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http://www.cardratings.com January 2006
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We am very pleased to introduce Nancy Castleman as the newest CardRatings.com reporter! Nancy has spent 20+ years helping people get out of debt, save money, and live better on less. Along with her partner, Marc Eisenson, Nancy is known for her work on mortgage pre-payment, and for first explaining "credit card math" in her often acclaimed free e-letter, The Pocket Change Investor. Find it, along with many articles from back issues, special reports, link picks, and book reviews, on her Good Advice Press Web site. You can also see pictures of her 10,000 sq ft organic garden and her nine grandchildren!

But, what she'd most like you to do on her website is read about her book, Invest in Yourself (Wiley, 1998, 2001), which she wrote with Marc Eisenson and Gerri Detweiler. Nancy considers this book, which discusses how to invest your time, energy, and money to create the life you want, to be her life's work. Nancy's books have received rave reviews in leading national publications, including USA Today and Money Magazine.

Welcome to the CardRatings family Nancy! :0)


Get Credit Card Post-Holiday Tips-
Listen Online Anytime!

We are proud to announce that Curtis Arnold, Founder of CardRatings.com, appeared as a special guest on the Consumer Advocacy Radio Show on Thursday, Dec. 8th. You can listen to the show online at your convenience at anytime using the link above (available via the archives on demand). Curtis shared tips about credit card usage during and after the holidays. The radio show was hosted by Gerri Detweiler, a nationally recognized consumer advocate and author of The Ulitmate Credit Handbook. We wish you a Happy New Year and hope you don't struggle with credit card debt in 2006!


Welcome to our award-winning website's newsletter. We have been educating consumers about credit cards since 1998 and have been featured by NPR's Morning Edition (National Public Radio), The Wall Street Journal, Consumer Reports Magazine, PBS, CNN Money and many more. Thanks to consumers like you, we have become the most comprehensive free source for comparing credit card offers.

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RECENT ARTICLES

Confusion Rampant Regarding Increased Credit Card Minimum Payments

I was anxious when asked to write a follow-up for the CardRatings.com feature Credit Card Minimum Payments Rising Soon since this is a pet topic of mine. There has been much confusion in the media regarding this topic and notable fear among consumers. My assignment was to "weed through" the hype and "filter out" the truth. (1/10/06)

Mastercard Launches New Site to Help Consumers Eliminate Credit Card Debt

MasterCard has recently launched a consumer assistance site called Debt Know How. I found it not only loaded with great tips and information but a solid reference work for those in need of varying financial calculators. The site is divided into 6 parts: Debt Basics, Debt Warning Signs, Assess Your Debt, Know Your Credit History, Pay Off Your Debt and Debt Resources. (1/6/06)

Deciphering Credit Card Fine Print- A Lesson in Futility?

Credit cards and fine print- the two terms seem synonymous. Credit cards are notorious for having fine print that even lawyers can't comprehend. The fact of the matter is this: if you sign on the dotted line for a credit card offer, then you assume an understanding of what is entailed in the terms and conditions- whether or not you actually understand them. Most people do give a quick glance to what is referred to as the fine print. (12/07/05)

Click here for more credit education articles

Free Credit Related Articles

You are welcome to print a copy of any of the articles listed below and distribute them freely. We only ask that you reference our website (as being the source for the articles) when you distribute the articles. If you are a webmaster, you are also welcome to post any of the articles listed below on your site provided that you include a link to our site between the title and the body of the article (stating that CardRatings.com produced the article). If you would prefer to have the articles in MS Word format, then please contact us and we will e-mail you any article that you are interested in as an attachment.



FEATURED NEWS STORIES

Citibank and American Express Announce Major Credit Card Alliance Citibank (Citi), the largest MasterCard issuer, and American Express recently announced a major partnership whereby Citibank will issue 5 of its popular card offers on the American Express network. The new Citi American Express Cards will feature premium benefits and customer service from Citibank and will be honored wherever American Express cards are accepted. The new cards will offer various reward programs commonly associated with Citi cards, including cash back and reward point programs. Read more >>

Credit Card Debt Likely to Increase this Holiday Season, Despite Forecast of Lower Consumer Spending According to a poll conducted by Consolidated Credit Counseling Services, 60% of the 588 respondents polled said they plan to spend less money this holiday season than they spent last year. However, spending less does not necessarily translate into decreased credit card debt. Read more >>

A More Affordable Alternative to Costly Credit Repair Services I had the great pleasure of interviewing Mark Enderle, owner of the very recently developed Preferred Credit Solutions. Mark's unique credit analysis service is very different than other credit repair organizations that I have investigated over the years. Mark's comments about his company were interesting. Read more >>

Credit Card Holiday Spending Survey Offers Valuable Insights into Consumer Debt Family Credit Counseling Service has initiated what appears to be an annual questionnaire. This year's results are detailed in the 2005 Annual Financial Stress Survey. I encourage all readers to review this PDF file as it offers significant consumer insight. The survey was begun this time last year and will be conducted again in 2006. Read more >>

Is Increasing Minimum Credit Card Payments Really Good for Consumers? A recent segment by CNBC's Bill Griffith on increasing minimum credit card payments contained some interesting viewpoints. In case you're not aware, minimum payments by various card issuers have started rising, in some cases even doubling, thanks to a mandate set forth by the Office of the Comptroller of the Currency (OCC). Read more >>



HOT TOPICS...Preventing Account Termination for Inactivity

I just added it up. Counting normal credit card usage, sign up bonuses, and limited time incentives for card use, my wife and I got back over $1100 in cash and gift cards from our Citi, Chase, Discover, AT&T Universal and BP VISA cards in 2005. If you add in the last quarter of 2004 we also got 3 free nights each at various Marriott branded hotels from our Marriott Rewards VISA cards and 1 free night each at various Choice hotel properties from our Choice Privileges VISA cards. Tips from this forum helped in achieving this. In 2005 I also got over my reluctance to use those 0% balance transfer offers thanks to encouragement from forum posters. I paid off a variable rate (current rate 7%) home equity line balance of $8k with a 0% card offer from USAA Mastercard, good for 15 months. That will save me more than $600 over the 15 months (maybe more if rates continue to climb), after which I'll pay off whatever remaining balance there is with either funds on hand or another 0% offer. Thanks to everyone in here who enlightened me on how to play the credit card game. Is this a great country or what?


ajulius, Hello. I wanted to know which firms are giving out those VERY LOW RATE good till paid balance transfers. I heard that you are more apt to get it if you have an existing relationship with the CC company, so Im wondering which ones offer it so I can build relationships with them if I am missing those.

shooter answers, Citi offered me a 5.99% until paid BT with no fee. I didn't take that and after about a month and a half they offered me 1.99% until paid with no fee.




sterilite, How many credit card consider as too much and not good for credit reviews? Mind to share a little bit about the number of cards u have and the total limit?

Ira answers, There's no answer to the question. It's like asking which is the best car to buy, or what's the best restaurant, or the best company to work for. It depends on the individual. I happen to rotate a number of rewards cards. I use the card which gives the most bang for the buck. For me it works. Others don't like to or simply can't manage that many cards. Many people simply don't have the credit history to obtain more than a few cards.


Visit our active Message Board. Ask a question, give your opinions. Select questions answered by our board monitor. Our board currently has over 30,000 posts (since May 2000) and new posts are added daily. We are seeking new consumers like you to become involved in our board community.

RSS Feeds Available New! We have created a new blog, which will archive future message board posts. Bloggers are welcome! :0)



CARDHOLDER REVIEWS

Recent Credit Card Reviews by Consumers Like You

Following is a sampling of the latest consumer reviews that can be found by clicking the "Cardholder Reviews" link above. We take pride in the quantity (our site offers approximately 17,250 reviews of 928 different credit cards) and quality of the consumer reviews that can be find on our site. New reviews are added on a daily basis. The cards are rated on a scale from 1 to 5, with 5 being the highest recommended.



Credit Card: Discover® Platinum Card
Provided by: Morgan Stanley
Total Posts: 265
Average Rating: 3.54
Category: Reward - Cash
Date posted: 01/07/2006


Review: This card offers cash back every billing cycle. Some other cards make you wait an entire year. The grace period is a little too short. Another great thing is the wide variety of card designs the customer can choose from rather than being forced to carry the manufacturer's style. This feature alone should be enough for many.

Best Feature: cash back
Worst Feature: not accepted as much as mastercard or visa

Overall Rating: 5
Benefit Rating: 5
Service Rating: 5
Recommend: Yes



Credit Card: Orchard Bank Mastercard
Provided by: Household Bank
Total Posts: 2
Average Rating: 3.75
Category: Regular
Date posted: 01/07/2006

Review: My husband and I both applied for the Orchard bank card. I was immediately approved with a credit scores of 613-630 for $750 (no application fee, $59 yearly fee). My husband has a credit score of 667-680 and only got a limit of $500 ($19 app. fee and $79 yearly fee). When we questioned this, we were told that because I had made one payment on a new student loan and he hadn't made his first payment yet...I was in better shape even though his credit score is higher. If you have new loans, you might be better off making a few payments on those before applying for a new card with Orchard. Less fees and a higher limit are worth waiting a few months. So far, customer service has been extremely friendly and willing to be helpful. My card is delayed due to the holiday rush in ordering so they waived the "pay by phone" fee to allow me to make the first payment of the annual fee early. They report to all three credit bureaus monthly, so making on time payments is really important. Yes there are high fees, lower balances, and more restrictions, but we wouldn't need this type of card if we were responsible borrowers in the first place...I guess we should just be glad someone will give us a chance to rebuild!

Best Feature: Easy to get
Worst Feature: fees

Overall Rating: 3.5
Benefit Rating: 3.5
Service Rating: 4.5
Recommend: Yes



MBNA Travel Max Card
Provided by: MBNA
Total Posts: 4
Average Rating: 3.5
Category: Reward - Airline
Date posted: 01/01/2005

Review: Cash Back Program: I have had this card for quite a while, I didn't use it much at first so I didn't notice minor fluctuations in point totals. I accumulated about 16,000 points over a two year period and was just about ready to decide to use them. My statement came and 6,000 points had been deleated. I called and they informed me that points only last two years - "that's tough luck", they said, "Read your card agreement". I've cancelled this card.

Best Feature: None
Worst Feature: Travel Max points expiration after two years

Overall Rating: 2
Benefit Rating: 1
Service Rating: 2.5
Recommend: No



Credit Card: US Airways Signature Card
Provided by: Bank of America
Total Posts: 1
Average Rating: 3.50
Category: Reward - Airline
Date posted: 12/31/2005

Review: Get this card: Unfortunately, I would have had a good review for this card, but everytime I try to use the miles in any way, it is always blocked, black-out days, or just all the seats for using are taken. If you book three years in advance, then you should be able to use your mileage. They say you get $50 updgrades to first class, but have never seen it, anytime I try to upgrade it is always no. Just like in the David Spade commercials.

Best Feature: Luggage check-in and boarding priviledges
Worst Feature: Using Miles is next to impossible. Three Year lead time needed.

Overall Rating: 3.5
Benefit Rating: 3
Service Rating: 2
Recommend: No



Credit Card: Macy's Credit Card
Provided by: FDS Bank
Total Posts: 41
Average Rating: 1.70
Category: Retail
Date posted: 12/29/2005

Review: Some interesting points about Macy's Cards

[Upside]
-No Annual Fee.
-Discounts off of many purchases.
-Earns reward bonuses depending on annual spending.
-Higher card classes (depending on annual spending) recieve a certain number of free gift wrapping, basic alterations of clothing, free delivery (up to a certain amount), priority customer service numbers, and reward certificates to spend in store.
-Don't need card present in store to shop, as long as you have valid state ID.
-Macy's in store account can be reviewed for general increases every 3 months, provided on time payments have been made.

[Downside]
-High APR's on Macy's store account & Visa Account.
-Credit line does not appear on statment, and is not revealed on instant approval, unless you call customer service.
-Credit Customer Service is only open to 9pm in the time zone you first opened your account.
-Additional account types for furniture, jewelry, etc. show on credit reports as seperate lines of credit. Once added, their status cannot be changed to closed on the credit report unless all the accounts are closed.
-Macy's Visa cards have two accounts, a store account, and Visa account. They are billed seperately, on different cycles, with different due dates. The store account's credit line is very low compared to the Visa, of which purchases inside a macy's store cannot be charged to the Visa, to take advantage of the higher credit line.

Best Feature: Fraud Protection
Worst Feature: Have to call customer service to learn Credit Line.

Overall Rating: 3.5
Benefit Rating: 2.5
Service Rating: 5
Recommend: Yes



Credit Card: Toys R Us VISA
Provided by: Chase
Total Posts: 1
Average Rating: 5.00
Category: Reward - Retail
Date posted: 12/29/2005

Review: A couple months ago the rebate coupons became gift cards, issued in $10 increments. You can also now use them online. This is great because you can give the gift cards as gifts, as opposed to the original coupons that were issued. The only sad thing...my kids (& friends) are getting older and are outgrowing almost everything (except electronics) at Toys R Us.

Best Feature: Easy to earn rebates for use at Toys R Us
Worst Feature: If you carry a balance, it takes two full cycles to make it up

Overall Rating: 5
Benefit Rating: 4.5
Service Rating: 5
Recommend: Yes



Credit Card: Verizon Visa® Card
Provided by: Citibank
Total Posts: 100
Average Rating: 1.86
Category: Student
Date posted: 12/22/2005

Review: I don't know everyone's situations, but I've been a cardholder since it was Associates, about 8 years now...I've never been late, always paid more than the minimum, and have rarely been able to get them to lower the APR. Every so often they'll raise it due to the prime rate going up, but they'll never lower it due to 'time served,' or 'paying on time.' You'd think since they're so generous in raising college students' limits (knowing we'll most likely use them) and so good at collecting interest from us that they'd lower our interest once in a while. It's not like they'd be losing money! I do have to give them credit in that this is a good starter card for any college student, and I'm only keeping it because the longer you keep an account, and keep it in good standing, the better your credit looks. So all these people telling you to close your account and run must not be in good standing, or must be paying 25% interest! If you are paying 15% or less, keeping the card wouldn't be a bad idea. I know because I've worked a few years in the credit card industry and I've also fought with credit card companies and reporting agencies in the past to fix mistakes on my own credit report - in which I was successful, but it took A LOT of patience and writing letters.

Best Feature: Good starter card
Worst Feature: APR

Overall Rating: 3
Benefit Rating: 2
Service Rating: 3
Recommend: Yes



Credit Card: Blue Cash® from American Express®
Provided by: American Express
Total Posts: 27
Average Rating: 3.52
Category: Reward - Cash
Date posted: 12/26/2005

Review: This is THE AMEX card to get if you spend alot of money. If you don't, then don't bother. This card is not meant nor designed for low income households. If your one of them, get a citi dividend card which caps you at $300!!!! What a ripoff. This AMEX BLUE CASH, there is NO CASH BACK CAP!. The only limit is only the first $50,000 in a year is counted, now you see the attraction for high earner individuals. With Citi, once you get $300, you have to apply for another card??? What a joke! My limit is an insane $25,000. Ha! Here is an unknown perk that BLUE DOES NOT HAVE, but Blue Cash does. I reserved a room at the Bellagio in vegas. My flight was delayed and I did not get there until after midnight. I was terrified that they gave my room to someone else since I was a perceived "no show". WRONG!!!! with BLUE CASH, your room is RESERVED until checkout the next day!. I was impressed. I called AMEX and they said this is an additional benefit and had I used Blue, it would not have worked out that way. I was smiling ear to ear. What a great card. I love it and I use it for everything. I can choose not to pay in full, but I treat it as a charge card and AMEX has NEVER DECLINED A CHARGE for me, no matter how much I spent. If you can afford it, I highly recommend this card!

Best Feature: cash reward
Worst Feature: skyhigh APR rate

Overall Rating: 5
Benefit Rating: 5
Service Rating: 5
Recommend: Yes



Credit Card: Marriott Rewards Visa® Signature Card
Provided by: Bank One
Total Posts: 14
Average Rating: 4.14
Category: Reward - Hotel
Date posted: 12/21/2005

Review: Chase has taken over BankOne and the Marriott Rewards Visa card. Chase sent out a new guide to benefits that cuts the $1,000,000 Travel Accident Insurance down to $100,000 on 1/1/06. A 90% drop in coverage. I tried to find out why and verify that the change is for the Platinum Marriott Rewards card. No information is included with the letter from Chase. They refer you to the phone number on the back of the Credit Card. Marriott Rewards does not know what the benefits are for their card. Chase Visa can only tell you the current benefits not what they are changing to in January (11 days from this writing.) Visa Enhancement Services said there is currently NO coverage on this card and they are ADDing the $100,000 coverage. Chase Corporate has no clue what Chase Visa is doing and refer you back to Chase Visa. Marriott Corporate is "looking into it" and "will get back to me." I should have given up on this days ago, but you know how sometimes you just want know if the situation is as bad as it seems. Well...if you call to apply for a new Marriott Rewards card (12/21/05), you guessed it, they still quote a $1M Travel and Accident Insurance policy. The right hand does not even know the left hand exists. Marriott Rewards 800-399-4229 Chase Visa 800-346-5538 Visa Enhancement Services 800-356-8955 JPMorgan Chase 212-270-6000 Marriott Corporate 301-380-3000

Best Feature: Points and $1M Travel Accident Insurance
Worst Feature: Customer Service

Overall Rating: 4
Benefit Rating: 4.5
Service Rating: 2
Recommend: No



The Cardholder Review section is a unique feature of our site and, to the best of our knowledge, there is no other organization or company that offers more consumer reviews of credit cards. It's all about consumers helping other consumers. As your might expect, this section of our site has been one of the most popular sections of our site since it was introduced in the summer of 2000. New reviews are posted on a daily basis. We hope that you will find this section of our site useful and that you will visit it on a regular basis.




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