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%.