If you are a last minute shopper for a credit card, time is running very short if you want to have that credit card in time to purchase holiday gifts.  A few years ago, it was possible to apply online and get instant access to your account and credit limit.  Today, the vast majority of credit card companies do not provide instant access to new credit card accounts.  Ultimately, this means you won’t have access to your credit card until it arrives in the mail.   This can be five to seven days, if not more during the busy holiday mail season. (more…)

The days of the instant approval credit card are all but finished.  While a few companies continue to advertise instant credit decisions and sixty second approval, the vast majority of credit card companies no longer provide approval decisions immediately.  This will come as a not so pleasant surprise to anyone hoping to get a credit card in time for black Friday, since the odds of that occurring are stacked against you.  In fact, someone applying for a credit card today would be fortunate to have a card by the first of December.

Today, anyone applying for a credit card is likely to wait a minimum of five business days from the time they apply to the time their card arrives in the mail, though ten business days is probably a safer window.  The reasons for this are manifold and stem from the movement away from purely computer generated analysis to human reviews of applications.  This slows the application process down, often by a few days and is intensified by the busy mail system this time of year.

Given these factors, anyone seeking an instant approval credit card to pay for holiday gifts would likely need to apply by the 10th of December at the latest if they wanted to spend on a new credit card.  Applying any later could leave you waiting by the mailbox until its too late to find anything worth buying.

2009 has not been a good year for credit card companies or credit card users.  In fact, its fairly safe to say that 2009 was probably the worst year to be a credit card company or a consumer with credit card debt since the inception of the credit card.  On the whole, compiling a list of the worst credit cards would be much easier than putting together a list of the best credit cards.  However, it would take quite a bit of time to compile a worst credit card list. 

Given the behavior of most credit card companies this year, this review of the best credit cards will focus on companies rather than specific cards.  In particular, this review will focus on the only remaining credit card companies that have shown respect to their customers:  Discover and American Express. (more…)

Before the credit crunch, credit card companies offered single digit interest rates, often fixed for life.  Unfortunately, many people found out the hard way that a low fixed APR for life can be turned into a high variable rate if the issuing credit card company decided they wanted to change credit card terms.  Today, average credit card interest rates hoover in the mid-teens and low APR credit cards carry interest rates of 11.99% or higher.

Low interest rates in the 11.99% range are generally reserved for applicants with excellent credit.  Applicants with good credit will likely find average interest rates to be 14-16%, rates that no one would have considered low two years ago.  Unfortunately, credit card companies have been raising advertised interest rates all year long in spite of the fact that the Prime Rate, which is the variable element of most variable rate credit cards, remains near all-time lows.  (more…)

Although we’ve been online since 2004, we’re just getting started with our blog.  And, in honor of Martin Luther King Day, which our president elect has deemed National Service Day in 2009, we thought we would provide visitors with useful information on how to get the best deal on a credit card.

Getting the Best Credit Card Deal

1. Getting the lowest interest rate:  Credit cards generally advertise the lowest available interest rates in bold.  However, almost all credit card companies offer tiered pricing.  With tiered pricing, individuals with the best credit scores are offered the lowest rates, while those with good or average credit will be offered higher rates.  Oftentimes, there is a substantial difference between the lowest advertised rate and the high tier rate.  For example, a typical credit card may advertise a 10.99% interest rate to consumers with excellent credit and an 18.99% interest rate to consumers with average credit.  Unfortunately, no credit card company will tell you your interest rate until after they have reviewed and approved your application (the same is true with credit limits).  Thus, when looking for a low interest credit card, keep in mind the fact that your rate may not be the lowest available. (more…)