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0% Credit Card Offers May Soon Disappear (Deal of the Day)
SmartMoney.com — ... applying interest rate hikes to balances, and implementing new requirements such as a 45-day notice before raising interest rates. Not surprisingly, the credit card industry is balking at the proposed new rules. Among other things, card issuers note that because of the greater restrictions, they will no longer be able to afford to offer the enticing teaser rates used to lure customers in. "It could wipe out all these 0% financing offers overnight," says Curtis Arnold, founder of CardRatings.com . It's already slim pickings. The number of mailed solicitations credit card issuers ...

4 burning questions about credit scores
Bankrate.com: Top stories — ... Learn the truth about contradictory score-boosting advice. How many cards should you have? The short answer: As many as you need, but no more than you can handle. The long answer: The average number of credit cards per U.S. cardholder is 9.5, according to David Robertson, publisher of The Nilson Report, a payments industry newsletter. The number that experts recommend is somewhat lower. "One or two is adequate. I'd say more than one for most people," says Curtis Arnold, founder of CardRatings.com and author of "How You can Profit from Credit Cards." Having more than two, ...

3 Cards for the Credit-Impaired (Consumer Action)
SmartMoney.com — People with bad credit are finding they have few options these days when it comes to getting a new credit card. “All banks are further tightening credit, and who does that squeeze out? Subprime customers,” says Dennis Moroney, research director and senior analyst for TowerGroup, a research and advisory-services firm for the financial-services industry. Over the past year, credit-card issuers have reduced their existing customers’ available credit by more than 25%, according to a recent report by TowerGroup. And they are in no rush to recruit new clients. The number of new ...

Card Issuers' Latest Trick: Rate Formula Swaps (Consumer Action)
SmartMoney.com — ... Hunting for the rare fixed-rate card may prove fruitless. “Fixed-rate cards are a dying breed,” says Curtis Arnold, founder of credit-card comparison site CardRatings.com. Major issuers have stopped offering fixed-rate cards to new cardholders, and many smaller banks and credit unions are following suit. Variable-rate cards now dominate the market, accounting for roughly 90% of accounts, he says. ...

3 Pitfalls When Moving from Credit to Debit (Consumer Action)
SmartMoney.com — ... If you’re already paying off your credit card balance in full each month, switching to debit will cost you big in rewards earned. “When you compare apples to apples, debit rewards are still very watered down,” says Curtis Arnold, the founder of card comparison site CardRatings.com. “You’re not going to find a 5% bonus on some categories or a 2% cash-back rate like you might with a credit card.” Most debit cards offer far less than the credit standard of one point per dollar spent. For example, Wachovia offers just one point per ...