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Recent Articles
Credit Related Scams
The Supreme Court has let stand a lower court ruling that said Visa and MasterCard's "exclusionary rules" stifled competition and, as a result, consumers can expect to see more credit card offers from Discover and American Express in the near future. More importantly, increased competition in the card industry could result in more attractive card offers.
(11/2/04)
Credit Related Scams
Credit related fraud is becoming increasingly widespread according to a recent
study by the Federal Trade Commission.
Here are some tips that can help you avoid becoming a victim of a credit scam.
(10/14/04)
Declining Credit Card Delinquency Rates
Credit card delinquency rates are reported to have fallen to a four-year low,
but this is largely a reflection of liberal lending policies by credit card issuers.
(10/01/04- Originally published 8/30/04)
Your Credit Rights during Bankruptcy Proceedings
Bankruptcy should always be a last resort. However, if you decide to
file for bankruptcy, then it is very important that you know your credit rights before doing so.
(9/17/04)
Credit Card Rates are Starting to Climb
Recent interest rate hikes by the Federal Reserve have resulted in rate increases for many variable rate cardholders.
Unfortunately, fixed rate cardholders are not safe from rate hikes either.
(9/15/04)
Click here for more credit education articles
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Credit Card Debt Topics:
Credit Card Debt Reduction Tips
Dealing with Christmas Credit Card Debt
Low Introductory Rate Credit Card Offers Not Always Destined for the Junk Pile
Don't Let "Spring Break" Expenditures "Break" You.
Fixed Rate vs. Variable Rate Cards
Credit Card Cash Advance Pitfalls
Credit Insurance
Credit Card Reward/Benefit Topics:
America's Love Affair with Card Rewards/ Rebates
Credit Cards can Help Reduce your Rental Car Bill
Credit Cards for the Rich and Famous
The New Travelocity Credit Card
The Eufora Card is Worth a Look
Saving for College with a Credit Card: The New 529 College Savings Plan Rebate Cards
Cashback or Airline Reward Credit Cards - Which is Better?
Cut Your Gas Bill by 5% with Gas Rebate Credit Cards
Charge It. Perspectives on Retail and Department Store Credit Cards
Credit History/Score Topics:
Secured Credit Cards- Consumer Tips
Demystifying the Credit Scoring/ Rating Process
Protecting Your Credit Following ID Theft: A Step-by-Step Plan of Action
What is a Mixed or Split Credit Report?
Misc. Credit Related Topics:
Is it Wise to Pay Your Taxes with a Credit Card?
Teens and Credit - A Recipe for Disaster?
Credit Lessons for Retirees
Debit or Credit? Which do you Vote for?
Card Registration Services
Disposable Credit Card Numbers
California Legislation Helps Curb Card Fraud
Hot Topics...Shocker...another credit score question
"Ok. Today I paid off all our credit cards (spouse and I)..They had a balance of 1300.00 each on them and one
had a balance of 700.00.Now thats all paid. I paid them all in one lump today. (Got a windfall of over 4000.00)
Our scores are in the 650 range. What can I expect our score to go to now? (We are post BK, about 3 years)
Now,we want to cut up 2 of them unless they drop the annual fees. Do you think Cap1 would drop the fees?
My target visa has a rate of 18% but no fees. (I am primary user) Both Cap 1's have rates of 14%. One has no
annual fee. (I am primary user on one (the no fee one),spouse on the other) Orchard has a rate of 14% also and a
fee. (I am primary user). Now If I keep the 2 with no fee's,it will hurt my spouses score right,since we'd close
the ones in his name? (the ones in his name have the annual fees). Or should I just keep them all,regardless of
the fees? 59.00 a year on one, 39.00 a year on the other. I hope I didnt confuse you..lol"
Click to Read Replies
More topics...
frost asks,
"Hi folks, thanks for the forum which really answers to a big part of my questions. im an
immigrant and moved to the US on december 2002, after arriving here the credit education was new to me.. and i
had no credit at all an i needed to start establishing a credit so i opened a bank account with washington
mustual and after 6month i applied for their classic visa card (managed by citi bank), they accepted me i start
using it even the APR is so high.. i always pay on time. after i applied for sears card and my application was
approved and starts using it too. last month washington mutual (as i mentioned before the CC is managed by citi)
they send me a new terms increasing their APR to 21,7% so i said let me try something else just to try, and i
applied for visa platinum of bank of America, i was surprised to get approved for a credit line of $7000. i
wasn't excpecting it and im happy because maybe because i established kind of credit record.
i want to know from you guys if i should apply for another credit card, or i have to wait maybe later, close the
first cc, any suggestion to enhance my credit are welcome. thank you very much for your time, and for the great
forum."
Ira replies,
"When you say you always pay on time, do you mean that you pay the minimum or the entire balance
in full every month? If you're paying in full every month the interest rate is meaningless to you. This is the
ideal situation, but not everyone can or will do this. If you're routinely carrying a balance you should be
evaluating offers from many lenders until you find the one that makes sense for you. I'm a great believer in
rewards cards. However, they only make sense if you pay in full every month. If you carry a balance, look for
very low interest rates. Your credit history seems to be filled with positives and you shouldn't have a problem.
When you get a low interest card you might want to consider doing a balance transfer from the old card to the
new. BEfore you so do, however, make sure that the low interest rate is not being eaten up by baoance transfer
fees. Good luck and don't hesitate to ask more questions."
posted by e-mail request from one of the visitors to our site,
"We are retired and use our credit cards for everything except groceries. We pay our balance
off each month. We now have a Discover Platinum ( cash back bonus) 1% and a Bank of America Platinum Visa with
nothing back. Do not need auto, airplane discounts etc. Which card would you suggest using for just the best
CASH return, no annual charge, no points for merchandise, no tier rebates just straight cash rebate % and no
max. rebate in any calendar year. Your thoughts?"
Reply from stevejk,
"Here's my $0.02 worth on non-tiered rewards cards...1. Citi Dividend Platinum Select. 5% cash
back on purchases at grocery stores, gas stations, and [stand alone] pharmacies. 1% cash back on all other
purchases. Reward payable in $50 or $100 increments, or accrued reward on 31 December. Con: maximum $300 cash
back reward per calendar year. 2. Chase PerfectCard. 3% cash back on gasoline purchases. 1% cash back on all
other purchases. Pro: accumulated reward paid each month. Don't think it has an annual limit. Con: must make 9
purchases per year to avoid $19 annual fee. 3. Bank One Free Cash Rewards. 1% cash back on all purchases. Reward
payable in $25 increments. Con: maximum $600 cash back reward per calendar year. Full Disclosure: I have no
pecuniary interest in any of the companies listed. I am just a (reasonably) satisfied customer. For those of us
who pay in full every month and send payments electronically (no checks lost in mail), the interest rate is of
no concern to us. If this is not you, then these cards may not be for you. An honorable mention, if only because
it is the only card accepted at Sam's Club, is the Discover Gasoline Rewards card. Although this is a tiered
reward, the reward structure is the opposite of their regular cards. That is, the 5% gas/1% all other rebate is
for the first $1500 in purchases. The second $1500 in purchases receive 3% gas/0.5% all other rebate. Over $3000
in purchases receive 1% gas/0.25% all other rebate. The cash back award payable in $20 increments"
guessindigo replies,
"If you have the financial resources and charge alot (7-10K), then blue cash is very tough to
beat. Since your retired, you may have limited $$$$ and in that case for moderate charges throughout the year,
then Citi Dividend is the card for you. I personally advise against Discover, but if it works for you, then go
for it."
mBear2k asks,
"My first time here - looks like a bunch of useful info. Here is my question: I am trying to get my fico score
up and would like some suggestions on balance transfers and the best approach.
- My fico is currently 646
- I have a tax lien that was satisified 11/03 (and is shown correctly on my credit reports
- I have no late payments - ever
- I have a Sears Great Indoors MC with a limit of $5000 and a balance of $4100
- I have a Capital One with a limit of $500 and no balance
- I have a Sears Store Card with an $800 limit and $600 balance
- I have 2 car loans ($40k each) and I co-signed a car at $14k
- I do have a bunch of inquiries from around March
Any thoughts on transferring the Sears MC balance to a very low interest rate card? Any suggestions on a
specific card given my score and details above?"
Board Monitor, Curtis, replies,
"Thanks for your post and welcome to the board. What is your Sears rate? Given your score, I think you should
concentrate on getting your score up to around 700 before applying for a lower rate card."
Visit our active
Message Board.
Ask a question, give your opinions. Select questions answered by our board monitor.
Our board currently has over 17,000 posts (since May 2000) and new posts are added
daily. We are seeking new consumers like you to become involved in our board
community.
Cardholder Reviews
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Recent Credit Card Reviews by Consumers Like You
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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 16,000 reviews of 833 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: Wachovia Gold Card
Provided by: Wachovia
Total Posts: 12
Average Rating: 2.50
Category: Regular
Date posted: 10/21/2004
Review:
To make a very long story short- I do carry a balance, but I never, and I mean never missed a payment in
ten years and usually pay a LOT more than minimum payments. Wachovia was awesome-excellent customer service,
excellent rates. I carried a rate which varied around 7 - 8.5% four a very long time & they treated me
like a good paying customer. Enter the takeover of First USA / Bank One- my rate jumped to 13.5% interest.
I called and called and spoke to numerous people- Thist company can be spelled out in one word- Greed. I
have very good credit, but nobody was willing to talk with me, nobody would let me speak with a supervisor.
To put it plainly- they just told me "we're sorry, there's nothing we can do for you." Just eat it. Oh
yes, they'll send you all those checks you can use- Don't fall for their trap. This is the worst credit
card company I have ever, and I mean ever, dealth with. Stay far, far away......
Best Feature: None-Greedy, greedy greedy. Unwilling to help people w/ good credit-stay away.
Worst Feature: First USA (Bank One)
Overall Rating: 1
Benefit Rating: 1
Service Rating: 1
Recommend: No
Credit Card: Chase Platinum Visa®/MasterCard®
Provided by: Chase
Total Posts: 165
Average Rating: 2.85
Category: Regular
Date posted: 10/21/2004
Review: I received a change of term notice that I thought was a joke. After 11
years of loyal service to these people, they decided to change my 10 percent rate on 2 accounts I have to
28.99% effective in December. However, I have the option to close the accounts and keep the 10 percent
rate until it is paid off. And why you ask? Beats Me? They claim it was based on my credit score from
experian. After checking my score I discovered that I have 715 which is not a bad score and I have zero
negative information reported from all 3 reporting agencies. So Of course this means "See Ya".
Best Feature: Toll free Number
Worst Feature: Not Loyal To Customers
Overall Rating: 1
Benefit Rating: 1
Service Rating: 1
Recommend: No
Credit Card: Capital One UK Classic MasterCard®
Provided by: Capital One
Total Posts: 4
Average Rating: 2.63
Category: Foreign
Date posted: 10/21/2004
Review: Bad phone service, no credit limit increases, high charges
Best Feature: none
Worst Feature: no credit limit increase
Overall Rating: 1
Benefit Rating: 1
Service Rating: 1
Recommend: No
Credit Card: Orchard MasterCard®/Visa® Classic Plus
Provided by: Household Bank
Total Posts: 10
Average Rating: 3.30
Category: Regular
Date posted: 10/21/2004
Review: Online service is great. I am emailed my bill a few days before I get
the hard copy in the mail. They email me to let me know when they have received payment. It posts within a
couple of days receipt. I get regular increases and have been able to manage this credit card well. Never
had a problem. They are helping me improve my credit.
Best Feature: When no one else would, they gave me a card
Worst Feature: none
Overall Rating: 5
Benefit Rating: 4.5
Service Rating: 4.5
Recommend: Yes
Credit Card: Plains Commerce Bank Total Visa® Card
Provided by: Plains Commerce Bank
Total Posts: 88
Average Rating: 3.32
Category: Poor Credit
Date posted: 10/21/2004
Review: I just want to say that this card is one of the better cards to help
re-establish credit. I am a financial manager for a major corporation. However, while I was in college,
just as many do, I had a little too much fun with my credit cards. Consequently, that fun cost me a lot
more than just the money I owed, it gave me a horrible credit score. I applied for the Total Visa Card,
and was approved. Sure, they made you pay $250, but it is really no different than opening a secured card,
but the benefit is the card doesn't report as "secured" on your credit report. That is a major plus.
Take my advice, if you have poor credit, get this card. It is the first step to building good credit.
Trust me, I work in this field so I know. Good luck to all.
Best Feature: Re-establishing credit
Worst Feature: none
Overall Rating: 5
Benefit Rating: 5
Service Rating: 5
Recommend: Yes
Credit Card: American Express® Rewards Green Card
Provided by: American Express
Total Posts: 9
Average Rating: 4.56
Category: Charge
Date posted: 10/20/2004
Review: I received an pre-approved offer in the mail for the Green card and was
surprised, that American Express was offering me their card fee free for a year. I applied, received the
card and am totally enjoying it. A week later however, I received the same invite for a Gold rewards card.
I accepted and I really am enjoying that fee free for a year. I do not use the gold card anylonger,
because well you only need one, and all I can say is green or gold both are excellent. When you do have a
dispute they resolve it immediately and with no inconvenience to you or fighting for them to see things
your way. I love this card and cannot wait to cut my others and just keep this one.
Best Feature: No pre-set spending limit
Worst Feature: not being able to dispute until your invoice prints
Overall Rating: 5
Benefit Rating: 4.5
Service Rating: 4.5
Recommend: Yes
Credit Card: New Millennium Bank Platinum Visa®/MasterCard®
Provided by: New Millennium Bank
Total Posts: 9
Average Rating: 2.17
Category: Secured
Date posted: 10/19/2004
Review: I have been paying on this card trying to build my credit score, but the
only time that this company submits anything to all 3 credit bureaus is when you are late. If you are on
time every month they take there time giving the good information about you. Please don't get this card...
Best Feature: none
Worst Feature: they don't report to the credit bureau's that often unless you don't pay on time
Overall Rating: 1
Benefit Rating: 1
Service Rating: 3.5
Recommend: No
Credit Card: Capital One® Go Miles Platinum Visa® Card
Provided by: Capital One
Total Posts: 5
Average Rating: 3.20
Category: Reward - Airline
Date posted: 10/17/2004
Review: I just redeemed my FF miles with Capital One. It was as easy as pie. I
just charged my ticket and filled out 2 blanks in the credit request and within a few days, I had my credit
It is also the cheapest mileage card. You do have to earn more credits to get your miles. I also have a
new Alaska Airlines Visa. It cost me $75. and so far it's been a real headache.
Best Feature: The ease in redeeming my ff miles
Worst Feature: not enough perks
Overall Rating: 5
Benefit Rating: 3.5
Service Rating: 5
Recommend: Yes
Credit Card: First National Credit Card
Provided by: First National Bank
Total Posts: 54
Average Rating: 1.60
Category: Poor Credit
Date posted: 10/15/2004
Review: I found out I had this card when I got my cheking account statement.
There was 150.00 taken out that I did not approve of. The bank gave me a 1-800 number to call and they
still refused to put the money back into my account. Even though they had the wrong social and wrong
address. I now have to go through an investigation to see if I am lying. By the way I still do not even
have the card. My lawyer is calling them today with a law suite we are filling.
Best Feature: there is no good feature
Worst Feature: they will steal from you
Overall Rating: 1
Benefit Rating: 1
Service Rating: 1
Recommend: No
Credit Card: Cabela's Club Visa® Card
Provided by: World's Foremost Bank
Total Posts: 19
Average Rating: 3.76
Category: Reward - Retail
Date posted: 10/13/2004
Review: The bonus points are great. I use the Cabela's card instead of my bank
debit card and pay it off each month. I don't pay any interest and they give me bonus points. Sweet.
Best Feature: Points for merchandise
Worst Feature: none
Overall Rating: 5
Benefit Rating: 5
Service Rating: 5
Recommend: Yes
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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