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Credit Card Debt : Reduce Your Financial Burden in Three Easy Steps

What Every Credit Card User Needs to Know : How to Protect Yourself and Your Money

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

    

Charge Cards/Credit Cards/Check Cards

Everybody uses credit cards.  So why not get something in return?  You can get frequent flier miles, free gas, free merchandize, and even cash rebate for using them.  

Think it this way, if you pay off your monthly credit card bill in full, the interests rates do not matter.  You should focus cards that will give you something of value for using them.  However, if you do carry a balance than stick with low interest rate credit cards or debit/check card.  The interest payment will out weight any benefit you might get out of these cards.

VC will not attempt to list every credit card deals but rather few that we believe provide the most value. 

Don't forget to check Credit Card Shopping Page for additional savings info!

CASH REBATE

American Express Cash Rebate Card updated 12/02
Earning Rate Annual Fee Intro Rate APR Rebate
Payout		 Cash Adv.
Fee		 Grace
Period		 Account
On-line
Up to 3%
(5%*)		 None 0%
(6 months)		 Prime + 4.99%, 6.99% or 9.99% Yearly 3%
($5 min)		 20 days Yes

For everyday purchases*: 
$1 - $2,000  = 0.50% cash rebate        ->  $10
$2,001 - $6,000  = 1.0% cash rebate   ->  $40
$6,001- $50,000  = 3.0% cash rebate  ->  $1,320
                                                              =   $1,370 max
For all other purchases:
$1 - $2,000 = 0.25% cash rebate           -> $5
$2,001 - $6,000 = 0.50% cash rebate    -> $20
$6,001 - $50,000  = 1.50% cash rebate -> $660
                                                                =  $685 max
* Extra up to 2% rebate is earned  when you carry balance.
* Everyday purchases include purchases at stand-alone U.S. supermarkets, drugstores, gas stations and home improvement stores.
* Costco member version does not give award extra rebate on everyday purchases.
* Note: This card does not offer CDW coverage on rental cars.
* Sign Up Bonus: apply via Spree and get $20 cash rebate.

 

Which cash rebate card will give your most rebate?
Annual Charge Amount Best Choice

Rebate Amount
less than $11,000 Any flat 1% Rebate Card $110
more than $30,500 American Express® Cash Rebate Card over $500
Other Cash Rebate Cards with No Annual Fee
Chase i-card 1% rebate in Webcertificate
Citibank Dividend Platinum Select MC 1% rebate (max $300/yr)
Click Citi MasterCard (online card) 1% rebate (max $300/yr)
Discover Card  Up to 1% rebate
Farm Bureau Bank Reward Card
800-492-FARM		 Up to 2 % rebate (max $1075/yr)
Fleet Edvance Platinum MasterCard
 Earn $50 US Savings Bond for every $2500 spend (1% rebate)
Principal Bank Platinum VISA Card 1.25% rebate is deposited to Principal account (no cap)

For Online Shopper

FREQUENT FLYER MILES

For Road Warriors 

Diners Club (Charge Card)

If you are a road worrier, this card is a must for your wallet.  It provides primary and full value rental car collision insurance unlike other cards.  Other popular feature is LECARD dining program which gives 20% discount at participating restaurants and airport lounge access privilege.  Club Rewards, its reward program includes all of major airlines, hotels, and rental car companies and you can transfer points to any of its program partners.  Its 1:1 transfer promotions to British Airways and Delta Airlines have been wildly popular in the past.  BTW you earn 2 points for each $ you spend and 2 points converts to 1 FF mile.  The reward program was selected as "Best Card Program" in the annual Freddie Awards by frequent travelers for 3 straight years.  Please check out its website for the complete benefits and details.

Name/Phone APR/Grace Period Annual Fee Earning Rate epinions Rating
Diners Club
800-234-6377		 N/A
62 Days 		$80 2 pts / $
(2 pts = 1 FF mile)
Signup bonus: 24,000 points (12,000 miles).  Only downside is the card is not widely accepted out of the travel industry.  Click Here for Diners Club Rewards news and discussions.

For Every One Else

American Express Sheraton Starpoints Credit Card

Why?  This card gives you 1 Starwood Preferred Guest point for each $ you spend.  You can redeem these points for FF miles at all the major airlines!  Plus you can redeem the points for car rental, gift certificates to Lane's End, GAP, Banana Republic, etc.. and of course for hotel stays.  You start off with 1,000 points and when you have 20K points, you get bonus 5K miles when you redeem for airline miles!  So it's like you're getting 1.25 miles per $ with no annual fee!  This is the best FF mile card!  For more info, please check out this epinions article.

Name/Phone APR/Grace Period Annual Fee Earning Rate epinions Rating
AmEx Sheraton Starpoints
800-467-8462		 18.74%; Intro 8.9%(6 mo)
20 Days 		None/$35* 1 pts / $
1 pt = 1 FF mile
Signup bonus: 1,000 points and free Gold Preferred Guest membership.  AmEx accounts can be accessed via internet and can be downloaded to Quicken or Money directly.
$35 Annual fee is applied after 1 year

Amtrak Guest Rewards Credit Card 

This new card without annual fee looks promising.  You can redeem Amtrak Guest Rewards points for airlines miles, hotel points/stays, movie tickets or gift certificates.  Potential downside is that Amtrak is not financially health.

Name/Phone APR/Grace Period Annual Fee Earning Rate epinions Rating
Amtrak Guest Rewards Credit Card
800-780-5561		 12.99%; Intro 3.9%(6 mo)
25 Days 		None 1 pts / $
1 pt = 1 FF mile/$0.01 GC		 N/A
Signup bonus: 500 points 
FF Miles Partner Airlines: Continental, MidWest Express, United
FG Point Partner Hotel: Hilton
Hotel Award Partners: Marriott, Ritz-Carlton, Sheraton, Westin
Other Frequent Flyer Miles/Points Cards To Consider

American Express Hilton Credit Card

 Annual Fee: None
For those who want hotel rewards 

Hilton Visa Credit Card

Annual Fee: None
Similar benefits (if not identical) to AmEx version above 

American Express Delta Credit Card

 Annual Fee: $85
10K miles sign up bonus

Tips on airlines credit cards

 Wait for big sign up bonus promotions!  It's not unusual to receive up to 20K miles sign up bonus or at least 5K miles.  Don't settle for less than 5K miles.

AUTO

Name/Phone APR/Grace Period Annual Fee Earning Rate epinions Rating
GM MasterCard (Household Bank)
800-8GM-CARD		 19.65% V
25 Days 		None 5%
You can redeem earnings for GM purchase and lease except for Saturn and Saab.  You can also redeem GM rewards for movie tickets, electronics, and travel discounts. Click here for more info.
New GM card has different redemption limits for different GM models, with a minimum of $1000.  New Card has no limits on how much rebate you can accumulate in a year, whereas the pld card has the $500/year limit.  If you are heavy charger, it's worth to switch over to the new card.  If you only charge about $10K or so per year you will be stuck with the smaller redemption limits with the new card.
Other Auto Card To Consider

Citibank Driver's Edge

 Annual Fee: None
Rebate: earns 1% up to $500 per year, good on any auto maker but max is limited to $2500 toward purchase/lease.  When rebates expire after 5 yrs, it sends checks for un-used rebate.

GAS

Name/Phone APR/Grace Period Annual Fee Earning Rate epinions Rating
Shell MasterCard
800-FREE-GAS		 18.14%V;9.99% Intro (6 mo)
22 Days 		$20* 5% at Shell
1% else where
*Annual fee waved 1st year; then waived after nine Shell station purchases in prior year.
Other Gas Cards To Consider
Amoco Visa 

Earns 3% rebate at Amoco gas stations
Annual Fee: none

ExxonMobil MasterCard

Earns 3% rebate at ExxonMobil gas stations and 1% rebate else where
Annual Fee: none
Get 1% rebate when you sign up for Upromise

Gulf MasterCard 

Earns up to 4% rebate at Gulf gas station and 1% rebate else where Annual Fee: none

MERCHANDISE & OTHER REWARDS

Name/Phone APR/Grace Period Annual Fee Earning Rate epinions Rating
American Express Blue Card 10.99%*;0% Intro (6 mo)
20 Days		 None 1 BlueLoot point/$
BlueLoot is replaced with Membership Rewards Options

Online Fraud Protection Guarantee--protects you against unauthorized purchases online
Other Cards To Consider

Speedway SuperAmerica Visa

 3% back from Speedway, SuperAmerica, and Valvoline Rapid Oil Change purchases and 1% else where
The rebates are in Performance Dollars which can be used like cash at Speedway and Super America

TD Waterhouse Platinum Visa

 Earns 1 Free Trade/$2,000
Check out epinions' merchandise reward card page

SMALL BUSINESS CARDS

American Express

All AmEx small business cards include following benefits: 10% IBM product discount, up to 20% FedEx discount, 2% Mobil gas discount, free Hertz #1 Club Gold membership and discount, Hilton discount, and etc.  Here are some of the cards offered:

  • AmEx Delta Corporate SkyMiles Card ($55 annual fee unless you have qualified AmEx Corp Card)

  • Blue Corporate Optima Card ($0 annual fee)

  • Corporate Optima Platinum Card Fixed Rate ($0 annual fee) 9.9% fixed rate

Some cards qualify for Membership Rewards with additional annual fee.  Click Here for latest Membership Reward news and discussions.  For complete info on available cards and benefits please visit AmEx site by clicking on above banner.

CARDS FOR THOSE WHO CARRY BALANCE

Name APR/Grace Period Annual Fee epinions Rating
Arkansas National Bank
888-BANKANB		 7.92%
25 Days		  $50
Pulaski Bank MC/ Visa
800-980-2265		 8.75%
25 Days		  $35  
CapitalOne
800-822-3397		 0% Intro -> 9.99% fixed
25 Days		 $0  

REWARD CHECK CARDS

If you do not like credit cards or no credit card option is available you still can get miles using Visa/MasterCard Check/Debit Card.  Please note that there are down side of using check cards as well.  You have to keep track of your funds carefully otherwise, you have to pay bouncing check fees and etc.  Additionally you have to open a new account if you are not a customer of following banks.  Please note that in order to receive the rewards you have use choose credit card option rather than the debit card option where both types of payments are accepted.

For Cash Rebate

Name/Phone Annual Fee Earning Rate epinions Rating
USAA Maestro Check Card None 0.5% Rebate

Requires min $100 deposit to open checking or savings account.
USAA has excellent customer service and one of our associates has been its customer for more than 10 yrs and he gives it thumbs up.
For Frequent Flyer Miles

Bank of America/US Airways Check Card

 Earns 1  mile per 2 dollars spend
Annual Fee: $30
Sign Up Bonus: 1,000 miles

Chase/Continental Airlines Bank Card

 Earns 1  mile per 2 dollars spend
Annual Fee: $30
Sign Up Bonus: 1,000 miles

US Bank/Northwest Airlines Bank Card

 Earns 1  mile per 2 dollars spend
Annual Fee: $20
Sign Up Bonus: 4,000 miles for new account

Other Rewards

  • Charter One - Earn MegaRewards Points for various redemption options

ONLINE CARDS
Virtual Credit Cards Only Good for Online & Mail Order Purchases

Citibank ClickCredit

SIGNUP BONUS

 American Express  $20 Cash Back from Spree

RELATED LINKS Check out these links for more detailed info.

CardRatings.com
CardWeb.com
CreditCardGoodies.com
Government consumer credit related service
Twelve credit card secrets that bank don't want consumers to know!  Courtesy of Mass Consumer Affairs Office
CrossWalk.com  Great resource for learning about conservative financial principles, budgeting, etc.
About.com Credit/Debt Management
Getting Out of Debt by The Motley Fool
National Foundation for Credit Conunseling
Profina Debt Solutions

 

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