When should I look for new credit cards?

Consumers should shop for new credit card when their present card no longer meets their needs. Searching for a new card can be tricky, as there are offers for credit too numerous to count:

In the mail
On the radio and TV
Online

The credit card chaser can help you find a new credit card right now!

Using a credit card finder website will give smart consumers the edge in card hunting. These sites feature detailed offers from all the major credit card issuers. You can compare these offers side-by-side, and then pick the one that best suits your needs.

What are good reasons to look for a new credit card?

Some reasons you might want to consider when looking for a new card are:

My interest rates are too high
My card company charges annual fees
My bank won’t increase my credit limit
My card issuer doesn’t offer any premiums, points or other incentives
My company doesn’t provide me with buyer protection, roadside assistance or other services that I’d like
I’ve had billing problems or other customer service issues with my card company
My bank just sent me a notice changing the terms of my credit agreement

What? Can a bank change the terms of my agreement without my authorization?

Card issuers have always been able to change the rates and terms of your agreement by serving constructive notice of an impending change, in writing, prior to implementing the change. In the past there was little you could do but pay the additional fees, charges, and interest.

Recent changes in the law, because of the Credit Card Act of 2009, changed this unfair practice. Lenders are now required to give cardholders
at least 45 days written notice, and more importantly, cardholders now have the option of accepting the new terms, or cancelling their card, and paying off any unpaid credit card balances under the terms of the original agreement.

Should I read and review the actual credit card agreement before signing for a card?

You should always read the fine print in any contract agreement and credit cards are no exception to this rule. The Federal Reserve’s website features a link to a page that explores the vagaries of credit card agreements.

The federal site provides general examples with explanations of the most common terms and conditions. You should always have a copy of your card company’s agreement on file in case of a problem or a concern with the account.

If you don’t have one, contact your credit card issuer. By law, they are required to send you this documentation on request.

Why is the language in these agreements so complicated?

The Credit Card Act of 2009 enacted numerous changes in banking laws designed to protect consumers from costly and unfair credit card practices. The government continues to do its part by introducing a new and much simpler credit card agreement.

A sample of this agreement was just released. It is easy to understand, and in just 1000 words describes a credit card’s costs and other terms. The present agreement is more than 5000 words and filled with “legalese”, making it tough for most consumers to understand a document that they are required to accept and sign.

The new agreement was designed by the Consumer Financial Protection Bureau, who will be testing it during the next few months with those apply for credit cards at the Pentagon Federal Credit Union. Some applicants will receive the new agreement and some will get the old agreement; a survey will then be given to all applicants.

While there is yet no timetable for implementation of a new agreement, it is certainly a welcome change and a step in the right direction.

Is it possible to find an interest free credit card?

Yes it is! In the past, credit was so easy to obtain, only consumers with poor credit histories knew about the money saving advantages of a secured credit card. Secured credit cards require the cardholder to deposit funds in the issuer’s bank. The amount on deposit becomes the card credit limit.

What’s the advantage in setting my own limit with a secured card?

The biggest advantage is that the credit card holder doesn’t pay interest! The bank is using your own money to cover your charges. It’s a win/win situation. You enjoy the convenience of the card, save a lot of money, and the bank still sees a profit on the fees that it charges vendors who accept your card for goods and services.

For fast and accurate credit card interest rates and terms, use the credit card finder now!