Top Credit Card News:

May 8: Travel Overseas From 1996 - 2006? Get a refund of foreign transaction fees before May 30

May 6: How Much Can You Save With Cash Back Credit Cards (This page)

May 2: Fed Proposes New Consumer Protection for Credit Cards (This page)

May 1: Prime Rate Cut to 5%

May 1: 51 Ways to Save On Credit Cards

Feature Article

Fed Proposes New Consumer Protection for Credit Cards

The Following is the Federal Reserve's Press Release regarding the proposed new consumer protection rules. Make your voice heard: We encourage you to send your comments to the Federal Reserve. Links for making comments are listed at the end of the article.

Release Date: May 2, 2008

For immediate release

Fed Chairman Ben Bernanke Photo of Ben S. Bernanke The Federal Reserve Board on Friday proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.

The rules, proposed for public comment under the Federal Trade Commission Act (FTC Act), also would forbid banks from imposing interest charges using the "two-cycle" billing method, would require that consumers receive a reasonable amount of time to make their credit card payments, and would prohibit the use of payment allocation methods that unfairly maximize interest charges. They also include protections for consumers that use overdraft services offered by their bank.

"The proposed rules are intended to establish a new baseline for fairness in how credit card plans operate," said Federal Reserve Chairman Ben S. Bernanke. "Consumers relying on credit cards should be better able to predict how their decisions and actions will affect their costs."

To see the full article, click here.

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Second Feature Article:

How Much Can You Save With Cash Back Credit Cards?

Use the table below to estimate your potential savings when you consider a cash back credit card application. Keep in mind that some cash back cards have a maximum annual amount that you can receive as cash back. In addition, 3% and 5% cash back credit cards usually give this amount for select categories of purchases. Other purchases usually qualify for a smaller amount of cash back. When you apply for a credit card, you will find these details listed in the terms and conditions.

1%, 3% and 5% Cash Back Credit Card Comparison:

*If you spend this much per year*	*1% Cash back will save you:*	*3% Cash back will save you:*	*5% Cash back will* *save you:*
*$5,000* *Per year*	$50/yr	$150/yr	$250/yr
*$10,000* *Per year*	$100/yr	$300/yr	$500/yr
*$20,000* *Per year*	$200/yr	$600/yr	$1000/yr
*$30,000* *Per year*	$300/yr	$900/yr	$1500/yr

Table prepared by www.NativeStar.org

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Third Feature Article:

Your Credit Card Application: Why and How to Focus on the Fine Print When You Apply for a Credit Card

Many costs and complaints could be avoided if consumers better understood credit card application terms and fees.

It doesn't take much effort to find out about the latest credit card offers—promotions galore appear in newspaper, TV and radio ads, in telephone and mail solicitations to your home, and even in e-mails. But consumers do find it difficult to compare credit cards with each other, especially when they all boast that they are a low interest rate credit card and offer fabulous features designed "just for you." A credit card bonus can include cash back credit card offers, rewards credit card offers, airline credit card offers and more. Many people also need help understanding the cards they already carry around.

You may not want to read every word of every document in a credit card application, especially the fine print. But we suggest that you try to understand as much as you can when you apply for a credit card offer, because that little extra work can save you a lot of time and money later on.

"Many of the complaints we receive about cards occur because the customers didn't understand the basic terms and conditions of the credit card account before they signed up," says Kathleen Nagle of the FDIC's Division of Compliance and Consumer Affairs in Washington. "These complaints could have been prevented if the consumer had taken a little more time to read the paperwork from the credit card company." Janet Kincaid, who oversees an FDIC office in Kansas City that handles consumer complaints about credit card applications, agrees that the bulk of the problems involve "consumers who aren't aware of fees and service charges even though they are clearly defined in the card member agreement."

To help you shop for the best credit card offers or resolve problems with your current cards FDIC Consumer News offers the following four tips:

To view the rest of this article, click here.

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Find more valuable articles in NativeStar.org's "Ultimate Credit Card Guide". Read the table of contents listed below for articles of interest to you.

The Ultimate Credit Card Guide Table of Contents:

1. Which Is the Best Credit Card for Me?

2. Cash Back Credit Cards: Your Best Credit Card Bet

3. 0% Balance Transfer Credit Cards

4. Popular Rewards Credit Cards

5. Airline Credit Cards: Rack Up Those Mileage Points

6. Student Credit Cards: Build Your Credit Rating

7. Credit Cards for Those With Poor Credit

8.These Activities Can Lower Your Credit Rating

9. The Lowdown on Credit Card Convenience Checks

10. How Do I Build My Credit Rating?

11. Become an Authorized User to Build Your Credit