Best Credit Cards in the Market TodayConsumers can now gain insight into the most popular credit cards thanks to two recent studies by J.D. Power and Associates and Consumer Reports. The J.D. Power report details which cards rank highest in customer satisfaction; the Consumer Reports study ranks today's "Best" credit cards. American Express Ranks Highest in Customer SatisfactionAccording to the J.D. Power and Associates "2008 Credit Card Satisfaction Study" released September 3, American Express topped the list for customer satisfaction. Out of a possible 1,000 total points, American Express tallied a score of 783, with particularly high marks in the five key areas which most strongly affect a consumer's opinion of a credit card company: interaction; billing and payment process; fees and rates; reward programs; and benefits and services. According to Rocky Clancy, executive director of financial services at J.D. Power and Associates, "American Express appeals to customers looking for benefits and reward programs, and these customers are generally willing to pay higher fees for the additional value the card provides." Discover Card Ranks Second in Satisfied CustomersFollowing closely behind American Express, Discover Card clinched the slot for the second most popular credit card based on customer satisfaction. With a score of 751, Discover Card performed well in the areas of interaction, billing and payment processes, and reward programs. "Discover Card has found success with customers looking for simplicity, which it offers through no annual fees, cash rewards, and fewer problems than other issuers," said Clancy. Consumer Reports Rates Best Credit CardsConsumer Reports takes a different look at credit cards on the market today rating both the best cards available to consumers. The "Best" category is divided into three types of cards: "Best Low-Rate/Low-Fee Cards," "Best Cash-Back Cards," and "Best Gas Cards." "Best Low-Rate/Low-Fee Cards" - The WinnersFor "Best Low-Rate/Low-Fee Cards" - the type of card Consumer Reports recommends for consumers who carry a card balance from month to month - Capital One "Platinum Prestige" won top honors for offering a 7.9 percent annual percentage rate (APR) which applies to new purchases as well as balance transfers. Second in the category was the "Clear" card from American Express. Consumer Reports cited the card's 10.99 to 14.99 percent APR, as well as a zero percent introductory APR which lasts 12 months. Clear always offers an array of other attractive features: a lifetime fixed rate of 5.99 percent on balance transfers; $25 American Express gift cards for every $2,500 spent; no fees for late payments, cash advances, or over-limit charges; a liberal one-month grace period for payments; and a free credit report and credit score every year. "Best Cash-Back Cards" Rated by Consumer ReportsAccording to Consumer Reports, a cash-back credit card is a good choice for consumers who regularly pay off their account balances. "Blue Cash" from American Express topped this list thanks to five percent cash back at supermarkets, gas stations, and drugstores, and 1.5 percent anywhere else. The Capital One "No Hassle Cash Rewards" card came in second in this category with two percent cash back on gas and groceries; and one percent on all other purchases. Best Gas Cards" - The Most Affordable Way to Buy GasWith soaring gas prices, credit cards offering rebates on the expense of gasoline are increasingly popular. Winning top honors in this category was the "BP Visa" from Chase. This card offers a 13.99 to 20.99 percent APR and five percent cash back on gas purchased from BP stations. Second on the list of "Best Gas Cards" is Chase's "PerfectCard MasterCard" which features a 10.99 to 19.99 APR and a six percent cash back on gas for the first 90 days, and three percent thereafter. Finding the Right Credit Card for You
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Wednesday, March 10, 2010
