News Brief
May 29, 2010 - Federal Reserve’s new Credit Card Website. The Federal Reserve introduced a new credit card website that summarizes new credit card protections that take effect on February 22, 2010. This site, whose goal is to protect the credit rights of consumers, provides a basic guide to navigating the credit card process.

The site includes interactive tools for users to learn more about the:
- terms and fees of credit card offers, and
- new features of monthly statements.

The new credit card site includes a database where consumers can compare credit card terms and rates for more than 300 credit card issuers. The idea is to help people "find a card that best suits their personal finance needs" according to a statement from the Fed.

Contrary to the Fed’s statement that the site can help consumer "find a card that best suits their personal finance needs", it’s unclear how the website can do so. The database simply is a collection of credit card agreements (in PDF or text) between these 300 credit card issuers and cardholders that are now available online, all in one place. It does not make it any easier for consumers to understand the legalese of these agreements, or simplify the fine print of the terms and conditions.

Calculatorplus.com provides several credit card calculators useful for for comparing credit cards and calculating credit card payoffs.

Search by Type of Card

  • Low APR Credit Cards

  • Balance Transfer Cards

  • Instant Approval Cards

  • Reward Credit Cards

  • Points Cards

  • Retail Cards

  • Gas Cards

  • Hotel & Travel Credit Cards

  • Cash Back Credit Cards

  • Airline Credit Cards

  • Student Credit Cards

  • Prepaid & Debit Cards

  • Credit Card Specials

Search by Credit Quality

  • Excellent Credit

  • Good Credit

  • Fair Credit

  • Bad Credit

  • Limited or No Credit History

  • Not Sure

Search by Bank or Issuer

  • American Express

  • Capital One

  • Chase

  • Citi Credit Cards

  • Discover Card

  • Mastercard

  • Visa Card

  • Orchard Bank

Compare Credit Card Offers


Shopping around for a credit card can save you money on interest and fees. When comparing credit cards, you want to find one with features that match your needs. Most importantly, you need to:
•

Understand the credit card features


•

Compare credit card features and fees


•

Become familiar with your rights when using credit card




Factors to Consider when Comparing Credit Cards


When shopping and comparing credit card offers, it is important to always compare two or three similar credit cards from different card issues before choosing. Consider some of these factors before selecting and deciding upon a credit card.

•

How do you plan to use your credit card?


•

Annual percentage rate (APR) on the credit card


•

Grace period offered by the credit card


•

Calculation of credit card finance and interest charges


•

Credit card fees, annual as well as for late payment


•

Cash advance features offered by credit card


•

Amount of credit limit provided by credit card


•

Does the credit card offer incentives, including discounts?




Types of Credit Cards Available and Compare Credit Card Offers from these Card Issuers

  • Credit Card

  • Bank Credit Card

  • Visa Credit Card

  • Mastercard

  • Business Credit Card

  • Prepaid Credit card

  • Best Credit Card

  • Free Credit Card

  • Credit Card Offers

  • Credit Card Calculator


References:

Credit Card Payment Calculator: Credit Card Payment Calculator

Credit Card Debt Calculator: Credit Card Debt Calculator

Credit Calculator: Credit Card Calculator

Debt Calculator: Debt Calculator

mymoney.gov: Financial Literacy & Education - Credit

U.S. General Services Administration: GSA SmartPay

Federal Trade Commission: Choosing A Credit Card: The Deal is in the Disclosures

The Federal Reserve Board: Choosing A Credit Card

Visa USA: Visa Card

Mastercard: Mastercard Worldwide

American Express: Credit Cards, Business Services, and Travel Services