CREDIT CARDS » Credit Card Rates

Since the 1970's, credit cards have become the most convenient way to pay for consumer purchases. Without them, international travel, emergency car repairs, Internet shopping and renting a car would be nearly impossible. The amazing thing about most credit cards is that they have tons of hidden perks already built into them that consumers can easily benefit from.

Hidden Perk 1: Car Rental Insurance

Do your summer vacation plans include renting a car and driving from Point A to Point B? Then by using your credit card, chances are you are already getting a free level ofrental car insurance that you need not opt into at the car rental counter.

Hidden Perk 2: Extended Warranties

Perhaps you purchased a new flat screen TV and only after watching it for a week the darn thing stopped working. Depending on the card you used, even if the store refuses to accept the return of your "used" merchandise, the credit card issuer may step in to either extend the warranty or make sure you are not charged for the purchase.

Although some perks such as automatic extended warranties, travel insurance, car-rental insurance are standard, it is important to review the complete terms of your credit card to see what they offer you.

From money back guarantees, to shopping discounts toconcierge service, there are tons of free perks out there for you to take advantage of for free!

Many credit card holders will be able to breathe a sigh of relief as they receive favorable deals from credit card issuers prior to the new law taking effect in February 2010. As a way to clean up their image after hearing months of criticism from President Obama and Congress, major banks are now creating ways to help their consumers pay down debt and more.

Here's a little background. In May 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure Act (also known as the Credit CARD Act). The law was created to challenge the unfair practices of credit card companies (unexplained interest-rate hikes, double-cycle billing, etc.). As a result of this law, customers will be protected from interest-rate hikes based on specific delinquencies, they won't be charged for paying a certain way (by phone, online, etc.), and there will be no more mass-marketing strategies on college campuses.

While banks don't have abide by the law until next February, many are getting started early by offering special deals to help the consumer. Here are a few to take note of:

• Bank of America Visa Basic Card - Beginning October 2009, BOA will offer a new card with one fee for all transactions (i.e. balance transfers and cash advances) and will charge a flat late fee of $39, rather than basing it on the amount owed.
• Chase Blueprint Card - The Blueprint Card, introduced in September 2009, is designed to help consumers pay down debt by allowing them to determine which expenses they would like to pay off each month (i.e. groceries, gas, etc.). They will be able to select up to 14 categories of purchases to pay down; those categories will go interest free between the purchase date and bill due date.

After a year or more of "step-child" treatment from many credit card issuers, it's refreshing to see them working in the consumer's best interest. Let's just hope more issuers are willing to follow suit.

What do you think of these new credit card deals? Is it just another marketing scheme or are the banks really trying to help customers?

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