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.

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Repair Your Credit And More

Everything today seems to be based on credit -- good credit or bad credit. If you have bad credit, you know how difficult even day-to-day issues and purchases can be.

There is a website that says they can perform Credit Repair -- and do it fairly inexpensively. They also say you will see the benefit of this Bad Credit Repair in as little as 45 to 60 days. A credit repair option may also help make things easier on you during this difficult economy by allowing you to keep more of your money should you need it in case of job loss, etc.

Of course, when you take advantage of such Credit Repair Services, you will want to take extra vigilant care to stay on the "straight and narrow" credit wise so that you will continue to have good credit into the future and remain a creditworthy consumer.

This website (click above) also offers free bonuses with their services, such as information on how to save money on mortgages, insurance premiums and more.

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Protect Yourself -- Check Your Credit

You may not be thinking of buying a new car, new home or other major purchase -- yet.

But when the time comes, you'll want the most accurate, up to date information on your credit report score. A better credit score will translate to a lower interest rate -- and a lower monthly payment.


Keep your credit score clean and accurate and it will certainly be worth your while.


PictureCredit will be your total online credit resource. First, go online to get your free credit report and score.


If you find your credit isn't spotless -- don't panic. PictureCredit is there to help you make your credit picture perfect. They've partnered with one of the leading credit counseling firms to help you fix your credit -- maybe saving you thousands of dollars in the process.


They can supply you with a free -- yes free -- credit repair kit. Did you know 80% of credit reports contain errors? Check and fix your credit report for mistakes right away.


Also, identity theft should be a concern today. A criminal can hijack your good credit and leave you high and dry. PictureCredit offers help to prevent identity theft as well.


Visit PictureCredit right away to protect you and your family.

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