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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:
Best for: Carrying a balance
Introductory offer: 3.99% on purchases and balance transfers for up to 12 months.
APR: As low as 10.99% variable.
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 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 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.
Best for: Earning rewards
Introductory offer: 0% on purchases and balance transfers for up to six months.
APR: 12.24% variable.
Annual fee: None.
Rewards: Earn five points per dollar spent on books, movies, music and restaurants, and one point per dollar spent on everything else. Pay on time and stay below your limit to earn 100 bonus points per month. You can also earn two one-time bonuses: 6,000 points when you spend $50 within three months of opening the card, and 5,000 when you sign up for paperless statements within that time period.
Following the Fed’s New Rules: Citibank has eliminated double-cycle billing and provides cardholders with at least 45 days’ notice of rate hikes.
Capital One Platinum Prestige
Best for: Transferring a balance
Introductory offer: 0% on purchases and balance transfers for up to 12 months.
APR: 11.9% variable.
Annual fee: None.
Rewards: None.
Following the Fed’s New Rules: Capital One ,ails 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.
Hat tip to Smithee at Consumerism Commentary for bringing Kelli’s article to our attention.