Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Wednesday, June 15, 2005

The American Red Cross Embraces Prepaid Debit Cards As A Way To Speed Aid To Hurricane Victims

The American Red Cross prepares to make the process of providing aid for hurricane victims more efficient this year by rolling out a new specialized prepaid debit card called the Client Assistance Card (CAC.)


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Tuesday, June 14, 2005

The "Hello Kitty" Prepaid Credit Card Gets a Poor Grade from Consumer Reports

Consumer Reports, America's premier independent product review organization, has given the "Hello Kitty" prepaid credit card a poor grade. The Hello Kitty card is a prepaid credit card that is aimed at kids who are too young to have a regular credit card. The company that makes the card, Legend Credit, is promoting the card as a tool that can help youngsters learn about handling money. But in fact, the Hello Kitty card comes with some hefty fees, including a $14.95 activation fee, a $2.95 monthly maintenance fee and a $14.95 annual fee. Consumer Reports advises consumers to shop around for better deals; many other prepaid credit cards being offered today have no annual fee and no monthly maintenance fee.


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Payroll, Employee Benefit and Other Types of Prepaid Debit Cards Are Spreading Like Wildfire Through Corporate America

Employee Benefit Prepaid Debit Cards, Prepaid Payroll Cards and other types of specialized prepaid debit card are catching on fast in corporate America, from Ford Motor to U-Haul to large law firms. Prepaid debit cards are saving these companies a lot of money by reducing the costs associated with employee benefit processing, paperwork, etc, while both employers and employees are saving money by reducing their overall tax burden.

Click here to read the full story.


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Sunday, June 12, 2005

Australian Banks Now Offering "Free-Free" 0% Credit Card Balance Transfer Deals

0% credit card balance transfer deals have created a boon for many credit card companies as savvy credit card holders take advantage of the many offers zero percent balance transfer deals available on the market today. It's a win-win situation: credit consumers save a lot of money in interest charges and credit card companies win new business. But a major advantage for the credit card companies is that with many balance transfer offerings, any new charges made on the new credit card account to which the balance(s) have been transferred are subject to very high interest rates, sometimes as high as 25 percent! A disciplined consumer can easily avoid these high interest rates by using cash, a debit card or a different card with a low interest rate when making new purchases. Other not-so-disciplined consumers may falter and get hit with the very high interest rate.

Well, it looks like balance transfer deals may be evolving for Australians, as BankWest is now offering a balance transfer deal where no interest is charged on both the balances transferred and new purchases for a period of four (4) months! This news is pretty exciting for credit consumers "down under", especially if this becomes a new trend that spreads throughout the Australian credit card industry. Click here to read the full story.


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Wednesday, June 08, 2005

In UK, New Fees Imposed In An Attempt to Curb 0% Balance Transfer "Rate Tarts"

Credit card providers in England are cracking down on clever credit card consumers who are transferring their credit card balances from one 0% balance transfer deal to the next ("rate tarts".) But even with the newly imposed fees, many savvy credit card consumers continue to transfer their balances, because the savings in interest charges greatly outweigh the 2-3% balance transfer fee that these banks are now imposing. Click here to read the full story.

Balance Transfer deals seem to be evolving. Instead of offering an interest free introductory period for balance transfers, many credit card providers are now offering a 3.9% interest rate on balances transferred, a rate that stays constant until the transferred balance is paid off. Some banks are now giving you the freedom to choose either a temporary interest-free period on transferred balances, or a 3.9% fixed rate on transferred balances until the transferred balance is paid off. Freedom of choice is always a good thing!


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Wednesday, June 01, 2005

Top Small Business Lender Joins with MBNA to Offer 2 New Business Credit Cards

June 1, 2005: CIT Small Business Lending Corporation, a division of CIT Group Inc. (America's #1 Small Business Administration [SBA] lender five years running) has joined forced with credit card giant MBNA America to offer two (2) new business credit card products for CIT's Small Business Lending customers. One business credit card will have no annual fee, while the second business credit card product will be a travel/merchandise rewards card with a $35 annual fee. Both cards will feature a competitive, fixed interest rate and both will also feature low minimum monthly payments.

Click here to read the full story...

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