Information about Credit Cards

USAA Federal Savings Named Best Credit Card

admin — Tue, 01 Jul 2008 07:59:15 +0000

Consumer Reports prides itself on objectivity in product reviews and is widely known as the preeminent source for consumers through the United States. In October 2007, the group directed customer satisfaction surveys in order to find the best and worst credit cards offered in the U.S.

The Consumer Reports best credit card top honor went to USAA Federal Savings, the San Antonio, Texas based investment company. USAA Federal Savings scored 95 out of a possible 100, which, according to Consumer Reports, is “one of the highest scores [they] have seen in recent years.”

The review, which was conducted by the Consumer Reports National Research Center, questioned card holders on issues such as speed of problem solving, frequency of billing issues, and recurrence of interest rate complications.

Other credit cards that were highly ranked in the Consumer Reports review included American Express, Discover, Citibank, HSBC, and the Navy Federal Credit Union.

How to Choose the Best Credit Card to Use?

admin — Tue, 01 Jul 2008 07:56:17 +0000

The wide variety of credit cards available makes choosing the best credit card to use a problem. The most important consideration depends on what card account you are eligible for. Credit scores, existing debt, and income are all factors in receiving credit. Once your eligibility is established, selecting a card offer is complicated by interest rates, fees, payment grace periods, credit limits, and points and cash back options.

Choosing the best credit card to use is a different process for every potential credit customer. Ideally, the card should have no or limited fees, the lowest interest rate on purchases and cash advances that is available, and a grace period for payments at least twenty-five days long. Read the fine print and be sure to understand all rules and regulations. After you consider your financial requirements, shop around for extras such as cash rebates, airline miles, hotel chain points, or other benefits.

The Best International Credit Card is Not Just About Being Accepted Worldwide, but also the Fees You’ll be Paying

admin — Tue, 01 Jul 2008 07:52:53 +0000

Whether traveling for business or pleasure, insuring you have the best international credit card at your disposal is important. Not only is ensuring your card will be accepted outside of the country important, but fees for using your card overseas can vary greatly and can significantly affect the cost of purchases made when abroad.

It’s not uncommon for credit cards to impose a fee when cardholders make international transactions. International transaction fees, which are also commonly known as foreign transaction fees, are determined as a percentage of the purchase being made, by the cardholder, while outside their home country. Visa and MasterCard both charge their cardholders a standard 1 percent international transaction fee. In addition, the card issuing company can tack on their own processing fee.

Surprisingly, Capital One is one of the few credit card companies that actually don’t impose any international processing fee. Not only do they not charge their own processing fee, but they also eat the fee imposed by MasteCard and Visa. Discover too does not charge an international fee; however, their acceptance outside of North America is sometimes limited. Other cards range in fees from 1 to 3 percent. For this reason, it’s not only important to determine if your card type is accepted globally, but also what fees you’ll be charged, to determine which is the best international credit card.

The Best Customer Service Credit Card May Not Be the Cheapest

admin — Tue, 01 Jul 2008 07:51:59 +0000

Customer service and credit cards often do not go hand in hand. The credit community is being infiltrated right now with credit applications from borrowers who exhibit lower credit ratings and a higher debt to income ratio. This means, for the credit card company, an overall higher chance of abandonment on the credit card balance.

The best customer service credit card choice is one that may cost the consumer more money in fees and related monies. While our world tends to be a 24 hour society, the best customer service credit card company will need to pay the customer service reps to answer the call of the customer during those 24 hour shifts. And, with the huge amount of collection proceedings going on right now, the credit card company will need to add additional staff to take on the needs of both the credit collections department and the traditional customer service lines.

Best Benefits Credit Cards

admin — Tue, 01 Jul 2008 07:50:58 +0000

Credit card companies trying to outdo each other with rewards are giving you an opportunity to have the best benefits credit card. Which card should you choose?

To get a credit card with the best benefits, consider the types of purchases you make. If you fly a great deal, start by looking at airline miles cards. Then look for sign-up bonuses, triple points, etc. It’s hard to beat the 5% rewards on GM credit cards. Do you plan to buy a General Motors vehicle in the next few years?

If you like presents, earning points that can be redeemed for catalog merchandise of American Express quality is fun. Discover Card offers cash back. If your spending follows their quarterly cycle of the highest percentage rewards, your rebates can be significant.

Increasing home ownership has put the spotlight on cards that reward usage by paying on your mortgage principal, typically $25 when you’ve charged $2500. One company pays twice that if your mortgage is also with them.

The best benefits credit card is the one that rewards you according to your usage style. There are really only two questions: 1) What types of charges represent the most dollars on your cards? 2) Will you accumulate enough points to use those rewards before they expire? That is the best credit card for you.