The New Credit Card Catches
After the passage of new credit card rules and regulations designed to provide more protection to card holders, there are still a number credit card gimmicks and catches that consumers have to watch out for.
Even with the reduction in credit card fees and excessive late payment fees, there are plenty of “got ya’s” that can make your credit card billing experience a credit card nightmare. When you receiver new credit card offers in detail, you can see the dizzying array of catches and conditions buried in pages of tiny print. These seemingly innocuous conditions and charges can cost you an unexpectedly high amount of money. The best way to avoid having unexpected rate changes and charges on your new credit card account is to be aware in advance of the most common credit card catches.
One of the biggest in the credit card industry that has not changed are credit card annual fees. Many credit card companies require an annual fee for the privilege of simply having a credit card account. Credit card annual fees generally range from $35.00 to $50.00; however these fees can be much higher in some cases.
These fees are sometimes marketed where the first year’s annual fee is waived. Unfortunately, the fee waiver during the first year may just lull the credit card shopper into comparing card with annual fees and those without annual fees in the same manner. Consumers should me especially mindful of credit cards that offer reward points or airline miles that may also charge high annual fees.
Short term low introductory credit card rates are barely mentioned in the new credit card rules and regulations. Many credit card companies offer great introductory rates for the initial months of an account as a marketing scheme to get new customers. Credit card rates that are marketed as low as zero percent can certainly be a boon to a new card holder as long as the borrower understands all of the terms and conditions of the offer.
Credit card shoppers need know how long the great introductory rate lasts and under what conditions the low rate can be taken away. It is also important to know if the low introductory credit card rate applies to balance transfers and new purchases.
The recent regulations place significant caps on penalty fees. Late payment fees have been changed considerably but they are far gone. While there are restrictions on late payment fees, almost every credit card offered in the U.S. imposes a late payment fee. Late payment fees still vary widely between credit cards, don’t assume your card has a ultra low fee or no fee at all, the odds are it comes with a fairly steep penalty if you miss your monthly credit card payment.
Before applying for a new credit card, read the current credit card terms and conditions that can be found on the online credit card application to help determine which credit card best fits your needs. Lowestcreditcardrates.com helps consumer’s research credit card offers to help find the best credit card with the lowest credit card rate.
Avoid Credit Card Use Spiraling Out of Control
Some people will use their credit card or credit cards for everything they purchase; yet other consumers use their credit card more selectively, limiting the use to specific purchase types. While limiting credit card use may be a means to avoiding excessive credit card debt, either method of using credit cards can lead to out of control credit card debt.
Whether select expenses are going through your credit card or all purchases are going through your credit card account, the key sign of troubling credit card use is the inability to pay the credit card charges off monthly. Not paying off those new credit card charges quickly leads to big budget problems and mounting credit card debt.
Problem credit card debt and unmanageable credit card payments is burden shared by a number of consumers. Excessive credit card debt has played a significant role in terms of harming people’s credit history because of having too much outstanding debt or too many cards. Those that have very few credit cards and those that have a number of credit cards share the same credit card debt problems and debt burdens. Selective use of your credit card by itself does not eliminate the possibility of growing credit card debt and unmanageable credit card payments.
Many consumers that are looking to borrow money with new credit cards are feeling the impact of excessive credit card debt on their credit history. Consumers that are searching for new credit card offers because credit card rates are low and credit card rewards program are more generous are finding they are locked out of these new card offers. The damage to their credit score from excessive debt or delinquent monthly credit card payments are leading to credit card application denials from credit card companies.
Since the vast majority of U.S consumers have and use credit cards, wise credit card management is an essential skill to master to avoid getting caught up in situation where credit card debt starts to spiral out of control. Good credit card management and good credit card choices lay the foundation to getting off to a good start. Ignoring the issue by accepting credit cards that are more harmful than useful and not taking notice of the costs of these credit cards are clear paths to credit card and credit troubles.
To start down the path of good credit card management, choose your new credit cards wisely. The credit card marketplace is filled with an assortment of credit card offers from low rate credit cards to cash back credit cards to credit cards for travel and credit cards with zero percent introductory credit card rates. With this kind of variety, it makes sense to be picky about where you submit a new credit card application. The difference between a costly credit card and an inexpensive and potentially rewarding credit card is significant.
Simply accepting too many credit cards in your wallet is an invitation to credit card use becoming run amok. Once you have selected one or two credit cards that match your budget or lifestyle, it is time to manage their use. A key aspect of good debt management is to do just that, mange it. Far too many credit card users and abusers review their spending only sporadically. In order to manage your debt and use it prudently, it is crucial that you monitor the expenditures closely and continually especially the credit card expenditures.
Don’t let several months go by without looking at the change in your credit card balances and spending habits. If you credit card debt expands over two to three months it is time to sharpen your budget. Don’t let this kind of behavior go unchecked or the situation will only get worse. The credit card interest charges alone will make the increased credit card debt more of a problem than you may be prepared for.
How to Comparison Shop for the Lowest Credit Card Rates
It’s easy to find someone who wants to give you a credit card, but you have to be smart to get a good one. And a good credit card is the best credit card that fits your needs with the lowest credit card rate. Now, let’s get smart about comparing credit card offers and credit card rates.
Always take a look at the Schumer box. What’s that? By federal law – sponsored by Senator Charles Schumer – all credit card offerings have to include a box that includes nine different kinds of information about the card. This box will appear on the back of the letter offering you credit, or on another sheet of paper enclosed in the same envelope from the credit card company.
Here are the nine kinds of information specified that will allow you to compare one offer with another.
The Annual Percentage Rate or APR. This is confusing because card issuers can have introductory credit card rates that become a higher standard rate. And then they can raise the rate if you miss a payment. They can also charge different credit card interest rates for purchases, credit card balance transfers, and cash advances. Most credit cards have variable rates. Make sure you know what the variance is based upon. Assume that you just can’t compare the APRs on two credit cards because there is a story behind the numbers.
The Credit Limit. The credit limit tells you the total amount of credit that you have. Know what’s best for you. A low credit card limit may be good for you if you are undisciplined in your spending and need to be reined in. A high credit card limit is good for your credit rating if you do what you are supposed to do and always keep the balance under a third of your total available credit.
The Grace Period. This is the number of days you have to pay your bill in full without getting a finance charge of you have a zero balance on the credit card.
The Finance Charge. This is the dollar amount you pay to use credit, and it depends in part on your outstanding balance and the annual percentage rate (APR). Credit card issuers use different methods to calculate your outstanding balance. Your outstanding balance may be calculated over one or two billing cycles; including or excluding new purchases in the balance and by using the adjusted balance, average daily balance or previous balance. Most all credit cards have a minimum monthly finance charge.
The Outstanding Balance Computation. As we said above in the section on finance charges, cards use different methods to come up with your outstanding balance. You may read it and scratch your head, but makes sure that you read it.
The Actual Company Offering You Credit. Sometimes this is not the same company who is marketing the card. If you recognize one name and not the other, it may make a difference.
The Annual Fee. Some cards require a fee to be paid every year. Why? Because they can. If you can get a card without an annual fee, get one. You’ll probably save at least $50 a year.
The Minimum Payment. Different issuers use different calculations to determine the minimum payment. It’s good to know what the minimum payment is, but if this become important to you, you are struggling. If you are only making minimum payments you are probably paying a lot in finance charges.
Fees for Credit Insurance. In addition to the credit card, companies also try to sell you insurance for a lost card, or insurance for disability, or insurance to pay your balance in the event of your death. Most of the time insurance isn’t necessary, but if you are interested be sure you know what it will cost.
In addition to the items appearing in the Schumer box, you may have other interests in a credit card. If you have good credit you may qualify for a low rate credit card with reward points. Rewards cards can include cash rebates on purchases, online account access, frequent flyer miles, additional warranty coverage, car rental insurance, travel discounts, concierge services and more.
It always makes sense to pay attention to the details of the credit cards you apply for in order to obtain the best credit card with the lowest credit card rate.
Discover Escape Credit Card Rates Review
The Discover Escape card is more than just a travel rewards credit card. With the rewards earned form making purchases with the Escape card by Discover, account holders can use the reward miles for travel as well as cash back, merchandise and gift cards.
The credit card has 0% introductory APR on both credit card purchase transactions and credit card balance transfer transaction for a period of 6 months.
There is no limit on the amount of miles that can be earned and the miles do not have an expiration time frame. Credit card reward miles are earned by making any net purchase with the card and the account holder will earn 2 reward miles for every $1.00 in purchase transactions.
There is a bonus miles program for new credit card holders. The bonus miles are earned at the rate of 1000 miles each month that a purchase transaction is made with the credit card up to 25 months after the new credit card account is opened with a maximum bonus reward of 25,000 miles.
Standard travel reward credit cards are targeted to users that can best utilize the discounts and bonuses offered with credit card use. The Discover Escape card is more than just a travel rewards credit card since the miles earned can be used for travel and more.
The Discover Escape credit card has a $60.00 annual fee. The Escape by Discover Card also has a number of additional travel benefits and insurance coverage that comes with the card.
A low introductory credit card rate, bonus credit card rewards and reward redemption options are the key features found with this credit card.
Discover provides the following cheat sheet regarding the benefits that can be obtained by having and using the Discover Escape credit card:
- 25,000 Bonus Miles – Earn 1,000 Miles each month you make a purchase for the first 25 months
- 2 Miles per $1 on all purchases
- No limit on the Miles you earn and Miles don’t expire*
- Fly on any airline, book any hotel or car, with no blackout dates
- Use Miles for travel, merchandise, gift cards or cash
- 0% intro APR on purchases and balance transfers for 6 months then the regular APR
- Industry Leading Customer Service
- Enhanced travel benefits like Travel Delay Insurance and Trip Cancellation Insurance
Under 8 Percent Lowest Credit Card Rate with Liberty Bank Visa
The Liberty Bank Visa credit card continues to offer one of the lowest credit card rates available. In the biannual Federal Reserve System survey of credit card plans offered by financial institutions, the Liberty Bank Visa credit card ranked within the top 50 lowest credit card rates.
The Liberty Bank Visa credit card comes with a low interest rate, no annual fee and no credit card balance transfer fees. The current credit card annual percentage rate for purchase transactions is between a low rate of 7.99 percent and 17.88 percent. The current credit card annual percentage rate for balance transfer transactions is between a low rate of 3.99 percent and 15.84 percent.
The credit card annual percentage rates on purchases and balance transfers are based on a variable rate and are determined based on the credit card applicants credit history.
The credit card due date is 25 days at the end of each monthly billing cycle on credit card purchases and credit card balance transfers. During this grace period, if the entire balance is paid off each month there are no credit card interest charges. There is no grace period for credit card cash advances or credit card courtesy checks.
The Liberty Bank Visa credit card has no annual fee. The credit card also offers free travel accident insurance and worldwide ATM cash access.
Liberty Bank offers personal credit cards with competitive interest rates and desirable features. Liberty Bank and Trust Company offers a full range of banking services. Liberty Bank and Trust Company is a Louisiana based commercial bank headquartered in New Orleans, LA. Liberty Bank ranks among the top 5 African-American owned financial institutions in the United States.
All information regarding the Liberty Bank Visa credit card is believed to be accurate at the time of this publication but can not be guaranteed, please read the current terms and conditions of the credit card issuer on the online credit card application before applying for a new credit card.
Lowestcreditcardrates.com provides credit card information on the lowest credit card rates available and additional resources to help consumers select the right credit card to fit their needs.
CompUSA Store Rewards Credit Card
The CompUSA credit card is a store specific rewards credit card that can be used at any CompUSA store. The store credit card account offers account holders promotional savings, financing and other benefits that rewards loyal CompUSA customers.
The CompUSA Preferred Account credit card is offered through WebBank of Salt Lake City, Utah. WebBank is an FDIC insured Utah chartered industrial bank. Along with the CompUSA credit card, WebBank offers a full range of bank prodcuts and services including making loans, issuing credit cards, and taking deposits that are federally insured.
CompUSA is one of the industry’s top computer and computer product retailers. CompUSA carries a wide variety of brand name PCs, peripherals, components, and accessories.
As a CompUSA store credit card, the card cannot be used anywhere except that one retailer. For those consumers that visit this retailer frequently, this credit card may be helpful in terms of the money it saves on certain purchases and the rewards that can be earned.
The main concerns about any store credit card are that with these credit cards the credit card interest rates are usually quite high. The credit card APR on the CompUSA store credit card is a variable rate based on the prime rate, the rate can change as the prime rates fluctuate. The current credit card rate is at 25.99 percent.
The credit card limit is based on the credit information provided to the credit card issuing company at the time of your application.
There is no annual fee with the card.
The credit card has a due date that is at least 25 days after the close of each billing cycle. Card holders are not charged any interest on standard or promotional purchases made with the card if they pay the entire credit card balance by the due date each month.
The CompUSA Preferred Account provides zero fraud liability protection that is commonly found with most major bank credit cards.
Credit card account holders also have the option to can pay the CompUSA Preferred account online by using either a checking or savings account, similar to major bank credit cards.
Lowestcreditcardrates.com provides credit card information on the lowest credit card rates available and additional resources to help consumers select the right credit card to fit their needs. All information regarding the CompUSA credit card is believed to be accurate at the time of this publication but can not be guaranteed, please read the current terms and conditions of the credit card issuer before applying for a new credit card.
Lowest Credit Card Rates Review Wyndham Rewards Visa Card
The Wyndham Rewards Visa credit card is a travel rewards Visa card issued by Barclays Bank. This credit card offers a variety of reward options but focuses on rewards that involve purchases through Wyndham Resort properties. This credit card works best for travelers who frequent the Wyndham Resort collection of hotels and motels.
The rewards credit card comes with two options: one with annual fee of $39.00 and the other option with no annual fee. The annual fee card option will earn reward points faster than the no annual fee option.
The rewards earned with the credit cards can help card holders earn free nights at the over 6,000 Wyndham hotels. With the Wyndham Rewards Visa credit card, cardholders can often earn and use credit card reward points that involve Wyndham hotels faster than they could with most other reward credit cards.
The annual fee Visa card holders can earn five points for every $1.00 in purchases on participating stays at Wyndham hotels and two points for every $1.00 in purchases spent on all other purchases. The no annual fee Visa card holders can earn three points per $1.00 in purchases on participating stays at Wyndham hotels and two points per $1.00 spent on all other purchases.
As a bonus for new credit card holders, the annual fee Visa credit card holders will earn 16,000 bonus Wyndham Rewards Points upon the first use of a new credit card for a purchase or balance transfer transaction. The Wyndham Rewards Visa credit card without an annual fee will earn 12,000 bonus Wyndham Rewards Points upon the first use of a new credit card for a purchase or balance transfer transaction.
This bank credit card has a variable credit card rate that is based on the Prime Rate. The current credit card rate for purchase transactions will be 13.24 percent, 16.24 percent or 19.24 percent depending on the credit worthiness of the credit card applicant.
The credit card is being marketed with a zero percent introductory credit card rate on balance transfers. The zero percent introductory credit card rate is valid for a period of six monthly billing cycles for new credit card balance transfers.
The credit card due date is at least 23 days after the close of each monthly credit card billing cycle. There are no interest charges on purchase transactions if the entire credit card balance is paid by the due date each month.
Credit card reward points that are earned with the card can be redeemed at the Wyndham hotels and includes free nights without any black out dates in both the US and in Canada. Credit card reward points can also be redeemed to get airline tickets, gift cards at major retailers, restaurants and more.
The credit card review the Wyndham Rewards Visa credit card is believed to be accurate as of this publication date but is subject to change at any time by the credit card issuer. Read the current terms and conditions found on the online credit card application before applying for a new credit card.
Lowestcreditcardrates.com presents this review and other credit card information to help consumer’s research credit card offers to help find the best credit card with the lowest credit card rate.
Lowest Credit Card Rate with Dollar Bank Visa Credit Card
The low rate Dollar Bank Visa credit card comes with a low standard credit card rate as well as a zero percent introductory credit card rate offer. Dollar Bank of Pittsburgh offers this bank Visa credit card.
The Dollar Bank Visa credit card made the current list of terms on credit card plans offered by financial institutions performed by the Federal Reserve System. The list is established based on the results of a survey performed every six months by the Federal Reserve System on current credit card plans and is sorted by the lowest credit card rates in the survey.
Dollar Bank is a regional savings bank serving Pennsylvania and portions of Ohio
The credit card is currently promoted with a 0 percent introductory credit card APR that lasts for a period of six months. The introductory credit card rate applies to both purchase transactions and credit card balance transfers. After the introductory period expires, the credit card rate is set by adding 5.99 percent to the Prime Rate.
This is a variable rate credit card and the APR will vary with the market based on the Prime Rate. The bank Visa credit card has no annual fee.
At the current Prime Rate, October 2010, the credit card rate is equal to 9.24 percent. The credit card APR for credit card cash advances is 14.24 percent. The credit card rate for cash advances is determined by adding 10.99 percent to the Prime Rate.
The credit card has a grace period that is 25 days at the end of the billing cycle. There are no credit card interest charges on purchase transactions or balance transfers if the entire balance is paid by the due date or within the grace period each month.
Added conveniences that come with the credit card include the ability for account holders to view and pay their bank Visa account online with Dollar Bank’s free online banking service and the option to use Visa checks to make purchases on from the credit card account where credit cards are not accepted as well as for credit card balance transfers from other higher interest rate credit cards
As with most bank Visa credit cards additional credit card options include: auto rental collision damage waiver, emergency credit card replacement and cash disbursement, lost or stolen credit card reporting, zero fraud liability, Visa card assistance 24/7, optional credit life insurance and more. Certain conditions and restrictions may apply.
The Dollar Bank Visa credit card has a fast and easy credit card application that can be completed by mail, phone or online.
The credit card review of the Dollar Bank Visa credit card is believed to be accurate as of this publication date but is subject to change at any time by the credit card issuer. All credit card information is presented without guarantee. Before applying for a new credit card, read the current bank credit card terms and conditions that can be found on the online credit card application.
Lowestcreditcardrates.com present this information and other credit card reviews to help consumers research credit card offers to help find the best credit card with the lowest credit card rate.
Dollar Bank is based in Ohio and operates more than 60 bank branch offices and loan centers throughout the Pittsburgh and Cleveland metropolitan areas.
Town North Bank Platinum MasterCard Lowest Credit Card Rate Review
One of the lowest credit card rates available today comes from Town North Bank with their Platinum MasterCard credit card. This bank credit card has a credit card rate that can be as low as 7.99 percent with an introductory credit card rate as low as zero percent.
The credit card rate is a variable rate that is based on the Prime Rate. The rate can be as low as 7.99 percent but may run as a high as 15.99 percent, depending on the credit worthiness of the card applicant. The 7.99 percent credit card rate makes this card one of the lowest credit card rates on the market.
The introductory credit card rate may be as low as zero percent or may be 2.99 percent or 4.99 percent depending on the credit worthiness of the credit card applicant. The introductory credit card rate applies to both purchases and credit card balance transfers. The introductory credit card rate applies to transactions made within the first six months of obtaining a new credit card from Town North Bank.
The credit card rate for cash advances is currently at 17.99 percent or 23.99 percent depending on the credit worthiness of the credit card applicant.
There is no annual fee with the Town North Bank Platinum MasterCard credit card.
This Town North Bank credit card has a due date or grace period that is at least 21 days after the close of each billing cycle. There are no credit card interest charges for new purchase transactions if the entire credit card balance is paid in full by the due date each month.
The following benefits are also available with the Town North Bank Platinum MasterCard credit card account: $1,000,000 travel accident insurance coverage, baggage delay benefit to purchase replacement items, fraud alert credit card registration, emergency message service when traveling within the U.S. year end summary of credit card transactions and more.
The bank credit card also features secure online credit card account access that allows credit card account holders the ability to view statements and activity, make free online credit card payments and access 24 hour service.
Town North Bank is based in Dallas, Texas. Town North Bank offers banking, investments, insurance, and card services for both personal banking services and commercial banking solutions.
All information regarding the Town North Bank Platinum MasterCard credit card account is believed to be accurate at the time of this publication but cannot be guaranteed, please read the current terms and conditions of the credit card issuer before applying for a new credit card.
Lowestcreditcardrates.com provides credit card information on the lowest credit card rates available and additional resources to help consumers select the right credit card to fit their needs.