Kelli Grant, a Senior Consumer Reporter for Smart Money, recently published an article about four credit cards that are truly ahead of their time. Recall that the Federal Reserve enacted new consumer friendly credit card regulations back in December 2008. These new rules, however, do not go into effect until July 2010.
Through the good folks at BillShrink.com, however, Kelli was able to identify four credit cards that are already complying with some of the new rules. Because our goal here at Credit Card Offers IQ is to find consumers the most sensible credit card deals available, we wanted to bring these cards to your attention. So here they are:
Discover® Motiva Card
Best for: Carrying a balance
Introductory offer: 0% for 15 months on purchases*
APR: 10.99-20.99% (Variable)*, based on your creditworthiness.
Annual fee: None.
Rewards: Make six consecutive on-time payments, and receive a cash bonus equal to your next month’s interest charge. You’ll also earn 0.25% cash back on the first $3,000 in purchases annually, and 1% back on everything thereafter.
Following the Fed’s New Rules: The Discover® Motiva Card lets cardholders set their credit limit so that purchases above it will be declined. Payments can be made by phone without an extra charge, even on the due date. And cardholders can chose the due date that works best for them.
Wells Fargo Platinum
Best for: A low rate
Introductory offer: 0% on purchases and balance transfers for up to nine months.
APR: 7.65% variable.
Annual fee: $0, or $19 if you want to participate in the optional rewards program.
Following the Fed’s New Rules: Wells Fargo Platinum does not ding consumers with universal default, and it gives cardholders at least 45 days’ notice of rate increases. Statements are mailed to cardholders at least 25 days before the due date.
Citi Forward® Card
Best for: Earning rewards
Introductory offer: 0% for 7 months on purchases*
APR: 12.99-22.99% (Variable)*, based on your creditworthiness
Annual fee: None
Rewards: Earn 5 reward points for every $1 you spend on books, movies,
music and at restaurants. 1 reward point for every $1 you spend on other purchases
Following the Fed’s New Rules: With the Citi Forward Card there are no double-cycle billing and Citi Bank provides cardholders with at least 45 days’ notice of rate hikes.
Capital One Platinum Prestige
Best for: Transferring a balance
Introductory offer: Until 08/2013 on purchases*
APR: 10.90-18.90% (Variable)*
Annual fee: None
Rewards: None
Following the Fed’s New Rules: Capital One Platinum Prestige bails out its statements 25 days before the due date, and doesn’t use double-cycle billing. It also lets cardholders set a fixed credit limit that they can’t exceed.
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