New Credit Card Rules
Wait! Read This Before Applying For Your Next Credit Card…
Now that the new credit card rules are in effect, there are a few things that consumers should be made aware of before they run out and apply for a new card. For most, the new rules favor consumers and force the banks to find other ways to raise much needed revenue. However, there are some fancy new rules that could cost cardholders to pay unnecessary fees, so be sure to read those terms carefully.
If seeking a new credit card, be aware of the following:
Foreign Usage Fees – You don’t have to travel to Mexico and buy something with your newly acquired card in order to be charged a foreign usage fee, you could be buying something online that is processed by a foreign merchant service provider.
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Avoid Adjustable Rate Cards – Try to stay away from credit card offers that have an attractive upfront, introductory rate, but charge a much higher rate after a certain amount of time. Under the new laws, card providers must notify you of changes to card terms 45 days prior to doing so.
Compare Rewards Programs – Not all credit cards are created equally, some offer much better rewards programs than others. Be sure to read the terms of your rewards program carefully, and select the one which offers the most reward with the lowest possible rate.
Get Rid of High Interest Cards – Rumor has it that if you get rid of a credit card account, there is a negative effect on your credit report. While this may very well be true, you shouldn’t be too concerned about your credit rating if you aren’t planning on making any new purchases on credit. Those of you of course who do plan on making large purchases on credit in the immediate, or near, future, may want to stick out those high interest rate cards until after your purchase.
Related Information
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Tags: Adjustable Rate Credit Cards, Credit Card Rewards, Credit Rating, Foreign Usage Fees, High Interest, Mexico
 Money Market Savings℠ Wells Fargo |
 Citi Chairman® Citibank |
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[...] anyone who owns a credit card, that’s tens-of-millions of Americans, you need to be aware of the new credit card rules that are to take effect on February 22, 2010. It’s possible that some of your credit cards may [...]