Credit Card Rakings for August

Here are the August credit card rankings for the cards we recommend here on www.BalanceTransfer.cc. As always, these rank are based on both the volume of applications, and approvals. This list is important because it gives credit consumers a good read on which banks are approving applications, and which banks are offering the most attractive credit card offers. Bottom line: no one wants to signup for an unpopular credit card deal, and no one likes it when a credit application is denied. Popular cards are popular for a reason, as smart card shoppers always go for the best possible deal. Here's the list:

1. The Discover® More Black Card (click here)
   
   
2. Discover More Card with $75 CashBack Bonus (click here)
   
   
3. The Discover More Card (click here)
   
   
4. The Discover More Biodegradable Card (click here)
   
   
5. The Chase Freedom® Visa with $100 Bonus Cash Back (click here)
   
   
6. Blue from American Express® (click here)
   
   
7. Chase Freedom Credit Card (click here)
   
   
8. Blue Cash® from American Express (click here)
   
   
9. Chase Sapphire® Card (click here)
   
   
10. Chase Freedom Visa with $50 Bonus Cash Back (click here)

It's no surprise that the Discover More Black Card is still #1. It offers the best 0% intro APR deal (12 months), as well 0% intro APR on new purchases for 9 months. And, as always, Discover offers the most generous cashback bonus of all the cards we recommend.

We really like American Express cards, as the customer service is truly excellent and the terms are invariably consumer-friendly. However, Amex has been quite stingy with approving applications lately, and that's why only 2 Amex cards made our list this month.

The Chase Freedom® Visa with $100 Bonus Cash Back Card has been climbing the list, as savvy card shoppers have been keen to take advantage of the bonus cash.

Thanks much for stopping by and reading. Stay tuned for next month's list.

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Will 0% No Balance Transfer Fee Credit Cards Return?

As you might have already guessed, American banks are not jumping for joy about the new the Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit Card Act. The new law, together with new rules imposed on banks by the Federal Reserve in August of 2010, place limits on fees and other charges and, in general, make having a credit card in your wallet a much better financial arrangement for you.

If you think that banks have responded to the new credit card rules by coming up with creative ways to generate revenue, then you're right on the money.

For example, banks are no longer permitted to charge inactivity fees. However, some banks have figured out a clever way around this rule: charge an annual fee that's waived if the cardholder spends a certain amount on his or her card each year.

So what about 0% credit cards that don't charge a balance transfer fee? These offers were extremely popular during the pre-financial-meltdown credit boom, but they disappeared as the shockwaves from the 2008 banking crisis rippled through the American economy. "No fee balance transfer" cards still exist, but current offers from reputable banks don't feature the added benefit of a zero percent introductory annual percentage rate (APR) on transferred balances.

When will zero percent intro APR no fee balance transfer cards return to the American market? Nobody can say for sure, but it's a pretty safe bet that they will return eventually. Banks need time to figure out how to make credit cards as profitable as possible without breaking any of the new credit card rules. That might take many months, or even years. Moreover, don't expect these specific offers to return until the American economy is expanding at a decent pace, and sustainably.

Credit cards are still extremely useful financial tools that offer great benefits like purchase protection and cashback rewards. What's true now has always been true about credit cards: pay attention to the terms and conditions before signing on the dotted line, and do your best to avoid finance charges. Competition in the credit card market is still very healthy, so if you don't like the deal your current bank is offering, you can always pass and signup for a card elsewhere.

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