Low Interest Credit Cards

As many people continue to struggle with credit carddebt, one organization is calling on the Federal Reserve to take further steps in order to protect consumers from what are seen as unfair practices.

The Consumers Union is encouraging the Fed to take measures to stop companies that provide credit cards from raising interest rates on accounts. Many credit card companies are raising rates in anticipation of new rules provided by the Credit Card Accountability, Responsibility and Disclosure Act, some of which take effect in February 2010.

Those rules would keep credit card companies from arbitrarily raising card rates on consumers. Read more…

If you’ve waited until the last minute to apply for a credit card to use for holiday purchases, applying sooner rather than later is key.  Most credit card companies are taking longer to review and approve credit card applications than they were in the past and the days of instant credit card approval are gone.  However, if you’re looking for a new credit card, here are some features of the best credit card offers of 2009.

1.)  0% APR for 1 Year:  Last year, 0% rates lasting for 1 year were commonplace.  Today, most credit cards are only offering 0% rates that last for 6 months.  To get the best deal, be sure to seek out one of the few remaining 0% APR credit cards that continues to offer a 0% rate for a full year.

2.)  No Annual Fee Rewards:  By this time next year, most rewards credit cards will probably come with annual fees.  For the time being, however, many rewards credit cards continue to charge no annual fees.  While the number of these offers is dwindling, they are still there.  Currently, the best rewards credit cards offer 2% cash back.

3.)  Seek Out Low Interest Rates:  In the past, long term interest rates weren’t as important as they were today because consumers could count on 0% balance transfers to help minimize interest expenses.  Today, the credit card you choose to use may be the credit card you are stuck with until you’ve paid off your balance in full.  Thus, attention should be paid to credit cards offering low rates starting at 11.99% over those with low rates starting in the mid-teens, even if that means passing up on a rewards program.

4.)  Stick with a Good Credit Card Company:  If you’ve been hearing lots of negative news about a credit card company, don’t bring them your business.  Choosing a credit card company that respects its customers can prevent a lot of headaches.

Good news to Maybank credit card and American Express Cardmembers.

In view of the recent announcement of the annual RM50 credit card finance charge on each principal credit card and RM25 on each supplementary card, Maybank would like to advise all their cardmembers that :

1. You do not need to take any action now as we are obtaining further guidelines from the authorities on this matter. As the annual service tax is only effective 1 January 2010, it is best that you retain your card to enjoy the many Card privileges. Be assured, we will advise you accordingly upon receipt of further direction on this. 2. In

Read more…

Photo by HikingArtist.com

How can a company find customers willing to pay almost $400 in fees for a credit card that will only finance 30% of purchases from a single catalog? It’s hard to imagine, but the FTC seems to have caught one dead in its tracks.

According to a press release issued on November 3rd, a formal complaint was issued in federal court alleging that Low Pay, Inc. used deceptive mailers to market its card to consumers with credit problems, charging them hundreds of dollars in up-front fees and often reneging on its refund policy. I

Read more…

The Federal Reserve Board announced that beginning in the summer of 2010 consumers will not be liable for overdraft fees on checking accounts, ATM withdrawals and debit card transactions unless they specifically opt-in to the overdraft protection program offered by their financial institution.

Overdraft fees have become a very lucrative business for U.S. banks. It is estimated that they will rake in an astounding $38 billion on overdraft fees alone in 2009. As it stands now, the majority of banks automatically enroll their customers in their respective overdraft protection programs whether they request it or not.

While the banks will say that it is a service that they offer for their customers to protect them, many of these very same consumers and consumer advocate groups have vehemently argued otherwise.

A great many of the fees would have been prevented if but a simple warning were given that the consumer was in fact short on funds to cover their transaction.

Read more…