Easy credit cards

The credit card crunch might be easing, but credit card companies are still cutting back on the credit card rewards. Some cards used to award bonus points after the first purchase but don’t anymore. Others are imposing stricter rules and fees upon redemption.

American Express Blue Credir Card scored top marks for its rewards program in a J.D. Power survey last fall, and experts cite this card as one of the best. It has no annual fee and provides up to 5 percent cash back on gas station, drugstore and supermarket purchases.

American Express® Preferred Rewards Gold Card.

* Earn 10,000 Membership Rewards® bonus
*  points when you spend $500 in 3 months – redeemable for a $100 gift card!
* No Pre-Set Spending Limit
* No annual fee for the first year – $125 Thereafter
* The Membership Rewards® program – Earn 1
* Membership Rewards® point for virtually every dollar you spend and redeem for your choice of travel, shopping, and entertainment rewards.
* Gold Card Events – exclusive access to tickets for select concerts,
*  shows, major sporting events, and more in cities nationwide.
* Express Approval. Get a decision in less than 60 seconds

American Express® Preferred Rewards Green Card

* Earn 5,000 Membership Rewards® bonus points
*  when you spend $500 in 3 months – redeemable
*  for a $50 gift card!
* No Pre-set Spending Limit*
* No annual fee for the first year – $95 Thereafter
* Complimentary enrollment in our award winning
* Membership Rewards® program.
* Earn 1 Membership Rewards® point for virtually
* every dollar you spend and double points at supermarkets,
* gas stations, drugstores, and more!
* Transfer points to 17 frequent flyer programs
* Express Approval. Get a decision in less than 60 seconds.

Chase has made updates on some of the credit cards.

The Chase FreedomSM Cash Visa Signature® Card has been updated to the Chase FreedomSM Credit Card.

The Chase Free Cash RewardsSM Visa® Card has been updated to 0% APR for 12 months instead of 6 months.

The Chase Flexible RewardsSM Platinum Visa Card has been updated to 0% APR for 12 months instead of 6 months.
Chase Flexible RewardsSM Platinum Visa® Card

The Federal Reserve has lowered the Prime Rate a quarter of a percent again. The new Current Prime interest rate is 7.25%.
Rates on home-equity loans, micro and small business loans, credit cards and adjustable-rate auto loans are tied to the prime interest rate. If the Federal Reserve cuts the interest rate, the prime rate drops, and rates on all those types of loans drop, usually by a commensurate amount and usually within days or weeks and you pay less.
Rates on fixed mortgages depend on a variety of factors and can go either way after a Fed rate cut. This time, the Fed’s action benefits consumers in the market for a home loan.

Mbna.com credit cards typical rate 15.9% APR promotional rate: 0% p.a. on card purchases for three months from account opening, 0% p.a. on balance transfers and credit card cheques for twelve months from account opening provided you operate your account within the terms and conditions.
15.9% p.a. (variable) on card purchases, balance transfers and credit card cheques, and 27.9% p.a. (variable) on cash transactions (including money transfers).
Interest free period up to 56 days on card purchases only, if you pay your statement balance in full and on time every month, otherwise interest will be charged as set out below.
In Card purchases, balance transfers, credit card cheques and cash transactions (including money transfers) they will charge interest on all transactions, fees, other charges and interest, starting on the transaction date and ending on the date you pay the bill in full. The earlier you make payment, the less interest you will have to pay.
They will use your payments to reduce balances at lower rates of interest before balances at higher rates of interest. Where you have two promotional rates which are the same, they will use your payments to reduce the balance with the longer promotional period first.
If the balance shown on your statement is £25 or less, it will be the total amount of the statement balance; if is more than £25, it will be whichever is the least of 3% of the statement balance or the total of any Payment Protection Cover charges, interest, handling fees and default charges plus £5, provided that it will always be at least £25.
Credit limit: We will choose your credit limit and tell you what it is. They may vary it at any time and write to let you know. The maximum credit limit that you can have is £50,000. the annual fee is £0
3% handling fee (min.£3) on: credit card cheques and balance transfers.
3% handling fee (min.£3) on: cash transactions (including money transfers).
2.75% commission on foreign currency transactions.
You will be charged £12 for going overlimit, making late payments and for returned payments.

Six credit card secrets you already know but forget, and it’s costing you money

1. Interest from the date of purchase
Most card issuers charge interest from the day a charge is posted to your account if you don’t pay in full monthly. But, some charge interest from the date of purchase, days before they have even paid the store on your behalf!
You must find another card issuer, or always pay your bill in full by the due date.

2. Two Cycle Billing
Issuers which use this method of calculating interest, charge two months worth of interest for the first month you failed to pay off your total balance in full. This issue arises only when you switch from paying in full to carrying a balance from month to month.
You can switch issuers or always pay your balance in full.

3. The Right To Setoff
If you have money on deposit at a bank, and also have your credit card there, you may have signed an agreement when you opened the deposit account which permits the bank to take those funds if you become delinquent on your credit card.
Bank at separate institutions, or avoid penalties.

4. Fees Are Negotiable
You may be paying up to $50 a year or more as an annual fee on your credit card. You may also be subject to finance charges of over 18%.
If you are a good customer, the bank may be willing to drop the annual fee, and reduce the interest rate you only have to ask! Otherwise, you can switch issuers to a lower- priced card.

5. Interest Rate Hikes Are Retroactive
If you sign up for a credit card with a low rate, such as 7.9%, when the low rate period expires, your existing balance will likely be subject to the regular and substantially higher interest rate.
Pay in full before the rate increase or close the account.

6. Shortened Due Dates
Most credit cards offer a 25 day grace period in which to pay for new purchases without incurring finance charges. Some banks have shortened the grace period to 20 days but only for customers who pay in full monthly.
Ask to go back to 25 days.

Using this information can save you a lot of money each year.

American Express has announced that the credit card APY for One from American Express(R) has been lowered from 5.00% to 4.50%.

The Federal Reserve decreased interest rates by 25 basis points, making the Prime Rate 7.50% (based on The Wall Street Journal 11/1/07 issue). The new Prime Rate has now been implemented on the American Express credit cards offers.

Discover has changed the intro period for purchases to 6 months for all consumer cards and the intro period for balance transfers is changing to 12 months for the Motiva Card.