New Jersey bankruptcy Article

By JENNIFER SARANOW SCHULTZ
January 13, 2011

The editors of credit card comparison site CardRatings.com recently announced their take on the worst and best credit cards of 2010.

The cards rated the worst included those with high rates, high fees and little disclosure while those rated the best “bucked a trend toward fewer rewards and higher fees” while offering “ value, service, and convenience.”

So which cards made the cut?

Among the cards cited for the editors’ “Razzie Awards for the Worst Credit Cards of 2010” were a new First Premier MasterCard with “an astonishing 79.99 percent A.P.R.” (cited for having the highest interest rate) and the short-lived prepaid debit card endorsed by the Kardashians (cited for being the most hated card).

Also on the list were Best Buy’s Reward Zone MasterCard, which CardRatings.com said had little disclosure of details, and the Applied Bank Unsecured Visa Gold Card, which CardRatings.com said was the most expensive way to rebuild credit. CardRatings noted that the Applied Bank card offered no grace period, meaning that interest begins accruing on your purchase the moment you swipe your card, not three or four weeks later as most credit cards do.

Meanwhile, cards that the editors rated the best in the cash-back category were the PenFed Visa Platinum Cashback Rewards Card and the Fidelity Investment Rewards American Express Card. In the airline and travel credit card category, the PenFed Premium Travel Rewards American Express Card and Capital One Venture Rewards Credit Card were rated the best.

The Simmons Visa Platinum and the PenFed Promise Visa Card, meanwhile, were cited as the best low-interest rate cards and the Citi Platinum Select MasterCard and the Discover More Card were cited for being the best low-introductory rate credit cards. CardRatings.com, meanwhile, cited the Chase Sapphire Card and Zync from American Express for being the best reward point credit cards.

CardRatings.com also released new ratings of the cards it said consumers liked best, which included:

• Best Cash Back Credit Card: Blue Cash from American Express
• Best Airline Credit Card: Blue Sky from American Express
• Best Reward Points Credit Card: Chase Sapphire Card
• Best Value Credit Card: USAA World MasterCard
• Best Customer Service: American Express

The consumer results were based on responses collected from September through December.

How do the results compare to your own experiences? What would you rate the best and worst credit cards of 2010?

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