myFICO Sale

As previously mentioned, your credit score is the basis for credit card approval and the subsequent credit line determination. Virtually every credit card issuer uses FICO scores, which are available only through myFICO. myFICO is run by Fair Isaac Corporation, the creators of the FICO score.

Through the end of November, myFICO is having a sale on their Credit Complete product. To receive a 25% discount on the product, enter promotional code HOLIDAY25 at checkout.

Happy Thanksgiving!

Capital One Card Lab

Capital One has introduced its Card Lab, which will allow you to interactively create your own custom credit card. Capital One calls it "America's first 'do-it-yourself' credit card offer," which is an exciting, consumer-friendly innovation. If you've been unsatisfied with credit card offers in the past, now is your chance to create your perfect card. You can design your dream card in four steps:

1. Indicate your credit level
2. Choose your features and rewards
3. Pick your favorite design
4. Review your choices and apply online

The Capital One Card Lab is definitely worth a look if you are interested in a credit card with a particular mix of features (rewards, intro rates, APR, etc.) or a credit card that is suited for a particular credit situation.

Capital One Card Lab

Credit Card Articles Roundup

• MarketWatch asks, Hey, Where's My Interest-Rate Cut?

• Motley Fool wonders, Where's the Consumer Credit Crunch?

• Motley Fool speculates, Will Credit Card Offers Finally Go Away?

• Motley Fool points out, Credit Card Fine Print Can Cost You
  

Winning at Cards

The Washington Post has published an interesting article on consumers that carry multiple credit cards in an effort to maximize their overall rewards program earnings.

There is a rewards card for virtually every category of purchases, so it makes sense that there are consumers who seek to maximize their savings. The key, of course, is to pay your balance in full each month:

The only way to make the rewards cards rewarding is to be disciplined. Card issuers divide their clients into two categories. Transactors pay off their balance each month; revolvers carry balances.

If you're a revolver, don't bother with a rewards card. Whatever you earn is not going to make up for what you pay in interest. The cards with the best rewards tend to have higher rates.

Even for transactors, though, there is a potential aggregate downside to maximizing the programs offered by rewards credit cards. The article speculates that credit card issues have begun to complicate their rewards programs in an effort to limit the savings of rewards program maximizers.

Nevertheless, rewards programs continue to multiply. In seeking new customers, credit card issuers are forced to be creative with their rewards. Numerous credit card issuers maintain a variety of different rewards programs so that customers can choose the one that best suits them. For the time being, at least, consumers still have ample opportunity to play the card game--and win.

Unique Cash Back Card from National City

National City's Everyday Rewards Visa is a great card, offering several unique cash back categories:

• 4% on gasoline at the pump (up to $250/month)
• 3% on cinema and video rentals (up to $150/month)
• 2% on groceries, restaurants, and fast food (up to $750/month)
• 1% on everything else (1/4% on first $10,000/year, 1% thereafter with no limits)

National City will automatically send you a check once you've accumulated $100 cash back. The card carries no annual fee, and offers an interest rate as low as prime plus 5.99%.

Discover Holiday Mall Promotion

From November 1 to December 31, Discover is offering a $20 Discover Gift Card for every $200 in Discover Card purchases at participating malls:

Just take $200 in Discover Card receipts from any store(s) at a participating mall or shopping center to Customer Service (or the Discover Card Booth) and redeem them for a $20 Discover Gift Card.

Here is the fine print:

Get a $20 Discover Gift Card for every $200 in purchases made with your Discover Card at a participating shopping center between 11/1/2007-12/31/2007, while supplies last. Original receipts must be presented to a participating shopping center's Customer Service Desk (or the Discover Card Booth) by 12/31/07. Limit five Gift Cards per account during the promotion period. See Gift Card terms and conditions for full details.

More...

Two Cards That Help You Save

While credit cards are typically used as spending tools, credit card issuers have begun to issue cards that will actually help their users save. Of course, using credit card rewards to help you save is only effective if you are not purchasing things you don't need only to gain the rewards. And, you'll need to pay in full to avoid interest charges that would outweigh any savings. That said, here are two particularly good credit cards that help you save:

One from American Express

Every month, 1% of purchases made using this charge card will be deposited into an FDIC-insured savings account earning 5% APY. As of the date of this post, the 5% APY makes this one of the highest yield savings accounts available. After your first purchase, American Express will make a bonus $50 deposit into your account. Card members can also make their own deposits on top of American Express's 1% contribution and $50 bonus. More...

Citi Upromise Card (World/Platinum)

This credit card comes in two flavors: a World MasterCard and a Platinum Select MasterCard. With both cards, 1% of purchases will be deposited into your Upromise account (a rewards program that allows members to save for college or pay back some existing college loans). In addition, you'll get an extra 10% extra college savings on 7000+ grocery and drug store items at participating stores. With the World MasterCard, you'll also get 10% college savings on dining purchases at 8000+ Upromise participating restaurants. More (World/Platinum)...

Money's Safest Credit Cards

The November 2007 issue of Money Magazine includes an interesting ranking of the safest credit cards in terms of identity theft prevention, detection, and resolution.

1. Bank of America Visa Platinum

2. Blue from American Express

3. (tie) Discover More

3. (tie) First National Bank of Omaha Platinum Edition Visa

4. Citibank Citi Platinum Select

5. Navy Federal Credit Union Platinum MasterCard

Interestingly, none of these credit cards offer access to credit reports or credit scores, which may be the best way to detect identity theft. My previous post details credit cards that offer access to credit reports and/or credit scores.

Credit Cards that Provide Access to Credit Scores

Credit card users are no doubt familiar with the fact that credit scores provide the basis for credit card issuers' decisions regarding approvals and sizes of credit lines. It is also common knowledge that credit scores touch other parts of your life, including employee hiring and insurance rates. But, despite the well-known impact of credit profiles, individuals are often hesitant to pay for credit information.

Fortunately, several credit cards offer access to credit scores as a standard part of card membership.

Clear from American Express
This credit card offers a free copy of your credit score and credit report once every twelve months. The card has no annual fee, so the credit score and credit report are truly free (in fact, it has no fees at all -- no annual fee, no late fees, no over limit fees, no balance transfer fees, and no cash advance fees). More...

Various Cards from Washington Mutual
Washington Mutual (WaMu) credit cards typically offer card members access to their credit score, updated monthly. The provided score is a credit card-enhanced FICO score, which is particularly useful when you are applying for other credit cards. More...

Platinum Card from Juniper
Some direct mail offers for the Platinum Card from Juniper advertise a free credit score. As far as I know, this offer is not available online. More...

American Express Platinum Card from Citi
This credit card includes membership in Citi's IdentityMonitor service, which provides one 3-in-1 credit report per month, credit monitoring, and identity theft insurance. The card carries a $99 annual fee, but includes a variety of high-end features including Citi ThankYou Points, airport VIP lounge access, airline companion tickets, price protection, and more. More...

Other Options
If you aren't interested in obtaining a credit card for the purpose of monitoring your credit score, there are several ways to purchase your credit report and credit score. If you are interested in learning your credit score, myFICO is the only place to get a genuine FICO score. FICO scores are the standard credit scores, used by the vast majority of lenders. If you are interested in purchasing a copy of your credit report, take a look at the three credit bureaus: Equifax, Experian, and TransUnion.

Kiplinger's Credit Card Ratings

Kiplinger's posted a list of their favorite credit cards:

Best cash rebate card - American Express Blue Cash

Best low-rate card - Simmons First National Bank

Best airline-miles card - Citi Premier Pass Elite

Best travel card - Capital One Platinum Plus MasterCard

Best gasoline card - BP Rewards Visa

The Best Credit Cards and Financial Services @ kiplinger.com