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Credit Cards That Already Follow the Rules

This article was written by in Credit. 8 comments.


As part of our complete coverage of the forthcoming (maybe) Credit Cardholders’ Bill of Rights, I noticed a helpful article over at SmartMoney.com highlighting four different cards which already adhere to the Fed’s new rules about Credit Cards (which don’t technically have to be followed until next year) and/or some of the provisions of the Bill up for consideration in the Senate.

Some of the “benefits” (in other words, they treat you like a human being) include:

  • Set your own credit limit, lower than the one on the card, so that you can better control your own spending
  • Choose your own due date
  • Make payments by phone (you’d think this was already available everywhere)
  • Make payments on the due date without being charged extra (ditto)
  • Your card’s rate won’t go up if you behave poorly on an unrelated account (AKA “Universal Default”)
  • Get at least a month’s warning before a rate increase goes into effect
  • The statement is mailed well before the due date to prevent late payments
  • Avoid double-cycle billing (imagine paying your rent for May based on how many days you lived there in May and April)

These cards also have other benefits that actually do go above and beyond in an effort to entice you to switch. The above list, however, are things that the average “man on the street” would reasonably assume are already true of every credit account.

The article cites four credit cards following the rules: Discover® Motiva Card, Citi Forward Card, Capital One Platinum Prestige, and Wells Fargo Platinum.

I’m just one man, of course, with one man’s opinion. Here’s a summary of the opinion of the general public.

4 Consumer-Friendly Credit Cards, Kelli B. Grant, SmartMoney, May 7, 2009

Updated January 12, 2011 and originally published May 8, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Smithee formerly lived primarily on credit cards and the good will of his friends. He is a newbie to personal finance but quickly learning from his past mistakes. You can follow him on Twitter, where his user name is @SmitheeConsumer. View all articles by .

{ 3 comments… read them below or add one }

avatar Andrew

I’ll have to double check, but it looks like Discover’s ‘regular’ card qualifies as well. If it does it looks like I’m doing well, with 2 of these credit accounts in my pocket. It must be why the outrageous credit practices always seem foreign to me.

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avatar SavingFreak

The key would be to just pay off the balance every month. Then you do not have to worry about the terms; only the rewards.

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avatar David Stillwagon

I’d have to agree with one of the other comments that if you pay off your bill the other stuff doesn’t matter.

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