Your Ad Here

Wednesday, September 03, 2008

Consumer Reports Names 12 Best and 3 of the Worst Credit Cards

Consumer Reports analyzed hundreds of credit cards and named a dozen that are worthy of consumers' consideration -- and three to stay away from.

Among the best credit cards for low-rate/low-fee are: Capital One Platinum Prestige, Clear from American Express, and Iberiabank Visa Classic. The best cash-back cards included Capital One No Hassle Cash Rewards, Chase Freedom Visa, and Discover More. Among the best gas cards
were Chase PerfectCard MasterCard, Discover Open Road, and Hess Platinum Visa.

Three cards to avoid were First Premier Bank, HSBC American DreamCard and New Millennium Visa or MasterCard.

Although some consumers have avoided any direct effect from the storm clouds in the economy, the credit-card industry is changing in ways that could affect cardholders. Consumer Reports' experts advise consumers to do a credit card checkup to make sure their accounts haven't changed for the worse.

"Whether you have good credit or bad, you should check your account terms with your credit cards," says Greg Daugherty, executive editor, Consumer Reports. "Several card issuers have doubled or tripled interest rates for some customers in recent months, even though many were current on their bills and have good credit."

The full report is available in the redesigned October issue of Consumer Reports, on sale Sept. 2 on newsstands and online.

CR reports that consumers' credit card balances are up from $825 billion at the end of 2005 to $962 billion in May. At-risk borrowers are facing tightened credit lines and higher interest rates. Periods for teaser rates are becoming shorter, and balance-transfer fees are becoming standard
while fixed rates on cards are as high as ever.

All news is not bad news however, as variable interest rates have come down, which can help consumers who carry a balance. Those with excellent credit scores can earn lower rates, higher credit limits and good rewards, according to the report.

Watch more breaking news now on our video feed:

Bookmark and drop back in sometime.

Labels: , , , , , ,


Post a Comment

Subscribe to Post Comments [Atom]

<< Home