Consumers Seek Better Credit Card Choices

President Obama is working hard on plans for a consumer protection bill to eliminate some of the adversity currently existent in the credit card industry, but in the meantime consumers may want to look at the practices of their credit card provider.

For example, Discover is known as a fairly consumer friendly company, that actually already adheres to many of the rules the Fed is trying to make into law. They allow their customers to choose their payment date, support free phone payments and actually mail out their statements at least 25 days before payment is due.

Citibank offers rewards to good credit consumers, including rewards points or a break on your interest rate. Citibank has also eliminated double cycle billing, which calculated finance charges based on total spending history, rather than spending within one billing cycle.

If you are thinking of a balance transfer, a card you should consider is Capital One who offer a 0% balance transfer for up to 12 months, something few card companies are offering in this financial crisis.  Wells Fargo offers low interest rates and they adhere to many of the more important parts of the proposed regulations. For example, Wells won’t raise your interest rate as a reflection of your late payments with other credit card issuers, something more and more credit card companies are starting to do.