Credit Card Ratings and Usability

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:46 pm
Post subject: Ratings/Usablity of Cards

Jared Kinkade
Date: 5/4/2000 1:25 pm CDT

I'm wondering first why not all of the cards got star ratings next to
the description (did only the sponsored cards get stars or does the lack
of stars mean it got a "zero rating"?).
Also, the top two cards that you recommend are Diner's and Nextcard-are
these widely accepted? (on the Internet as well as local merchants?)

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:47 pm

Board Monitor
Date: 5/5/2000 12:40 am CDT

Jared,

Thanks for your recent inquiry.

Our 5 star rating system has nothing to do with our sponsors. The reason
all cards don't have stars beside them is because
we are in the process of updating our credit card reviews (we do this on a
semi-annual basis). The cards without stars have not been reviewed since
last year.

In response to your second question....NextCard is widely accepted because
it is a Visa. Diner's Club, however, is not as widely accepted. Although,
they boast that they are accepted at around 5 million merchants worldwide
and have been in business longer than any other credit card...for 50 years.

Hope this helps.

Regards,
Jackie Hughes
Board Monitor
CardRatings.org

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:49 pm

Joe
Date: 5/4/2000 12:59 am CDT

Fleet bank, www.fleet.com, has a platinum card with a 6 month intro of
2.9%. This goes to 10.6 after that time.


The also have a card with 9.9% fixed. A fleet titaninum that has 7.9
fixed.

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:49 pm

cleo
Date: 5/5/2000 11:19 am CDT

fleet does not have a fixed rate - see item 24 on mailouts-they can and do raise "fixed" rates regardless of credit ratings or payments.

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:49 pm

cleo
Date: 5/5/2000 11:24 am CDT

our "fixed" rate went from 7.9 to a choice of 9.5 variable or another "fixed" rate at 10.5-we were never late on any payments and credit rating are excellent

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:49 pm

Board Monitor
Date: 5/5/2000 12:38 am CDT

Cleo,

Good point. They are currently advertising a permanent variable rate set at 10.6%. They set their rate using LIBOR (London Iterbank Offered Rate), instead of Wall Street's prime rate. They introductory rate is fixed, though.

Regards,
Jackie Hughes
Board Monitor
CardRatings.org

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:50 pm

Gingereeno
Date: 5/10/2000 4:10 pm CDT

If you read our posts above, you would beware of this word fixed.

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:50 pm

Jim
Date: 5/19/2000 11:57 am CDT

Jackie:

Thank you for you response. It is comforting that we finally have an organization that is finally on the consumer's side. I now know that I am not alone in regards to Fleet. Does the rate increase I stated above (9.9% to 18%) seem overboard to you in relation to other cc companies? I also looked at your recommended list of credit cards and went on the Capitol One site. It looks (and I now know looks can be deceiving)like a pretty good deal. 0% unitl October for Platinum + and then "fixed" at 9.9%. Given the repurcussion from the fed hike, do you know if this offer is still legit? Also, it did not specify the rate on balance transfers only the fixed rate on 9.9% after October 1st. Do you happen to know the rate on the initial transfer? Again thank you for all of your information. Iam spreading the word on such a useful site!

Jim

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