5 Hot Credit Card Offers for the Summer

By Curtis Arnold, CardRatings.com Founder

Even though it seems like major banks have been rolling up the red carpet instead of rolling it out for new customers, I found a handful of money-saving deals for savvy credit card users. Even in the midst of the credit crunch, there are still some real jewels out there and these are among my personal top picks. If you don’t think your card measures up, be sure to view our ratings of credit cards on CardRatings.com. Free Credit Score from American Express

Normally, you'll want to check your credit score before you apply for a new credit card. In this case, American Express wants to treat you to a complimentary credit score when you get approved for their new Clear Card. Because your free annual credit reports from the three major credit bureaus don't include a free score, this benefit can save you a few bucks and the hassle of requesting your score.

The big benefit to you is that you can see your credit snapshot from a lender's point of view. The offer also includes a tutorial on what your credit score means and how you can improve it. This no fee credit card also includes a host of travel perks and other benefits. Please note that the free credit score is not a FICO credit score, but rather a score that is offered by the credit bureau Experian (that competes with FICO).

No Interest, No Fees on Credit Card Balance Transfers from Iberia Bank

I can't find another offer like this on the market right now (and believe me, I have spent hours and hours looking). The Visa Classic from Iberia Bank allows cardholders to transfer balances at no interest for six months with no balance transfer fees! This no fee offer is truly amazing considering how some transfer fees have gone up 300-400% in the last several months.

If you think you're going to get slammed with a heavy interest rate after your teaser rate expires, prepare for a pleasant surprise. Iberia Bank Visa Classic cardholders enjoy ongoing interest rates as low as 6.25% (based on your credit profile)! This Louisiana-based bank clearly wants to grow their customer base with an offer like this and they have a proven track record. CardRatings.com has listed Iberia as having one of the best low rate credit card offers in the country for the past decade.

Schwab Credit Card Offers 2% Ongoing Rebate

In an era when card issuers seem to find any excuse to scale back perks and benefits, it's refreshing to see a simple credit card rebate program with a very aggressive rebate. Connect a Schwab Bank Invest First Visa Credit Card to your Schwab One brokerage account, and you earn a full 2% on all your purchases with no limits, no minimums and no spending thresholds! Your cash back rebates get deposited directly into your brokerage account every month for you to invest. Or, if you prefer, you can actually withdraw your rebates in the form of a check to yourself- in this capacity, the card can function as a quasi cash rebate credit card.

Bonus Rebates from Fidelity Investments

Fidelity now offers a trio of American Express branded cards that can help you save for college or retirement. One card even gives you a chance to invest in a regular brokerage account or a mySmart Cash Account. Like the Schwab card, this rebate is unbelievable. But, the real beauty of the Fidelity cards in my humble opinion is the preferential tax treatment that can take advantage of. Your rebate can grow in a tax-deferred account. The end result is a very cool way for you to supplement your retirement savings or help fund your child’s college education! The Fidelity website shows you how your rebate can grow into an even bigger credit card reward when reinvested over time.

5% Gas and Airfare Rebates for Military Families and Red Cross Volunteers

Qualifying for membership in a credit union carries special perks, like those offered through the Pentagon Federal Visa Platinum Rewards Card program. Members enjoy a whopping 5% rebate on gasoline purchases, 2% cash back at supermarkets, and 1.25% on all other purchases. Cardholders also get a 5% rebate on up to $4,000 of qualifying airfare purchases. Most PenFed members or their family members have served in the military. However, anyone can qualify for membership at PenFed by simply volunteering for the American Red Cross or by paying one year's dues in an affiliated non-profit organization. A 5% credit card rebate on gas and an equally generous credit card rebate on air miles could really help ease the pain of summer travel expenses!

Remember to check the fine print on any credit card offers, especially when rebates and rewards are involved. Program details are often subject to change with little or no notice and to certain restrictions, so act fast if you want to learn more about these prime deals. As the name of my book entitled “How You Can Profit from Credit Cards” implies, I love making cards pay me back and hope you are getting your fair share of the bounty as well.

What do you think about these offers and do you know of any other "hot offers"? We welcome you to share your ideas on our active credit card forum.

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This article was written by Curtis Arnold, a nationally recognized consumer educator and advocate. Curtis has been educating consumers about credit cards since 1998. He is regularly interviewed and quoted by respected members of the national press regarding consumer credit issues. His new book, How YOU Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line is available now! Order online and receive up to a 32% discount.

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CardRatings.com is the most comprehensive source for comparing credit card offers. CardRatings.com is pleased to offer consumers free credit card ratings.

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Please Note! You are welcome to republish this article as long as you state that CardRatings.com is the source for the article. You must also include a link to our website if you republish the article online. Click here for more details about using our articles and thank you for your interest!

New Credit Card Bill Hits College Students

By Michael Killian, CardRatings.com Reporter

Editor's Note: This article is an interview with Jim Randel, a nationally noted personal finance expert and author of the The Skinny On book series.

College and university students wanting credit cards will soon encounter new legislation making it more difficult for them to get a card as well as more difficult for credit card issuers to market to students.

Jim Randel, a nationally noted personal finance expert and author of the The Skinny On book series, offered his input on this upcoming legislation.

Mike: Jim, there is new credit card law that has just been signed by the president. Can you elaborate on this new legislation as it applies to college students?

Jim: Sure. The new law is called The Credit Card Accountability Responsibility and Disclosure Act of 2009 (sometimes referred to as The Credit Cardholders Bill of Rights). President Obama signed this law on May 22, 2009. It becomes effective February 22, 2010. The law has major significance for college students.

In particular, the new law says, in part: "No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of sub-paragraph (B).

"Subparagraph B. An application to open a credit card account by a
consumer who has not attained the age of 21 as of the date of submission of
the application shall require -
"(i) the signature of the parent, legal guardian, spouse, or any other
individual over the age of 21 having a means to repay debts incurred by the
consumer;
"(ii) submission by the consumer of financial information indicating
an independent means of repaying any obligation arising from the proposed
extension of credit; or
"(iii) completion of a financial literacy or financial education
course designed for young consumers."

In other words, starting Feb 22, 2010, it is going to be much harder to get a student credit card.

Mike: Do you support this portion of the new legislation as written? Why or why not?

Jim: I do not support this law as written. I think that if an 18 year old can serve in the military, can drive, and can vote, it is ridiculous to assume that an 18, 19, or 20 year old is not capable of handling debt. The key in my mind is to educate our young adults so that they learn the pros and cons of debt and credit. To keep credit from them as a matter of law makes no sense to me.

Mike: According to Curtis Arnold, the founder of CardRatings.com and author of How You Can Profit From Credit Cards, the impact of the new law on students could be huge and will likely have some unintended negative consequences. Curtis maintains that much more emphasis should have been placed on the need for credit education among students. He is a big fan of mandating personal finance classes for all colleges in the country (an important component that is missing from the law). Any comment?

Jim: I totally agree with Curtis' statement. However, not everyone agrees with us. If you go to The Huffington Post you will see a post I put up Monday of last week entitled 5 Reasons to Push Your Kids to Get a Credit Card. Most of the commentators thought my position was wrong.

Mike: With the new law going into effect in early 2010, will there by a potential tidal wave at fall college registrations to "sign up" for student credit cards?

Jim: As you probably know, the credit card issuers have been aggressive marketers on college campuses for several years. I doubt this fall will be any different than others. I am hopeful that people like Curtis (and to a lesser extent myself) are starting to bring an awareness of the positives and negatives of credit cards to young adults and that perhaps with each passing year they will become savvier about the risks as well as the rewards.

In closing, I think Curtis and Jim have hit the “nail on the head”. Legislators have let our college students down. Much more emphasis should have been put on financial education. You can regulate the card industry to death, but students lacking credit education are still likely to misuse plastic.

If you are a student and planning on getting a card, I strongly suggest comparison shopping for the best student credit card on CardRatings.com.

What do you think about The Credit Card Accountability Responsibility and Disclosure Act of 2009? Would love to see your comments and questions on our active credit card forum.

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This article was written by Mike Killian, Founder of Learning Credit and Debt Management. Mike has been writing about credit and debt management issues that are of importance to consumers for over 8 years. His articles have been referenced by various members of the media, including MSNBC and The Motley Fool. Mike has also offered debt elimination seminars to businesses and community colleges for many years.

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CardRatings.com is the most comprehensive source for comparing credit card offers. CardRatings.com is pleased to offer consumers free credit card ratings.

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Please Note! You are welcome to republish this article as long as you state that CardRatings.com is the source for the article. You must also include a link to our website if you republish the article online. Click here for more details about using our articles and thank you for your interest!