Rewards, Consumers Advised to Comparison Shop

Tuesday, July 25 at 09:15 AM
Category: Arvest News

Did you know 25 million credit card holders have held the same credit cards for at least a decade?

LOWELL, Ark. – Consumers routinely search for the best price or the best deal when making a long-term financial commitment – from automobiles to cable companies to phone carriers. They don’t, however, tend to comparison shop once they have committed to a credit card.

A report by creditcards.com* shows that some 25 million credit card holders have held the same card for at least a decade, and another 20 million have never switched to a different creditor. This, despite the emergence of rewards programs that offer consumers robust benefits. 

Among the most popular perks offered through reward programs are cash-back options and bonus rewards. When offered, cash-back and other reward options can put extra money in the pocket of cardholders. Cash-back benefits can be applied as a credit on a future statement or deposited electronically in the customer’s bank account. 

Some financial institutions offer bonus opportunities such as providing customers with as much as triple rewards during certain times throughout the year, when they spend a particular amount on their card or when they charge specified items such as groceries or gas. 

More than half of consumers who did switch to a new credit card made the change because of a better rewards program, according to a creditcards.com* survey from 2015.

A rare and competitive offering among a handful of institutions is a rewards program that touches every level of credit cards. From a classic card to the platinum level, a rewards program could be in place, though the rewards may vary.

In addition, card issuers are becoming increasingly competitive by eliminating various fees, such as annual rewards program fees and balance transfer fees, and increasing the amount of control cardholders have at their fingertips.

One factor that will always get the attention of cardholders is interest rates. An individual’s improved credit score could mean they are eligible for a lower rate on their credit card. That provides another option for saving money and another reason to evaluate and compare programs. 

The Federal Reserve anticipates additional increases in interest rates later this year. With that change, every percentage point and every rewards option could affect consumers’ wallets in one way or another.

The bottom line for consumers is that, with the emerging new benefits programs offered by credit card issuers and the expectation of a rising rate environment, comparison shopping for the best credit card for their particular needs is becoming more important than ever.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arvest Flex Rewards™, Credit Cards, Financial Education
 

Community Advisory Board Created in Saline County, Ark.

Friday, July 21 at 11:00 AM
Category: Arvest Community News
Arvest Bank has announced the creation of a Saline County Advisory Board that was formed to broaden and enhance the bank’s support of the community.
 
The board consists of four members who will advise, support and serve as liaisons for the bank through relationships with local businesses and the community.
 
“We are fortunate in Saline County to have many distinguished professionals and entrepreneurs who work to help our communities thrive on a state and national level, and who are invested in helping this area of Arkansas continue to succeed,” said Phillip Partain, community bank president for Arvest Bank in Saline County. “We’re working in collaboration with these leaders to help ensure we’re making the best decisions, and pursuing the right opportunities, for our customers and for the future success of this area.”
 
Advisory board members will each serve a five-year term and include:
 
Grayling V. Hill, president of HilArk Industries in Benton, a manufacturer of heavy equipment for the construction industry. He also is the owner of HilBilt Sales Corp. – Arkansas. 
 
Hill has served on the Board of Trustees for the Arkansas Independent Colleges and Universities. He earned a bachelor’s degree in accounting and an MBA in management from the University of Arkansas at Little Rock. 
 
Hill, his wife Sharon, and their two children live in Bryant. He is a member of Family Church in Bryant.
 
Lamont Cornwell, Jr., executive director of the Saline County Economic Development Corporation. Cornwell was an executive in the gas utilities industry for 27 years, created a small business of his own and also served as a state representative for Saline County.
 
He is a charter member and former chairman of the Benton Public Utilities Commission, past chairman of the Benton Parks Commission, past president of the Benton Chamber of Commerce, past president of the Saline County Hospital Foundation and currently is involved in various state and national organizations that promote economic development in Arkansas.
 
Cornwell is a graduate of Ouachita Baptist University and a member of The Church at Rock Creek.
 
He and his wife, Billie, have four children and nine grandchildren. 
 
Mark Middleton, president of CommerceCorp International, a boutique international merchant banking firm. He is a managing partner of MidCorp Investments and principal of Middleton Inc., a diversified family holding company.
 
Middleton served as finance director for Bill Clinton’s presidential campaign and was appointed special assistant to President Clinton and deputy to the president’s chief of staff. He has worked closely with Fortune 500 companies regarding their involvement in international business. Following his government service, Middleton was involved in establishing the Clinton Presidential Library and the Clinton Birthplace Foundation.
 
He earned a BSBA in finance and banking from the University of Arkansas. A Rotary International Fellow, Middleton completed his post-graduate studies at the London School of Economics, then earned his law degree from the University of Arkansas, where he was a member of the Law Review.
 
He is a board member of the University of Arkansas for Medical Sciences Foundation Fund and the CHI St. Vincent Foundation, and is a member of Fifty for the Future. 
 
Middleton and his wife, Rhea, have two daughters. They are members of St. James United Methodist Church in Little Rock.

Don Rhoads, president of Fleming Electric in Bryant. 
 
Rhoads serves on the boards of the Arkansas chapter of the American Red Cross, Baptist Health and Arkansas Workforce, and is a member of Club 99 Rotary in Little Rock. He also is active in other industry organizations. 
 
Rhoads is a graduate of Arkansas State University, where he earned an associates degree in math and science. 
 
 
 
 

Tags: Community Support, Little Rock
 

Conversations from the Top Set for July 27 in Kansas City

Thursday, July 20 at 10:00 AM
Category: Arvest Community News

Holly Streeter-Schaefer, attorney at Burns & McDonnell, will speak at our fifth event of the Central Exchanges’ 2017 Conversations from the Top series, which is a moderated fireside chat with executive women in leadership in Kansas City.

Holly will share her insight from 11:45 a.m. to 1 p.m. on July 27, 2017, at the Central Exchange Downtown (1020 Central St., Kansas City, Mo.). Registration* is required.

In the Conversations from the Top series, you’ll hear inspirational stories from women who have faced challenging issues as they worked their way to the top of their respective fields. They will share insights about their journey and give you things to think about in how you can achieve your own goals. 

July’s speaker has a technical background as a construction engineer that preceded her experience as a practicing attorney specializing in construction law for more than 10 years. Prior to joining Burns & McDonnell, Holly was a shareholder at a major national law firm where she concentrated on design and construction-related contracts, risk management, insurance issues and litigation. She also spent several years working for a large, national construction company as corporate counsel.

Holly has extensive knowledge in preparing, analyzing and negotiating design and construction contracts, teaming and joint venture agreements, subcontracts and supplier agreements. She is also experienced in litigating claims involving construction defects, payment disputes, mechanic’s liens and insurance issues. She has considerable experience in the areas of construction project claims prevention and alternative dispute resolution.

Her passion for construction is not limited to legal issues. She is past president of National Association of Women in Construction Greater Kansas City, Missouri Chapter 100 and is the current Scholarship Foundation president for NAWIC Chapter 100. She is also a board member of Central Exchange, chairing CX’s WiSTEMM committee. She is currently the chair of the Code Board of Appeals for the City of Overland Park, Kansas and recently joined Overland Park’s Board of Zoning Appeals. She is also a member of the Civic Council of Greater Kansas City’s Kansas City Tomorrow Alumni program.

She received a bachelor’s degree in construction engineering, with distinction, from Iowa State University and a J.D. from the Drake University School of Law in Des Moines, Iowa.

Tags: Community Support, Kansas City
 

James Named as President in West Plains, Mo.

Thursday, July 20 at 10:00 AM
Category: Arvest Community News

Arvest Bank is pleased to announce Joyce James has been hired as market president for West Plains, Mo.

A longtime banker, James has experience in practically all facets of banking and is a graduate of banking schools at Southern Methodist University, the University of Oklahoma and Louisiana State University, among other professional training. She most recently served as president of another local financial institution.

“We couldn’t be happier to have Joyce joining the Arvest family,” said Tom Dame, president and CEO for Arvest in North Central Arkansas, which includes the West Plains market. “Her passion for serving customers and the community is obvious to anyone who knows or meets her, and I have no doubt she will be a tremendous asset for both. We look forward to great things from Joyce.”

James’ civic involvement runs as deep as her banking roots. In addition to having served on the board of directors of Industrial Development Corporation, West Plains Chamber of Commerce, West Plains Rotary Club and the City of West Plains Planning and Zoning Commission, she is a strong supporter of the West Plains School District, Missouri State University, Boys & Girls Club of the Greater West Plains Area and the Ozarks Small Business Incubator, among other groups.

James lives in West Plains and is a member of West Plains First Baptist Church. Her son, Brock, and his wife, Beth, reside in Springfield, Mo.

Tags: Associates, North Central Arkansas, West Plains
 

Belford Promoted in Oklahoma City

Wednesday, July 19 at 10:00 AM
Category: Arvest Community News

Arvest Bank is pleased to announce it has promoted Shandy Belford in its Oklahoma City market.

Belford, who joined Arvest in October 2016 as a senior vice president, commercial banker, will now serve as commercial loan manager. As such, she will manage the bank’s commercial lending team in Edmond, work to deepen relationships with existing clients and develop new business. Belford will continue to office at Arvest’s 1501 W. Edmond Road branch in Edmond.

Belford came to Arvest with 12 years of banking and commercial lending experience. She previously has worked at BancFirst, MidFirst Bank and Bank of Oklahoma.

A resident of Edmond, Belford earned a bachelor’s degree from Southwestern Oklahoma State University. She is active in numerous civic groups and holds leadership positions with the Edmond Public Schools Foundation (executive board member) and the Edmond Area Chamber of Commerce (chair of Leadership Edmond). Belford and her husband, Chris, have three children.

Tags: Associates, Oklahoma, Oklahoma City

Choose one or more categories to subscribe to:




Cancel