Nov 23
Tip For Finding A Great Credit Card
CardWeb, an independent credit-card industry databank, analyzed over 10,000 card offers to identify those with the best terms -- no universal default clause, two-cycle billing, or balance transfer fees; a grace period of at least 25 days; and no annual fees. (Note that their criteria would help both someone who pays her bill in full each month, and someone who carries a balance, but the full-payer should also be interested in a rewards card!)
Here's a nice chart of CardWeb's 'ten best credit cards for consumers':
(chart: Consumer Reports via WSJ)
Comments
I have had Discover Card for 17 years....imagine and I called to have them lower my interest rate.
They said they cannot do anything about it because most were cash advances. I told them I also had purchases how could that be. Again, because of cash advances my interest rate is 26.9. I always pay ontime and mostly try to double payments as I want to pay this off....$9,000 balance. Any suggestions who to go to? susie
When I got qualified for a credit card, I started accepting all offers from credit card agents. I soon having problems with my bills since I found myself compulsively using them. It was a nightmare! Now I only maintain 1 credit card so I can monitor my expenses while enjoying my rewards.
[...] (via soundmoneytips.com) 1) Note what interest rate you are paying on your current card’s balance. 2) Do a little research and find another card that offers 0% balance transfers and no annual fee (here’s a good place to start). Then find out what the interest rate will become after the initial (oftentimes, 6-month) period. 3) Mentally prepare yourself for transfering to the new card. 4) Call your current card’s customer service department and inform them that you’re planning to cancel the card because their interest rate is too high. You’ll probably be transferred at that point to an agent whose whole job it is to convince you otherwise. 5) While talking with this agent, be firm — tell the agent you’re planning to leave, but would consider staying if s/he offers you a drop in the interest rate to under the other card’s rate. Don’t tell them what card it is — they’re armed with reasons why that’s a bad card for you, and that’s not the conversation you want to have with them . Stay focused on the issue of lowering your current rate. 6) If the agent goes for it, great. If not, great too — move to the other card. The first one doesn’t apparently value your business. [...]